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

Transcription

1 One-to-one bank for the modern investor comdirect bank WestLB German Mid & Small Cap Conference London, 19 May 2004 Dr. Achim Kassow, CEO

2 Agenda Performance After the bubble: record result and first dividend Business model The one-to-one bank for the modern investor is taking shape Start into 2004 Growth and higher profit Annex

3 comdirect operates in a growth market 3 Example: Germany Internet usage (%) Minutes/day spent in the Internet , Source: ARD/ZDF Online-Studie 2003

4 Exponential growth during the stock market boom 4 DAX 01/ /2003 Total customers (in 000)

5 After the bubble: record result 5 Profit from ordinary activities (in m) First dividend: 16 cents / share

6 Marked improvement in earnings performance 6 Administrative expenses (in m) Revenues (in m) % +6% -38% 224,3 138,1-19% 112,5 172,0 142,8 151, Locations 2002 consolidated 2003 Workforce adjusted to market conditions Organisation structure streamlined Transaction prices and interest margins raised Product range broadened Market conditions improved

7 Growth again: more customers, more trades, more assets 7 Customers (in `000) Trades (in m) Customers assets (in bn) ,4 10, % +12% 7,0 +48% 5,7

8 Agenda Performance After the bubble: record result and first dividend Business model The one-to-one bank for the modern investor is taking shape Start into 2004 Growth and higher profit Annex

9 Customer portfolio with considerable potential 9 Revenue per customer ( ) Revenue components, by product (%) 1,600 Av. revenue potential German retail customer Home loan savings Healthcare/casualty insurances 3 2 Life insurances Securities accounts Savings products 15 1, Direct banks 400 Branch banks Financial 4 adviser networks Payments Consumer loans/ home loans Source: zeb/rolfes.schierenbeck.associates 2002

10 Three-pillar strategy: geared to customers needs 10 today yesterday Discount brokerage Online Investment Direct Banking Financial Advisory Basic banking services

11 Online Investment: larger market shares 11 Trades total (in m) comdirect trades total (in m) comdirect trades warrants and certificates (in m) % +8.0% +49.2% Germany

12 Direct Banking: marked expansion in business volume 12 Time-deposit customers (in 000) Current-account customers (in 000) Deposit volume (in bn) % +42% +459%

13 Financial Advisory: building up rapidly 13 by1/03 by 3/03 April to September since October Market study Business plan Committee decisions Setup of structures Recruitment of management team Detailed advisory conception Product range defined IT systems built up Munich October 2003 Düsseldorf November 2003 Hamburg December 2003

14 Agenda Performance After the bubble: record result and first dividend Business model The one-to-one bank for the modern investor is taking shape Start into 2004 Growth and higher profit Annex

15 comdirect's growth continues 15 Customers (in '000) Trades (in m) Customers assets (in bn) Q4-03 Q % % % 11.1

16 Increasing income, stable costs 16 Total income and costs (in m) Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Income Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Administrative expenses

17 1st quarter 2004: record result 17 Profit from ordinary activities (in m) Q1-03 Q2-03 Q3-03 Q4-03 Q1-04

18 Good start into the new year 18 More customers in Online Investment Increased trading activity Banking grows Successful cross-selling, more current accounts Setup comdirect private finance fourth office opened Target 2004 raised: at least 50m profit before tax Record quarterly result

19 Targets 2004: Further profitable growth 19 Online Investment Expanding market position Direct Banking Gaining customers Sustainably higher growth path Financial Advisory Reaching out to other urban centres

20 Becoming a one-to-one bank for the modern investor Restructuring Operative turnaround comdirect s programme for the future 2003 Selective investments Tight cost management Record result and first dividend 2004 Growth in three fields of competence Operative cost discipline Profit boosted to at least 50m

21 Agenda Performance After the bubble: record result and first dividend Business model The one-to-one bank for the modern investor is taking shape Start into 2004 Growth and higher profit Annex

22 Highest number of customers in the history of the bank 22 Customers (in 000) Custody account customers All customers

23 Trading activity surges 23 Orders (in m) Q1-03 Q2-03 Q3-03 Q4-03 Q1-04 Placed orders Executed orders

24 Assets under custody remain high 24 Volume (in bn) Fund volume Portfolio volume Deposit volume

25 comdirect group income statement (IFRS/IAS) 25 Amounts in m Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Net interest income after provisions Net commission income Other income Earnings Personnel costs Other administrative expenses Depreciation Administrative expenses Profit from ordinary activities Pre-tax profit After-tax profit

26 comdirect group result by segment (IFRS/IAS) 26 Amounts in m online of which UK offline Net interest income after provisions Net commission income Other income Earnings Personnel costs Other administrative costs Depreciation Administrative expenses Profit from ordinary activities Pre-tax profit After-tax profit

27 Financial Calendar January 2004 CAI Cheuvreux German Corporate Conference in Kronberg/Ts. 12 February 2004 Press/Analysts Conference in Frankfurt/Main 12 March 2004 Annual Report March 2004 Deutsche Bank German Corporate Conference in Frankfurt/Main 22 April 2004 Quarterly Report April 2004 Annual General Meeting in Hamburg 19 May 2004 WestLB German Mid & Small Cap Conference in London 21 July 2004 Six-month Report October 2004 Nine-Month Report 2004

28 Shareholder structure and comdirect share 28 ISIN code DE Ticker code COM Reuters: CDBG.DE Bloomberg: COM GR Stock exchange segment Prime Standard Index MDAX Free float T-Online International AG Commerzbank AG (indirectly) Number of shares Average daily trade Q ,503,350 Xetra: 123,646 Frankfurt: 41,427 Total: 165,073

29 comdirect share: best performer in MDAX in comdirect MDAX J F M A M J J A S O N D J F M A M D J F M A M J J A S O N D J F M A Inclusion in MDAX Since % free float Share price 6.98 Market capitalisation 981m Index in %: =100

30 Dr. Achim Kassow, CEO 30 Trained as a bank clerk at Deutsche Bank Studied business administration and economics at Cologne University Obtained doctorate at Cologne University Since 1992 various positions in Deutsche Bank Group: Associate, corporate banking, Düsseldorf Vice president, executive assistant to the Board of Managing Directors Member of the executive management of Deutsche Bank s retail business, responsible for branch-based and online brokerage in Germany, Bonn/Frankfurt Member of the Board of Managing Directors of Deutsche Bank 24 AG, responsible for product management in Europe, Frankfurt Since June 2002 Chief Executive Officer of comdirect bank AG. Member of the private clients Management Board of Commerzbank AG, Frankfurt.

31 Dr. Andre Carls, CFO 31 Trained as a bank clerk at Commerzbank Studied business administration and economics at Cologne University Obtained doctorate at Cologne University Career steps within Commerzbank Group: International junior executive programme Director of Corporate Finance department in Frankfurt Executive Director of Equity Capital Markets and Advisory in London Since December 2000 Member of the Board of Managing Directors of comdirect bank AG.

32 IR contact details 32 If you need more details or material on comdirect please do not hesitate to contact us: comdirect Investor Relations Daniel Fard-Yazdani, CEFA Phone +49 (0) 4106 / daniel.fard-yazdani@comdirect.de Ullrike Hamer Phone +49 (0) 4106 / ullrike.hamer@comdirect.de Fax +49 (0) 4106 /