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

Transcription

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

2 >Very successful year 2013 Very good result due to strong earnings base Pre-tax profit of 80.0m Earnings at record level: 339.9m; up 10.4m Expenses of 259.9m; up 24.0m New record levels in customers and assets 2.83 million customers with assets of 55bn More than 1 million current accounts Group net fund inflows of 2.4bn Shaping the future in brokerage, banking and advice As an online-full-service bank, we are the partner of choice for B2C customers and serial winner of Deutschlands Beste Bank Via B2B we now are enabling non-financial partners to offer financial service products comdirect actively takes part in shaping the realignment of the German banking market 2

3 Strategy Reshuffling of German banking market underway Regulation as both a challenge and an opportunity Huge potential still available for comdirect 3 3

4 > Mega trend ongoing Share of online banking users in Germany (in %) Number of direct banking customers in Germany (in m) ~ % e e 2015e: market share of direct banks ca. 25% Source: Investors Marketing; Association of German Banks; Statista, own calculations 4

5 >Customers of branch banks continuously lose contact points Number of branches in Germany (in 000) ~ 1,500 branches p.a. "Branch banking is dying a slow death Theodor Weimar, HVB Welt am Sonntag, ? "Closure of 11 savings bank branches now a certainty Sparkasse Südholstein Hamburger Abendblatt, e A regional savings bank in the south of Saxony closes 38 out of 97 branches. DasErste.de, Source: Deutsche Bundesbank; Association of German Banks, own estimate 5

6 > Exit from long-term investments Structure of financial assets of private households in Germany (as % of total invested wealth) Number of German shareholders & holders of investment funds (in m) 36.2% 40.8% % % 36.7% % 22.2% 5.2% 17.2% -8 pp H1/2013 Cash & deposits Claims under insurance & pension policies Equities Other securities, shareholdings & investment certificates Equities only Equities & funds Funds only Source: Bundesbank (end Q3 2012); Deutsches Aktieninstitut (data relates to population aged 14 and over) 6

7 >Still huge potential for direct banks to gain market share Trades* Portfolio volume* Deposit volume* Current accounts* (in m) (in bn) (in bn) (in m) Total market , Branch banks , Direct banks % 72 11% % 4 5% ~10% ~2,5% ~0,5% ~1% Market share * All figures relate to retail business (B2C) as at end 2010; Sources: Investors Marketing, Statista 2011, company reports, Deutsche Bundesbank, TNS-Infratest survey 7

8 > Key success factors: productivity and innovation Number of customers per FTE (number, B2C) Waves of innovation Brokerage > comdirect is acknowledged as a benchmark 2,075 Banking comdirect sets a new 1,174 standard for current accounts ~150 ~150 = Advice comdirect facilitates Typical local better asset accumulation branch bank 8

9 > B2C: better asset accumulation 9

10 > B2C: better online brokerage CFD app State-of-the-art trading front-end Online seminars 10

11 > B2C: better financial management Personal Financial Manager PhotoTAN You re-safe-with-us-promise 11

12 >B2B: we enable better personal asset accumulation Offer asset accumulation without being a bank Example: FinanceScout 24 B2B partner as intermediary ebase as asset manager and custodian bank First-class products 5 ETF fund portfolios with rebalancing Transparent all-in fee Six-monthly reporting Easy, straight through online processes Web-based sales only Account opening online Custody account management online 12

13 >Our plan Strategic priorities Agenda 2014 Ambition level 2017 Brokerage Offering state-of-the-art technology at attractive prices New trading front-end ETF attack Expansion of core business (B2B) We are still the market leader in online brokerage Banking Increasing growth in mass market and deepening customer relationships Current account as anchor product Brand strengthening; high media presence We have increased our market share for current accounts Advice Developing a Convincing response to today s branchbased advice Providing online advisory tools Coaching elements Exploiting market opportunities (B2B) We have established ourselves as a leading provider for personal online asset accumulation 13

14 Profitability Profit target clearly achieved posted very good result Earnings at record level Increased investment in growth 14 14

15 > Profit target achieved in m, comdirect group Pre-tax profit * 80.0 Profit target 2013: 75m After-tax profit Dividend per share ( ) ** Dividend yield (%)*** TSR (%)**** Operating RoE (%) * Restated figures 2012; ** Proposal to the annual general meeting; *** Based on respective closing quotation at year-end; **** Sum of price rises and dividend in relation to the share price at the end of the same perid in previous year 15

16 > Income at record high despite low interest rates in m, comdirect group Income Administrative expenses +3% % Net commission income 52% 59% 54% 51% 55% Net interest income and other income 48% 41% 46% 49% 45% Orders* B2C (m) ø 3M-Euribor (%) % -61% 2009** * Executed orders; ** Excluding restructuring expenses 16

17 >Q4/2013 dominated by investment in growth in m, comdirect group Pre-tax profit B2B 2012: : Income B2B B2C B2C Administrative expenses B2B B2C Q4 12 Q1 Q2 ~ 5m tax effect Q3 Q4 13 Q4 12 Q1 Q2 Q3 Q

18 >Income at record level thanks to strong trading in m, comdirect group Income B2B 2012: : Net commission income B2B B2C Net interest income (after loan loss provisions) B2C Other income Orders* B2C (m) ø 3M-Euribor (%) * Executed orders Q Q Q Q Q Q Q1 2.3 Q Q3 3.3 Q

19 >Increased spending on growth in m, comdirect group Administrative expenses Personnel expenses : : B2B Other administrative expenses B2C Depreciation Q4 12 Q1 Q2 Q3 Q Q4 12 Q1 Q2 Q3 Q

20 Growth New record levels in customers and assets More than 1 million current accounts Net fund inflow of 2.4bn 20 20

21 > Dynamic growth through current account in 000 Current accounts Customers 901 1, (+16%) 2,825 2,755 2,631 Custody accounts 2,151 2,296 1,001 1, ,419 1,482 1,683 1,702 1,697 B2B B2B B2C B2C 1,451 1,559 1,632 1,717 1,824 Tagesgeld PLUS accounts 1,236 1,345 1, , B2C: 292k new accounts/custody accounts in

22 > Assets under custody of 55bn in bn Assets under custody B2B Portfolio volume B2B B2C B2C Deposit volume B2B B2C DAX* 5,957 6,914 5,898 7,612 9, * Index level as of year-end 22

23 >Net fund inflow of 2.4bn in bn Assets under custody Net fund inflow: + 2.4bn % B2B B2C Change in deposit vol. Change in net portfolio vol. Price effects

24 >Strong year for comdirect in 2013 Very good pre-tax profit of 80.0m; 2013 profit target achieved Attractive dividend yield expected for shareholders Increase in customers and assets to record level: 2.83 million customers with assets of 55bn Excellent position in the market; strategic programmes in B2C and B2B continue to focus on growth 24

25 25 NOTES

26 > Consolidated income statement in acc. with IFRS in k Interest income 263, ,815 Interest expenses 112,887 76,174 Net interest income before loan loss provisions 150, ,641 Provisions for possible loan losses -4,430-1,429 Net interest income after loan loss provisions 146, ,212 Commission income 288, ,348 Commission expenses 120, ,018 Net commission income 167, ,330 Result from hedge accounting -8 9 Trading result Result from financial investments 3,690 9,243 Administrative expenses 235, ,866 - Personnel expenses 68,167 73,402 - Other administrative expenses 152, ,662 - Depreciation 15,495 17,802 Other operating result 11,519 4,826 Pre-tax profit 93,542 80,032 Taxes on income 19,262 19,498 Consolidated profit 74,280 60,534 26

27 >Consolidated balance sheet in acc. with IFRS in m Assets Liabilities Other assets Cash reserve Claims on customers Financial investments 14, , ,572 12,451 12, ,710 14, Other liabilities Provisions 11,737 13,488 Liabilities to customers Claims on banks 9,049 7, Equity

28 > comdirect share Shareholder structure (%) Price per share (Xetra/ ) AS OF: Free float Commerzbank Q4 12 Q Q Q3 Q4 13 ISIN: Stock exchange segment: Index: Reuters/Bloomberg code: DE Prime Standard SDAX CDBG.DE/COM GR Closing quotation: Market capitalisation: ,172m Outstanding shares: 141,220,815 Ø daily turnover 2013 (No.) - Xetra: - Frankfurt: 37,793 4,058 28

29 > comdirect share price performance total return = 100% AS OF: comdirect share Total return index DAXsector financial services Performance Index DAX SDAX 29

30 > Financial calendar 2014 > 19 Feb Press/analysts conference, Frankfurt/Main > 26 Mar Annual report 2013 > 24 Apr Quarterly report > 15 May Annual general meeting, Hamburg > 24 Jul Half-year report > 23 Oct Nine-month report 30

31 > Investor Relations For further information, please contact: Dr. André Martens Tel +49 (0) 4106 / andre.martens@comdirect.de Tobias Vossberg Tel +49 (0) 4106 / tobias.vossberg@comdirect.de Stefanie Wallis Tel +49 (0) 4106 / stefanie.wallis@comdirect.de 31