Commerzbank AG / Final Results/Acquisition
27.03.2009
Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Commerzbank publishes 'Pro-Forma' accounts for the 2008 financial year
- Dresdner Bank purchase price at EUR 4.7 bn (as per closing)
- Core capital ratio (Tier 1) with about 10% adequate
Commerzbank has published today 'Pro-Forma' accounts for the 2008 financial
year.
In accordance with IFRS 3 all of Dresdner Bank's assets and liabilities are
stated with their fair value at closing. The balance is set off against
Dresdner Bank's equity capital (purchase price allocation). The 'Pro-Forma'
accounts also take into account the business relations between the two
companies, changes in consolidated entities (full consolidation of
Schiffsbank, sale of cominvest and Oldenburgische Landesbank) and the sale
of a portfolio of collateralized debt obligations to Allianz.
As per closing, the purchase price for Dresdner Bank is around EUR 4.7
billion. This takes into account that the price is partially paid with new
shares in Commerzbank. Based on the closing price of the Commerzbank share
as at January 12, 2009 (closing date) of EUR 4.56, the corresponding 163.5
million shares had a total value of approximately EUR 0.7 billion.
The equity capital of Dresdner Bank in the pro forma accounts totals around
EUR 3.9 billion, resulting in a goodwill of about EUR 0.8 billion. As
already communicated, the core capital ratio (Tier 1) of the new
Commerzbank in the 'Pro -Forma' accounts is about 10%. Not accounting for
the 2009 agreements with the Financial Market Stabilization Fund
(Sonderfonds Finanzmarktstabilisierung, SoFFin) and Allianz, the core
capital ratio (Tier 1) is around 7%.
In the 2008 financial year, the operating profit was at minus EUR 5.4
billion. The loan loss provisions in the year under review were minus EUR
3.6 billion. A moderate decrease in the loan loss provision is expected in
2009. EUR 4.6 billion was charged against the revaluation reserve in 2008.
A significantly lower charge of the revaluation reserve is expected in
2009.
According to IFRS 3 the 'Pro-Forma' accounts may be subject to adjustments
for a period of up to 12 months following the closing date. As a result,
the 'Pro-Forma' figures calculated on the basis of the 2008 income
statements and the respective balance sheets of Commerzbank and Dresdner
Bank are provisional.
Extract of the 'Pro-Forma' accounts for the 2008 financial year
in EUR m Comm- Dresdner Transit- Pro forma figures
erzb- Bank ional for the new
ank effects Commerzbank
Net interest income 4,729 3,017 -421 7,325
Provision for possible Loan -1,855 -1,671 -27 3,553
losses
Net commission income 2,846 2,162 -332 4,676
Trading profit -450 -4,313 80 -4,683
Net investment income -665 731 15 81
Other results -27 -68 -36 -131
Operating expenses 4,956 4,519 -306 9,169
Operating profit -378 -4,661 -415 -5,454
Restructuring expenses 25 0 -13 12
Taxes on income -465 1,535 -138 932
Consolidated surplus 3 -6,279 -276 -6,570
attributable to Commerzbank
shareholders
Equity 19,904 4,494 -1,580 22,818
Minority interests 657 1,736 160 2,552
TOTAL 625,1 420,961 -578 1,045,579
96
Note: All figures are as of January 12, 2009 (closing date for takeover).
For more details, see
https://www.commerzbank.de/en/hauptnavigation/aktionaere/vortrag/praesenta
tionen.html
Contact:
Commerzbank AG
Group Communications
Tel.: +49 69 136 - 22830
mediarelations@commerzbank.com
DGAP 27.03.2009
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Language: English
Issuer: Commerzbank AG
Kaiserplatz
60261 Frankfurt am Main
Deutschland
Phone: +49 (069) 136 20
Fax: -
E-mail: ir@commerzbank.com
Internet: www.commerzbank.de
ISIN: DE0008032004
WKN: 803200
Indices: DAX, CDAX, HDAX, PRIMEALL
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
Hannover, München, Hamburg, Düsseldorf, Stuttgart;
Terminbörse EUREX; Foreign Exchange(s) London, SWX
End of News DGAP News-Service
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DGAP-News: Commerzbank publishes 'Pro-Forma' accounts for the 2008 financial year
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