Commerzbank AG / Final Results/Acquisition
27.03.2009
Release of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement.
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Commerzbank presents annual report for 2008
- Remuneration for Board of Managing Directors in 2008 down 65%
year-on-year
- Blessing: 'In 2008 we took important steps to further strengthen our
position'
Commerzbank presented its 2008 annual report today. Martin Blessing,
Chairman of the Board of Managing Directors: '2008 was dominated by the
effects of the financial market crisis. Nevertheless, we took important
steps to further strengthen Commerzbank's position.' As a result of drawing
on the Financial Market Stabilization Fund (Sonderfonds
Finanzmarktstabilisierung, SoFFin) there will be no dividend paid in 2009
and 2010 (see the 2008 annual report, pages 6-11). Remuneration for the
Board of Managing Directors for 2008 was EUR 4.3 million, a 65% mark down
relative to the figure for the previous year (EUR 12.4 million). This
includes EUR 500,000 for the Chairman of the Board of Managing Directors.
The other seven members of the Board of Managing Directors received EUR
480,000 each for 2008. About EUR 880,000 are attributed to members of the
Board of Managing Directors who left over the course of last year (page
37). As of December 31, 2008 the number of employees stood at 43,196,
compared to 36,767 at year-end 2007 (pages 111-116).
Overview of the segments
All business segments enhanced their client focussed approach even further.
In the Private Customer segment activities for high net worth customers
were consolidated in the new business area Wealth Management at the
beginning of 2009. The business area Direct Banking includes the activities
of comdirect bank AG, the European Bank for Fund Services (ebase) and our
call centre activities (pages 60-67). In Mittelstandsbank (Small and
Medium-Sized Businesses) we established the new area International
Corporate Banking in 2008. We are planning to increase our market share in
the segment of smaller and owner-operated companies even further (pages
70-80). The operating units in the Central and Eastern Europe region were
consolidated in 2008 in the CEE segment. We will continue to develop our
business in that region structurally, with a tighter focus on strict
risk-return orientation in the current market environment (pages
81-91).
In Corporates & Markets the focus will also be on customer-oriented
business. Risks are being actively reduced, portfolios trimmed and
individual business areas will be either sold or closed. Dresdner Kleinwort
to a large extent is already operating with a focus on Germany. The
Research Department has had a joint approach to the market with Commerzbank
since February 2009. In the financial year 2008 Public Finance and Treasury
was part of the Investment Bank. In future, Treasury will be integrated
into Group management (pages 92-100). Commercial Real Estate (CRE) was
supplemented at the start of 2009 by the business area Shipping, which had
previously been part of Mittelstandsbank (pages 101-105).
Outlook for the 2009 financial year
The overriding theme of 2009 will be the integration of Dresdner Bank. Net
interest income should continue to rise. Operating expenses will be higher
due to the first-time consolidation of Dresdner Bank. Restructuring
expenses are expected to be around EUR 2 billion in 2009. If the effects of
the global interest rate cuts lead to an economic recovery from 2010
onwards, Germany is to be expected to grow faster than the rest of the
Eurozone. This will benefit the new Commerzbank (pages 117-123).
We are planning to raise funds in the capital markets totalling around EUR
20 billion in 2009. At the beginning of January Commerzbank issued a
three-year bond with a SoFFin guarantee in the amount of EUR 5 billion. At
the end of January an unguaranteed senior benchmark bond with a total of
EUR 1.5 billion and a five-year maturity was placed. In March a Eurohypo
jumbo Pfandbrief amounting to EUR 1.25 billion was issued. As a result and
including private placements, more than 50% of the total refinancing
requirement for 2009 has been covered in just the first quarter (pages
119-121).
Key figures of the Commerzbank Group as of December 31, 2008
Profit and loss statement 2008 2007
Operating profit (EUR m) - 378 2,513
Operating profit per share (EUR) - 0.56 3.83
Pre-tax profit (EUR m) - 403 2,505
Consolidated surplus¹) (EUR m) 3 1,917
Earnings per share (EUR) 0.00 2.92
Operating return on equity2) (%) - 2.6 18.7
Cost / income ratio in operating business (%) 77.0 64.2
Return on equity on the consolidated surplus ¹),²) 0.0 15.4
Consolidated balance sheet 31.12.2008 31.12.2007
Balance-sheet total (EUR bn) 625.2 616.5
Risk-weighted assets (EUR bn) 221.8 237.4
Equity (EUR bn) as shown in balance sheet 19.9 16.1
Own funds (EUR bn) as shown in balance sheet 34.9 30.6
¹) Attributable to Commerzbank shareholders ²) Excluding cash flow hedges
and minority interests
The full 2008 annual report is available at
www.commerzbank.de/de/hauptnavigation/aktionaere/konzern_/unternehmensberi
chtserstattung.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
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
Category Code: ACS
LSE Ticker: CZB
Sequence Number: 145
Time of Receipt: March 27, 2009 08:32:09
End of News DGAP News-Service
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DGAP-UK-Regulatory: Commerzbank presents annual report for 2008
| Source: EQS Group AG