Commerzbank Aktiengesellschaft - CMVM

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168 NOTES Affiliated companies included in the consolidation Name Seat Share of of which: Equity capital held indirectly in 1,000 in % in % European Bank for Fund Services GmbH (ebase) Haar near Munich 100.0 100.0 7 39,018 CBG Commerz Beteiligungsgesellschaft Holding mbH Bad Homburg v.d.H. 100.0 7 6,137 CBG Commerz Beteiligungsgesellschaft mbH Frankfurt am Main 100.0 100.0 7 12,244 Commerz Business Consulting AG Frankfurt am Main 100.0 7 3,899 Commerz Equity Investments Ltd. London 100.0 £ 50,012 Commerz Futures, LLC. Wilmington/Delaware 100.0 1.0 US$ 15,145 Commerz Grundbesitzgesellschaft mbH Wiesbaden 100.0 7 109,147 Commerz Grundbesitz-Investmentgesellschaft mbH Wiesbaden 75.0 75.0 7 46,033 Commerz Securities (Japan) Company Ltd. Commerz Service Gesellschaft Hong Kong/Tokyo 100.0 ¥ 7,534,302 für Kundenbetreuung mbH Quickborn 100.0 7 26 Commerzbank (Budapest) Rt. Budapest 100.0 Ft 14,933,298 Commerzbank (Eurasija) SAO Moscow 100.0 Rbl 1,169,041 Commerzbank (South East Asia) Ltd. Singapore 100.0 7 125,514 Commerzbank Auslandsbanken Holding AG Frankfurt am Main 100.0 7 3,571,458 Commerzbank (Nederland) N.V. Amsterdam 100.0 100.0 7 227,097 Commerzbank (Switzerland) Ltd Zurich 100.0 100.0 sfr 207,159 Commerzbank International S.A. Luxembourg 100.0 100.0 7 1,154,812 Commerzbank Belgium S.A. N.V. Brussels 100.0 7 44,923 Commerzbank Capital Markets (Eastern Europe) a.s. Prague 100.0 Kc˘ 533,318 Commerzbank Capital Markets Corporation New York 100.0 US$ 190,136 Commerzbank Europe (Ireland) Unlimited Dublin 44.0 4.0 7 534,348 Commerz Europe (Ireland), Inc. Wilmington/Delaware 100.0 100.0 US$ 5 Commerzbank Europe Finance (Ireland) plc Commerzbank Immobilien- und Dublin 100.0 100.0 7 47 Vermögensverwaltungsgesellschaft mbH Frankfurt am Main 100.0 7 30 Commerzbank Inlandsbanken Holding AG Frankfurt am Main 100.0 7 2,482,491 comdirect bank Aktiengesellschaft (sub-group) Quickborn 58.7 58.7 7 559,531 comdirect ltd. London 100.0 100.0 comdirect private finance AG Quickborn 100.0 100.0 Commerzbank Overseas Finance N.V. Curaçao 100.0 7 1,089 CommerzLeasing und Immobilien AG (sub-group) Düsseldorf 100.0 94.5 7 97,223 ASTRIFA Mobilien-Vermietungsgesellschaft mbH Düsseldorf 100.0 100.0 CFB Commerz Fonds Beteiligungsgesellschaft mbH Düsseldorf 100.0 100.0 CFB Verwaltung und Treuhand GmbH Düsseldorf 100.0 100.0 COBA Vermögensverwaltungsgesellschaft mbH Düsseldorf 100.0 100.0 CommerzProjektconsult GmbH Frankfurt am Main 100.0 100.0 Commerz Immobilien GmbH Düsseldorf 100.0 100.0 CommerzBaucontract GmbH Düsseldorf 100.0 100.0 CommerzBaumanagement GmbH CommerzBaumanagement GmbH und CommerzImmobilien GmbH GbR Düsseldorf 100.0 100.0 – Neubau Molegra Düsseldorf 100.0 100.0
Affiliated companies included in the consolidation NOTES 169 Name Seat Share of of which: Equity capital held indirectly in 1,000 in % in % CommerzLeasing Mobilien GmbH Düsseldorf 100.0 100.0 CommerzLeasing Auto GmbH Düsseldorf 100.0 100.0 CommerzLeasing Mietkauf GmbH Düsseldorf 100.0 100.0 FABA Vermietungsgesellschaft mbH Düsseldorf 95.0 95.0 Hansa Automobil Leasing GmbH Hamburg 100.0 100.0 NESTOR GVG mbH & Co. Objekt ITTAE Frankfurt KG Düsseldorf 100.0 95.0 NOVELLA GVG mbH Düsseldorf 100.0 100.0 SECUNDO GVG mbH CORECD Commerz Real Estate Düsseldorf 100.0 100.0 Consulting and Development GmbH Erste Europäische Pfandbrief- und Kommunal- Berlin 100.0 48.8 7 999 kreditbank Aktiengesellschaft in Luxemburg Luxembourg 75.0 7 53,743 Gracechurch TL Ltd. London 100.0 7 20,049 Hypothekenbank in Essen AG Essen 51.0 7 665,039 Montgomery Asset Management, LLC San Francisco/ Wilmington 100.0 0.3 US$ 11,479 OLEANDRA Grundstücks-Vermietungsgesellschaft mbH & Co., Objekt Jupiter KG OLEANDRA Grundstücks-Vermietungs- Düsseldorf 100.0 7 13,640 gesellschaft mbH & Co., Objekt Luna KG OLEANDRA Grundstücks-Vermietungs- Düsseldorf 100.0 7 1,918 gesellschaft mbH & Co., Objekt Neptun KG OLEANDRA Grundstücks-Vermietungs- Düsseldorf 100.0 7 6,396 gesellschaft mbH & Co., Objekt Pluto KG OLEANDRA Grundstücks-Vermietungs- Düsseldorf 100.0 7 21,750 gesellschaft mbH & Co., Objekt Uranus KG OLEANDRA Grundstücks-Vermietungs- Düsseldorf 100.0 7 23,818 gesellschaft mbH & Co., Objekt Venus KG Düsseldorf 100.0 7 13,374 P.T. Bank Finconesia Jakarta 51.0 Rp. 182,894,000 Service-Center Inkasso GmbH Düsseldorf Düsseldorf 100.0 7 125 Stampen S.A. Brussels 99.4 7 11,001 von der Heydt-Kersten & Söhne Wuppertal-Elberfeld 100.0 7 5,113
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Commerzbank Aktiengesellschaft Head
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SECTION 1 INDEX ANNUAL REPORT......
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highlights of Commerzbank group Inc
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‡ What happens if somewhere in th
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contents Management report Survey o
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We expressly support the institutio
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All the same, the management is als
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In our revaluation initiative, the
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The Net result on the investments a
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The decline in operating expenses,
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2002 financial year SURVEY OF THE C
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Pursuant to section 4.2.2, the full
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Accounting For accounting purposes,
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20 MANAGEMENT REPORT Retail Banking
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22 MANAGEMENT REPORT Fresh expansio
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24 MANAGEMENT REPORT Asset Manageme
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26 MANAGEMENT REPORT generating a p
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‡ With whom do german companies d
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In order to improve the financial s
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elationship manager will coordinate
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In options business as well, the ad
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CGI/HAUS-INVEST remains on successf
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40 MANAGEMENT REPORT Staff and welf
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42 MANAGEMENT REPORT Internal sugge
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‡ What happens if somewhere in th
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Change in shareholder structure Thr
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Commerzbank’s major shareholdings
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52 MANAGEMENT REPORT Risk report Co
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54 MANAGEMENT REPORT Liquidity risk
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56 MANAGEMENT REPORT II. Risk-manag
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58 MANAGEMENT REPORT 2) Risk manage
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60 MANAGEMENT REPORT 6) Implementat
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62 MANAGEMENT REPORT The internal r
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64 MANAGEMENT REPORT Expected loss
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66 MANAGEMENT REPORT The 20 largest
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68 MANAGEMENT REPORT Credit derivat
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70 MANAGEMENT REPORT Borrowing, by
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72 MANAGEMENT REPORT Value-at-risk
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74 MANAGEMENT REPORT Procedure for
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76 MANAGEMENT REPORT Liquidity-risk
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78 MANAGEMENT REPORT 6) Monitoring
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80 financial statements in accordan
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82 OVERVIEW Notes Notes to (72) Der
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84 INCOME STATEMENT Appropriation o
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86 statement of changes in equity S
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88 cash flow statement 2003 2002 7
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90 notes Consolidated accounting pr
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92 NOTES In addition to the standar
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94 NOTES In addition to the 102 (95
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96 NOTES ● Other financial liabil
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98 NOTES (10) Claims Claims on bank
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100 NOTES - The Group as lessor - I
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102 NOTES (25) Subordinated capital
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104 NOTES Expenses arising from spe
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106 NOTES Other provisions In accor
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108 NOTES (31) Net commission incom
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110 NOTES Other expenses: (36) Othe
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112 NOTES (40) Taxes on income Inco
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114 NOTES (43) Segment reporting Th
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116 NOTES Breakdown, by segment 200
Page 128 and 129: 118 NOTES Quarterly results, by seg
Page 130 and 131: 120 NOTES 3 rd quarter 2003 Retail
Page 132 and 133: 122 NOTES Results, by geographical
Page 134 and 135: 124 NOTES (47) Claims on and liabil
Page 136 and 137: 126 NOTES The provision for credit
Page 138 and 139: 128 NOTES (52) Investments and secu
Page 140 and 141: 130 NOTES (55) Changes in book valu
Page 142 and 143: 132 NOTES (58) Liabilities to banks
Page 144 and 145: 134 NOTES The following table prese
Page 146 and 147: 136 NOTES Changes in the assets hel
Page 148 and 149: 138 NOTES (66) Subordinated capital
Page 150 and 151: 140 NOTES (68) Equity structure 31.
Page 152 and 153: 142 NOTES (69) Conditional capital
Page 154 and 155: 144 NOTES (71) The Bank’s foreign
Page 156 and 157: 146 NOTES 31.12.2003 Nominal amount
Page 158 and 159: 148 NOTES Breakdown of derivatives
Page 160 and 161: 150 NOTES (75) Concentration of cre
Page 162 and 163: 152 NOTES (77) Maturities, by remai
Page 164 and 165: 154 NOTES Other notes (79) Subordin
Page 166 and 167: 156 NOTES (82) Genuine repurchase a
Page 168 and 169: 158 NOTES as of 31.12.2003 Capital
Page 170 and 171: 160 NOTES (87) Securitization of cr
Page 172 and 173: 162 NOTES 36,200 Commerzbank shares
Page 174 and 175: 164 NOTES (91) Letter of comfort In
Page 176 and 177: 166 NOTES Boards of Commerzbank Akt
Page 180 and 181: 170 NOTES Associated companies incl
Page 182 and 183: 172 Group Auditors' report We have
Page 184 and 185: 174 REPORT OF THE SUPERVISORY BOARD
Page 186 and 187: 176 REPORT OF THE SUPERVISORY BOARD
Page 188 and 189: 178 Committees of the supervisory b
Page 190 and 191: 180 board of managing directors fro
Page 192 and 193: group managers Jochen Appell Chief
Page 194 and 195: managers of foreign branches Antwer
Page 196 and 197: managers of foreign group companies
Page 198 and 199: Bavaria Dr. Wilfried Backes Member
Page 200 and 201: Brandenburg Dipl.-Kaufmann Hubert M
Page 202 and 203: Dipl.-Kaufmann Wolfgang Gutberlet C
Page 204 and 205: Dipl.-Betriebswirt A. Udo Bachmann
Page 206 and 207: Klaus J. Maack ERCO Leuchten GmbH L
Page 208 and 209: Saarland Dipl.-Kaufmann Wendelin vo
Page 210 and 211: seats on supervisory boards and sim
Page 212 and 213: Members of the Supervisory Board of
Page 214 and 215: Mark Roach a) FIDUCIA Informationsz
Page 216 and 217: Credit-linked note (CLN) A security
Page 218 and 219: Positive/negative fair value The po
Page 220 and 221: index Accounting 17, 54, 62, 90f.,
Page 222 and 223: San Francisco Los Angeles Mexico Ci
Page 224 and 225: 216 SECTION 2 INDIVIDUAL ACCOUNTS O
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Commerzbank Aktiengesellschaft - CMVM

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