Commerzbank Aktiengesellschaft - CMVM

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Mark Roach a) FIDUCIA Informationszentrale AG Werner Schönfeld – Alfred Seum – Hermann Josef Strenger – Employees of <strong>Commerzbank</strong> AG Information pursuant to Art. 340a, (4), no. 1, HGB As of December 31, 2003 Jürgen Berger CFM Commerz Finanz Management GmbH i.L. Manfred Breuer Isola AG Schumag AG Bernd Förster SE Spezial Electronic AG Herbert Huber Saarländische Investitionskreditbank AG Andreas Kleffel Honsel Management GmbH Dr. Sebastian Klein COMINVEST Asset Management GmbH CFM Commerz Finanz Management GmbH i.L. CommerzLeasing und Immobilien AG Wojciech Kostrzewa Hochtief Construction AG (HTC) Peter Kroll SchmidtBank AG Klaus Kubbetat CommerzLeasing und Immobilien AG Ulrich Leistner COMINVEST Asset Management GmbH Commerz Grundbesitz- Investmentgesellschaft mbH CommerzLeasing und Immobilien AG Burkhard Leffers Kolbenschmidt Pierburg AG Dr. Dirk Mattes CFM Commerz Finanz Management GmbH i.L. COMMERZ PARTNER Beratungsgesellschaft für Vorsorge- und Finanzprodukte mbH MEWA Textil-Service AG & Co. Management OHG SEATS ON OTHER BOARDS 205 Wilhelm Nüse Rasmussen GmbH Michael Schmid CommerzLeasing und Immobilien AG Dr. Friedrich Schmitz COMINVEST Asset Management GmbH Dr. Gert Schorradt Carmeile AG Frank Schulz Woba Dresden GmbH Monika Serreck Spielbanken Niedersachsen GmbH Dr. Rainer Wedel JC INSITU Beteiligungsgesellschaft mbH Martin Zielke COMINVEST Asset Management GmbH Commerz Grundbesitz- Investmentgesellschaft mbH COMMERZ PARTNER Beratungsgesellschaft für Vorsorge- und Finanzprodukte mbH ConCardis GmbH
206 glossary Asset-backed securities (ABS) Securities whose interest payment and repayment of principal are covered, or backed, by the underlying pool of claims. As a rule they are issued by a specialpurpose entity in securitized form. Assets held for dealing purposes Under this balance-sheet item, securities, promissory notes, foreign exchange and derivative financial instruments which are used for dealing purposes are shown. They appear at their fair value. Associated company A company included in the consolidated financial statements neither on a fully or partially consolidated basis, but rather according to the equity method; however, a company which is included in the consolidation has a significant influence on its business and financial policies. Available for sale A term used to refer to financial assets that may be disposed of. Back-testing A procedure for monitoring the quality of value-at-risk models. For this purpose, the potential losses projected by the VaR approach are examined over alengthy period to ascertain whether in retrospect they were not exceeded far more frequently than the applied confidence level would have suggested. Benchmarks Reference figures like indices, which are used, for instance, in portfolio management. For one thing, they can determine the direction of an investment strategy by providing the portfolio manager with orientation as regards the composition of portfolios. For another, they serve as a yardstick for investment performance. Business continuity planning A company’s emergency planning, covering all of its units. Cash flow hedge This entails covering the risk related to future interest payments from a floating-interest balance-sheet transaction by means of a swap. It is measured at fair value. Cash flow statement This shows the breakdown and changes in a company’s cash and cash equivalents during the business year. It is divided up into the items operating, investing and financing activities. Collateral agreement An agreement covering the security or collateral to be furnished. Confidence level The probability with which a potential loss will not exceed the loss ceiling defined by the valueat-risk. Corporate governance Corporate governance establishes guidelines for transparent corporate management and supervision. The recommendations of the German Corporate Governance Code create transparency and strengthen confidence in responsible management; in particular, they serve shareholder protection. Cost/income ratio This represents the ratio of operating expenses to income before provisioning, indicating the costefficiency of the company or of one of its business units. Credit default swap (CDS) A financial instrument for taking over the credit risk from a reference asset (e.g. a security or credit). For this purpose, the buyer of protection pays the seller of protection a premium and receives a compensation payment if a previously specified credit event occurs. Credit derivative A financial instrument whose value depends on an underlying claim, e.g. a loan or security. As arule, these contracts are concluded on an OTC basis. They are used in both proprietary trading and managing risk. The most frequently used credit derivative product is the credit default swap.
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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
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118 NOTES Quarterly results, by seg
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120 NOTES 3 rd quarter 2003 Retail
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122 NOTES Results, by geographical
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124 NOTES (47) Claims on and liabil
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126 NOTES The provision for credit
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128 NOTES (52) Investments and secu
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130 NOTES (55) Changes in book valu
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132 NOTES (58) Liabilities to banks
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134 NOTES The following table prese
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136 NOTES Changes in the assets hel
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138 NOTES (66) Subordinated capital
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140 NOTES (68) Equity structure 31.
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142 NOTES (69) Conditional capital
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144 NOTES (71) The Bank’s foreign
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146 NOTES 31.12.2003 Nominal amount
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148 NOTES Breakdown of derivatives
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150 NOTES (75) Concentration of cre
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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
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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 178 and 179: 168 NOTES Affiliated companies incl
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 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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