COMMERZBANK AKTIENGESELLSCHAFT

230 Commerzbank Interim Report as of June 30, 2009
Commerzbank share price improves slightly
in the second quarter
In the second quarter, the environment for banking stocks
was impacted by various developments. Although the German
and European economies are expected to have contracted
further in the second quarter, they are likely to have
stabilized recently. Many economic sentiment indicators
are once again pointing upward. The general situation on
the financial markets has also relaxed somewhat over the
past three months, and there is less uncertainty than there
was in the first quarter of 2009. Overall, these improved
conditions for equities had a positive effect on the DAX
and an even more positive impact on financial stocks in the
eurozone, with Commerzbank being no exception. As at
30 June 2009, Commerzbank shares were quoted at €4.43,
some 10 % above their value at the end of the first quarter
(€4.02).
At the beginning of April, Commerzbank shares resumed
their upward trend that began at the end of the first
quarter, posting gains that were largely in line with those of
the Dow Jones EURO STOXX Banks index. Positive corporate
news flow and strong first-quarter figures from various
European banks were responsible for the recovery. However,
profit-taking put an end to the upward momentum on
May 11, after Commerzbank shares had reached their peak
in the second quarter. The shares recovered slightly following
a brief correction. After subsequently moving sideways
for some time, there was another one-week correction
phase in mid-June before Commerzbank shares stabilized
Highlights of the Commerzbank share
1.1.-30.6.2009 1.1.-30.6.2008
Shares outstanding as of 30.6.
in million units 1,181.4 657.2
Xetra intraday prices in €
High 6.93 26.53
Low 2.22 16.40
as of 30.6. 4.43 18.84
Daily turnover 1 in million units
High 48.6 24.8
Low 2.7 2.2
Average 13.8 8.9
Earnings per share (EPS) in € –1.78 1.67
Book value per share 2 in €
as of 30.6. 10.41 21.13
Market value / Book value
as of 30.6. 0.43 0.89
1 Total German Stock Exchanges;
2 excl. silent participations, cash flow hedges and minority interests.
Commerzbank share vs. performance indices in the
first half of 2009 | Daily figures, 30.12.2008 = 100
130%
120%
110%
100%
90 %
80 %
70 %
60 %
50 %
40 %
30 %
January February March April May June
Commerzbank DAX Dow Jones EURO STOXX Banks
at their new level at the end of the quarter. The Dow Jones
EURO STOXX Banks index outperformed Commerzbank
shares from the middle of the second quarter. The main
reason for this is likely to be the current strength of investment
banks. They are profiting more significantly from
the easing on the financial markets than institutions such as
Commerzbank, which are primarily active in commercial
banking. The economy will likely force the latter to take significant
write-downs on their credit portfolios.
The daily volume of trading in Commerzbank shares was
lower than in the first quarter, but the average of 13.8 million
shares traded in the first half of 2009 overall represented
a significant increase (+55 %) on the first six months
of 2008. Very high trading volumes were seen in January,
at the end of March and in mid-April in particular, with a
peak total of 48.6 million Commerzbank shares being
traded on German stock exchanges on January 9. At the
end of the first half of 2009, Commerzbank’s market capitalization
stood at €5.2bn.
In mid-January, Allianz received some 163.5 million new
Commerzbank shares – representing a component of the
purchase price for Dresdner Bank – from a capital increase
against non-cash contributions. The number of Commerzbank
shares outstanding rose to 886.0 million as a result.
With the approval of the Annual General Meeting on May
16, Commerzbank’s share capital was increased by 25 %
plus one share via the issue of new shares against cash to
SoFFin. Around 295 million ordinary shares were issued at
a price of €6 per share, increasing the number of shares
outstanding to 1,181.4 million.
We provide our shareholders with comprehensive information.
For data on Commerzbank’s shares as well as current
news, publications and presentations, visit our website
at www.ir.commerzbank.de.