COMMERZBANK AKTIENGESELLSCHAFT

To our Shareholders Interim Management Report Interim Financial Statements
2 9 Overall results
272 Consolidated balance sheet
273 Statement of changes in equity
274 Cash flow statement
275 Notes to the income statement
284 Notes to the balance sheet
290 Other notes
tively ascertain the valuation parameters and the assump-
tions for planning purposes; as a result, the purchase price
allocation is provisional. The company is exercising its right
to the 12-month period permitted under IFRS 3 for deter-
mining fair value; as a result, it will not allocate the provi-
sional goodwill figure to the cash-generating units (CGUs)
until this period is underway.
The following table shows the book value immediately
before the acquisition date and the provisional fair value,
liabilities and contingent liabilities of the Dresdner Bank
Group immediately after the acquisition date.
Asset side Assets Fair value Assets incl.
12.1.2009 adjustment fair value
in € m adjustment
Cash reserve
Claims on banks
18, 42 – 18, 42
and customers
Assets held for
trading purposes and
positive fair values
attributable to derivative
183,079 –195 182,884
hedging instruments 190,717 – 190,717
Financial investments
Intangible assets
23,448 132 23,580
and fixed assets 1,409 595 2,004
Other assets 2,941 –2 2,939
Total assets 420,236 530 420,766
Liabilities side Liabilities Fair value Liabilities
12.1.2009 adjustment incl.
fair value
in € m
Liabilities to banks
adjustment
and customers
Liabilities from trading
activities and negative
fair values attributable
to derivative hedging
210,398 –424 209,974
instruments
Provisions /
1 4,892 – 1 4,892
contingent liabilities 2,332 1,488 3,820
Other liabilities
Subordinated capital
31,205 –54 31,151
and hybrids 7,422 –375 7,047
Equity 3,987 –105 3,882
Total liabilities 420,236 530 420,766
Dresdner Bank’s contribution to pre-tax Group results for
the period from the full consolidation on January 12, 2009
until the merger in May 2009 was –€1.9bn. Had the consol-
idation been completed as of January 1, 2009, the pre-tax
Group results would have been €0.7bn lower.
Via the acquisition of Dresdner Bank AG on January 12,
2009, we indirectly acquired an additional 40 % of the shares
and voting rights of Deutsche Schiffsbank AG, Bremen/
Hamburg, for which no additional purchase price was paid.
As a result, we now hold a total of 80 % of the shares of
Deutsche Schiffsbank AG, which we have therefore fully
consolidated versus the previous 40 % accounted for at
equity.
Following the provisional measurement of the fair value
of the assets, liabilities and contingent liabilities of Deutsche
Schiffsbank AG at the acquisition date, a total of €56m of
hidden liabilities were recognized in assets and €297m
of hidden reserves in liabilities. The remaining amount of
€49m is recorded as goodwill. The fair value calculation
resulted in total assets of €16,775m, liabilities of €16,026m
and equity capital of €749m. Given the complexity of the
transaction1 , the company is exercising its right to the 12month
period permitted under IFRS for determining fair
value. The contribution made to Group results by Deutsche
Schiffsbank AG for the first half of 2009 since the full consolidation
was €14m.
1 See the corresponding details on the acquisition of Dresdner Bank on page 2
2 7