COMMERZBANK AKTIENGESELLSCHAFT

2 8 Commerzbank Interim Report as of June 30, 2009
The following table shows the book value immediately
before the acquisition date and the provisional fair value of the
material assets, liabilities and contingent liabilities of Deutsche
Schiffsbank AG immediately after the acquisition date:
Asset side Assets Fair value Assets incl.
12.1.2009 adjustment fair value
in € m adjustment
Cash reserve 40 – 40
Claims on banks
and customers 13,502 –34 13,4 8
Assets held for
trading purposes and
financial investments 3,207 – 3,207
Other assets 82 –22 0
Total assets 16,831 –56 16,775
Liabilities side Liabilities Fair value Liabilities
12.1.2009 adjustment incl.
fair value
in € m
Liabilities to banks
adjustment
and customers
Provisions /
11,428 –283 11,145
contingent liabilities
Liabilities from
trading activities /
34 – 34
Other liabilities
Subordinated capital
4,247 2 4,309
and hybrids 14 –7 538
Equity 508 241 749
Total liabilities 16,831 –56 16,775
In addition, the following subsidiaries were consolidated
for the first time in 2009:
Hibernia Sigma Beteiligungsgesellschaft mbH,
Frankfurt am Main
Real Estate Top Tegel Eins GmbH, Berlin
Real Estate Top Tegel Zwei GmbH, Berlin
Real Estate Top Tegel Drei GmbH, Berlin
Real Estate Top Tegel Vier GmbH, Berlin
Real Estate Top Tegel Sechs GmbH, Berlin
NAVIPOS Schiffsbeteiligungsgesellschaft mbH, Hamburg
Commerz Real Partner Hannover GmbH, Düsseldorf
Commerz Real Partner Süd GmbH, Düsseldorf
Commerz Real Partner Nord GmbH, Düsseldorf
Hibernia Sigma Beteiligungsgesellschaft mbH, Frankfurt
am Main, has assets of €50.2m and liabilities of €0.1m. The
acquisition cost for 85 % of the shares and voting rights was
€42.8m. The Real Estate Top Tegel companies have total
assets of €71.9m, liabilities of €70.9m and the acquisition
cost for 94 % of the shares and voting rights was €0.1m.
The acquisition cost for NAVIPOS Schiffsbeteiligungsgesellschaft
mbH, Hamburg was €0.7m for 100 % of the shares;
the company has assets of €32.5m and liabilities of €31.8m.
Commerz Real Partner-Gesellschaften had assets of €0.6m,
liabilities of €0.1m and the acquisition cost for 65 % of the
shares was €0.05m. No excess arose for any of the above
companies.
FV Holding S.A., Brussels, was added to the list of significant
subsidiaries and associates.
The following funds, subsidiaries and special-purpose
companies were sold, liquidated or exchanged as part of
the Dresdner Bank acquisition and are therefore no longer
included in the consolidation:
Sale
Stampen S.A., Brussels
Liquidation2 CICO-Fonds I, Frankfurt am Main
SUK-Cofonds, Frankfurt am Main
NAPEUS Schiffsbetriebsgesellschaft GmbH, Hamburg
LOFRA GmbH & Co.KG, Frankfurt am Main
LUFRA Beteiligungs-Holding AG, Zurich
Mertus Zweite GmbH, Frankfurt am Main
Dresdner Kleinwort Wasserstein (South East Asia) Ltd.,
Singapore
Dresdner Kleinwort Finance BV, Amsterdam
Dresdner Advisors LLC, Wilmington/Delaware
ST Drive Inc., George Town
Alkmene S.a.r.l., Luxembourg
DRESDNER HFR ENHANCED ALPHA FUND, Hamilton
Exchange
cominvest Asset Management GmbH, Frankfurt am Main
cominvest Asset Management S.A., Luxembourg
Münchener Kapitalanlage Aktiengesellschaft, Munich
MK LUXINVEST S.A., Luxembourg
The net result from the deconsolidation of the exchanged
companies amounts to €0.45bn.
2 Including companies which have ceased operations.