COMMERZBANK AKTIENGESELLSCHAFT

278 Commerzbank Interim Report as of June 30, 2009
(8) Restructuring expenses
in € m 1.1.–30.6.2009 1.1.–30.6.2008 Change in %
Expenses for restructuring measures introduced 505 25 .
Total 505 25 .
Restructuring expenses of €505m relate in part to the integration
of Dresdner Bank AG into Commerzbank AG (€445m) and are
largely attributable to the personnel sector. Other restructuring
(9) Taxes on income
At June 30, 2009, the Group tax rate, i.e. the anticipated average
tax rate on the basis of anticipated pre-tax profit for the full
reporting year, was –20.8 %. This is the rate used to calculate tax
(10) Segment reporting
Segment reporting reflects the results of the operating business
segments included in the Commerzbank Group. The following
segment information is based on IFRS 8 “Operating Segments”,
which follows the so-called management approach. In accordance
with this standard, segment information must be prepared
on the basis of the internal reporting information that is evaluated
by the “chief operating decision maker” to assess the performance
of the operating segments and make decisions regarding
the allocation of resources to the operating segments. Within the
Commerzbank Group, the function of “chief operating decision
maker” is exercised by the Board of Managing Directors.
Our segment reporting covers five operating segments and
the Others and Consolidation segment. This procedure follows
the Commerzbank Group’s organizational structure and forms
the basis for internal management reporting. The business segments
are divided up on the basis of differences between products,
services and/or customer target groups. Segment reporting
reflects the new Group structure of Commerzbank AG, which was
implemented on January 1, 2009. Prior-year figures have been
restated in line with the new Group structure. The business models
of the Mittelstandsbank and Corporates & Markets segments
expenses of €60m stem from the strategic reorganization of
Commercial Real Estate business at Eurohypo.
liability for the first six months of 2009, which totalled €284m.
The derecognition of the deferred tax losses of our UK entity had
a significant impact on the tax rate in the period under review.
have been further developed and additional slight adjustments
made in the allocation of customers to the segments. The segment
reports for first-half 2009 and comparative figures for the
previous year reflect the current structure.
The figures for the first quarter of 2009 represent the new
Commerzbank Group following the acquisition of Dresdner Bank.
The comparative figures for the first half of the previous year contain
the contributions of the business segments to Group results
prior to the acquisition of Dresdner Bank.
The Private Customers segment contains the four business
areas Private and Business Customers, Wealth Management,
Direct Banking and Credit. The business area Private and
Business Customers is active in classic branch banking business.
Wealth Management provides services to wealthy clients
in Germany and abroad and contains the Group’s portfolio
management activities. Direct Banking encompasses the
activities of the comdirect bank group and all call centre
services for our customers. Credit is the central business area
responsible for lending operations with the above-mentioned
customer groups.