COMMERZBANK AKTIENGESELLSCHAFT

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Group Management Report 144 88 Commerzbank Annual Report 2011 Commerzbank raised long-term funds totalling €14.4bn in 2011. Of the total, €6.7bn came from senior unsecured issues, €5.8bn from Pfandbriefe and lettres de gage and €1.9bn from subordinated bonds. The Commerzbank Group’s funding requirements of approx. €10 to 12bn were already met in the first half of 2011. In the second half, the Bank used existing market opportunities to cover some of the 2012 funding requirement in advance. Group capital market funding of 2011 Volume €14.4bn Benchmark issues €2.5bn Unsecured bonds 1 €8.6bn 1 Including €1.9bn in subordinated bonds. Figure 2 Private placements €6.1bn Benchmark issues €4.8bn Secured bonds €5.8bn Private placements €1.0bn In the unsecured segment Commerzbank Aktiengesellschaft increased the senior unsecured benchmark bond issued in the previous year (maturity 2017) by €500m. This was followed in October with a 2-year senior unsecured benchmark bond with a volume of €800m. It also placed a number of foreign currency issues denominated in currencies including the US, Australian and Canadian dollars. A €1.25bn benchmark subordinated bond was placed on the capital market in the first quarter. The issue was for 10 years, carried a coupon of 7.75%, and was around 3.5 times oversubscribed. The issue is an important step in optimising the Bank’s long-term subordinated capital structure (Tier 2) in anticipation of the transition to Basel III. In the secured segment, the issue volume in 2011 focused on the following products: €5.0bn mortgage Pfandbriefe, €0.5bn public-sector Pfandbriefe, €0.2bn ship Pfandbriefe and €0.1bn lettres de gage. Overall, Eurohypo AG’s benchmark issuance amounted to €4.8bn. €3.8bn of this related to three jumbo mortgage Pfandbriefe with maturities of 2, 3 and 5 years. All of the issues enjoyed strong demand among foreign investors. In addition, a €500m syndicated mortgage Pfandbrief with a 10-year maturity was issued in the first quarter. The Bank also topped up several existing benchmark Pfandbrief issues by a total of €500m.
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 145 89 127 71 Business and overall conditions 135 79 Earnings performance, assets and financial position 147 91 Segment performance 137 193 Our employees 143 199 Report on events after the reporting period 144 200 Outlook and opportunities report Summary of 2011 business position The Bank’s 2011 results were influenced by a variety of factors. After a good start to the year, which continued for the first six months, the consequences of the deepening European sovereign debt crisis became particularly apparent in the results for the second half. This included major drags on earnings due to write-downs on Greek government bonds and losses as a result of reducing risk. Against the background of these negative factors on earnings and the decreasing economic momentum, we were unable to realise our aim in 2011 of generating a significant year-on-year rise in operating profit, which presupposed stable market conditions. In the challenging market environment, we continued to reduce risk in 2011 and substantially improved our capital structure. In concrete terms, this was reflected in the significant reduction in risk-weighted assets and balance sheet volume and in a Core Tier I ratio of 9.9% The fact that we were well positioned thanks to our customer-oriented business model was reflected in the positive results posted by the core bank: pre-tax earnings, at €4.5bn, including some €1.1bn from the measures taken to optimise capital, were significantly higher than in 2010, and our gross income also improved by 13.6% to €12.4bn despite the generally difficult operating conditions in the banking sector. Loan loss provisions decreased substantially by around 45%. Operating expenses fell by 9% in 2011, which also reflected the cost synergies achieved thus far by the integration. All core bank segments posted a positive operating profit for the full year. Our Mittelstandsbank segment was by far the most profitable sector, but the Central & Eastern Europe segment also performed very well. In the Asset Based Finance segment we continued our chosen strategy of reducing both risk and volume. Overall, we achieved important milestones in the year under review. Based on the business performance in terms of the results posted by the core bank, we are steering the right course; but the results reported for the Commerzbank Group are disappointing. Group Management Report
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Fourth Supplement dated April 13, 2
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Financial Statements and Management
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Corporate Responsibility One bank.
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Environment As a financial services
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In a joint initiative by the overal
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Performance-related remuneration Th
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The members of the Board of Managin
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The monthly amount of the retiremen
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tion for the remainder of his term
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Loans to members of the Board of Ma
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Other details D&O liability insuran
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Details pursuant to Art. 289 of the
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up to five years effective from the
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The Supervisory Board oversees fina
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• Statements on presentation in t
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Since summer 2011, the environment
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At the beginning of December, Comme
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The changes in the individual earni
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As with the change in other assets
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Report on events after the reportin
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We assume that Germany will fare be
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the resulting impact on financial i
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The Asset Based Finance segment was
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Risk report Risk reporting takes pl
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Risk strategy and risk management T
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Macroeconomic stress tests are also
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Overview of management instruments
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The “reduction” area comprises
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Corporates & Markets This segment c
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Public Finance Commerzbank’s Asse
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Portfolio by region as at 31.12.201
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and Europe (CLOs). The exposure in
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In 2011, provisions in Central & Ea
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of the overdraft starts on the firs
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The year 2011 was mainly affected b
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The adjoining diagram documents the
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Available net liquidity in the comb
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OpRisk events by segment | €m 201
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Reputational risk Reputational risk
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Provisions for pensions are calcula
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Notes to the income statement (5) B
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(12) Securities At December 31, 201
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(16) Fiduciary transactions Financi
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(23) Other liabilities Financial St
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To our Shareholders Corporate Respo
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Group Risk Report In the Group Risk
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Group Financial Statements Our Grou
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Recent developments Optimisation of
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COMMERZBANK AKTIENGESELLSCHAFT Fran
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Jahresabschluss und Lagebericht 201
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COMMERZBANK AKTIENGESELLSCHAFT

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