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Group Financial Statements 264 208 Commerzbank Annual Report 2011 Cash flow statement €m Notes 2011 2010 Consolidated profit or loss 747 1,489 Non-cash positions in consolidated profit or loss and reconciliation with cash flow from operating activities: Write-downs, depreciation, adjustments, write-ups on fixed and other assets, changes in provisions and net changes due to hedge accounting 4,006 4,101 Change in other non-cash positions – 12,194 2,952 Gain or loss on disposal of assets (36) 343 – 108 Net gain or loss on the sale of fixed assets (38) – – Other adjustments (31) – 7,373 – 7,466 Sub-total – 14,471 968 Change in assets and liabilities from operating activities after adjustment for non-cash positions: Claims on banks (46) 22,924 – 3,747 Claims on customers (47) 32,373 24,611 Trading securities (52) 12,393 – 4,323 Other assets from operating activities (53-56, 58-60) 1,906 – 3,231 Liabilities to banks (61) – 39,144 – 3,008 Liabilities to customers (62) – 7,483 – 1,791 Securitised liabilities (63) – 25,683 – 30,423 Other liabilities from operating activities (64-70) – 4,940 – 470 Interest received (31) 14,294 14,956 Dividends received (31) 115 53 Interest paid (31) – 7,036 – 7,543 Income tax paid (40) – 29 – 218 Net cash from operating activities – 14,781 – 14,166 Proceeds from the sale of: Financial investments and investments in companies accounted for using the equity method (36, 37, 53, 54) 17,783 15,274 Fixed assets (38, 56) 74 187 Payments for the acquisition of: Financial investments and investments in companies accounted for using the equity method (36, 37, 53, 54) – 335 – 504 Fixed assets (38, 56) – 296 – 492 Effects from changes in the group of consolidated companies Cash flow from acquisitions less cash reserves acquired (45) – – Cash flow from disposals less cash reserves disposed of (45) 83 298 Net cash from investing activities 17,309 14,763 Proceeds from capital increases (73) – 2,774 – 56 Dividends paid (73) – – Net cash from changes in ownership interests in consolidated companies – 58 – 36 Net cash from other financing activities (subordinated capital) (71, 72) – 1,632 – 2,838 Net cash from financing activities – 4,464 – 2,930 Cash and cash equivalents at the end of the previous period 8,053 10,329 Net cash from operating activities – 14,781 – 14,166 Net cash from investing activities 17,309 14,763 Net cash from financing activities – 4,464 – 2,930 Effects from exchange rate changes 67 116 Effects from non-controlling interests – 109 – 59 Cash and cash equivalents at the end of the period (45) 6,075 8,053
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 209 265 258 202 Statement of comprehensive income 260 204 Balance sheet 262 206 Statement of changes in equity 264 208 Cash flow statement 266 210 Notes 409 353 Auditors’ report The breakdown of cash and cash equivalents is as follows: €m 31.12.2011 31.12.2010 Change in % Cash on hand 1,572 1,388 13.3 Balances with central banks Debt issued by public-sector borrowers and bills of exchange 3,998 6,386 – 37.4 rediscountable at central banks 505 279 81.0 Cash and cash equivalents as at December 31, 2011 did not include any amounts from companies consolidated for the first time (previous year: nil). Deconsolidations gave rise to an effect of €– 2m in 2011. The cash flow statement shows the structure of and changes in cash and cash equivalents during the financial year. It is broken down into operating activities, investing activities and financing activities. Net cash from operating activities includes payments (inflows and outflows) relating to claims on banks and customers and also securities held for trading and other assets. Increases and decreases in liabilities to banks and customers, securitised liabilities and other liabilities also belong to operating activities. The interest and dividend payments resulting from operating activities are similarly reflected in net cash from operating activities. Changes in net cash from operating activities also result from disposals of consolidated companies. Other assets and liabilities from operating activities include disposals of companies that were classified as held for sale at December 31, 2010 and were sold during the reporting year. The following table provides an overview of the assets and liabilities at the time of disposal. Assets | €m 31.12.2011 Claims on banks 28 Claims on customers 1,189 Trading assets 124 Financial investments 144 Fixed assets 1 Other assets 531 Liabilities | €m 31.12.2011 Liabilities to banks 179 Liabilities to customers 11 Securitised liabilities 520 Trading liabilities – Other liabilities 428 Net cash from investing activities consists of payments for financial investments, intangible assets and fixed assets. The cash flows relating to the acquisition or disposal of subsidiaries are also shown here. Net cash from financing activities consists of the proceeds of capital increases as well as payments made or received on subordinated and hybrid capital. Dividends paid are also reported here. Cash and cash equivalents consists of items that can be rapidly converted into liquid funds and are subject to a negligible risk of changes in value. It consists of the cash reserve, containing cash on hand, balances held at central banks, debt issued by public-sector borrowers and bills of exchange eligible for rediscounting at central banks (see Note 45). Claims on banks which are due on demand are not included. The cash flow statement of Commerzbank Group is not very informative. For us the cash flow statement replaces neither liquidity planning nor financial planning, nor is it employed as a management tool. Group Financial Statements
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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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(27) Equity Financial Statements an
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c) Retained earnings € Financial
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(30) Non-distributable amounts Fina
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Other notes (33) Off-balance-sheet
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(34) Forward transactions Financial
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(36) Remuneration and loans to boar
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€1,000 LTP Number of participatin
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Name Registered office Share of cap
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) Associated companies Name Registe
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Foreign-exchange rates for €1 as
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Members of the Supervisory Board of
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(41) Boards of Commerzbank Aktienge
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Independent Auditor’s Report 1 To
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Significant subsidiaries and associ
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Annual Report 2011 of the Commerzba
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To our Shareholders Corporate Respo
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Group Risk Report In the Group Risk
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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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