COMMERZBANK AKTIENGESELLSCHAFT

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Group Financial Statements 270 214 Commerzbank Annual Report 2011 The proceeds from the sale of these companies amounted to roughly €0.2bn. This amount was paid entirely in cash. Of the €64m gain on the disposal, €50m was recognised in net investment income and €14m in other net income. • Liquidations (including companies which have ceased operating activities and entities that have permanently fallen below our materiality threshold for consolidation or were no longer subject to a consolidation requirement) – ALEPPA Funding I LLC, Dover, Delaware – ALEPPA Funding II LLC, Dover, Delaware – ALMURUS Grundstücks-Vermietungsgesellschaft mbH, Düsseldorf – BACUL Beteiligungsgesellschaft mbH, Eschborn – Classic Finance BV, Amsterdam – CoCo Finance 2006-1 plc, Dublin – Commerz Real Partner Hannover GmbH, Düsseldorf – Commerz Real Partner Nord GmbH, Düsseldorf – Commerz Real Partner Süd GmbH, Düsseldorf – Commerzbank Capital Ventures Management Limited, London – Commerzbank Leasing December (6) Limited, London2 – Commerzbank Leasing December (25) Limited, London2 – Dresdner Capital LLC III, Wilmington/Delaware – Dresdner Kleinwort Capital Investment Trust Limited, London – Dresdner Kleinwort Services LLC, New York – Dresdner Kleinwort Servicios y Asesorias Ltda., Santiago de Chile/Chile – Dresdner Kleinwort Stripes LLC, Wilmington/Delaware – EH NY IV, LLC, Dover, USA – EHNY Ashland, LLC, Dover, USA – EHY Sub Asset LLC, Wilmington/Delaware – Galbraith Investments Limited, London2 – GS Fund Europe Balanced Premia, Luxembourg – GS Fund Europe Long Short, Luxembourg – GS Fund UK Balanced Premia, Luxembourg – GS Fund UK Long Short, Luxembourg – GVG Gesellschaft zur Verwertung von Grundbesitz mbh, Eschborn – Idilias SPC (Silo II), George Town/Cayman Islands – Inversiones Dresdner Kleinwort Chile Ltda., Santiago de Chile/Chile – Kaiserplatz Funding LLC, Wilmington/Delaware 1 – Kaiserplatz Holdings Ltd., St. Helier/Jersey 1 (sub-group including subsidiaries) – Kleinwort Benson (Canada) Limited, Toronto – Mandas Receivables No.1 Limited, St. Helier/Jersey2 – Mandas Receivables No.2 Limited, St. Helier/Jersey2 – Mole Finance Inc., George Town/Cayman Islands – Parc Continental Ltd., London – Portland Capital Ltd., St. Helier/Jersey – SB-Bauträger GmbH, Eschborn – Shannon Capital plc., Dublin – Southwark Bridge Investments Ltd., London – Valorem LLC, New York – Wisley Inc., George Town/Cayman Island 2 1 No longer needs to be consolidated. 2 Fell below materiality threshold. The following companies were merged into a Commerzbank Group consolidated company during the current financial year: – Bishop Finance Inc., Wilmington/Delaware – Chess Finance LLC, New York – Dresdner Kleinwort Leasing Inc., New York – FI Pro-City Immobilien GmbH, Eschborn – GBG Verwaltungs- und Verwertungsgesellschaft für Grundbesitz mbH, Eschborn – SB-Bauträger GmbH & Co. Urbis Verwaltungs-KG, Frankfurt/Main The following companies were added to the group of companies accounted for using the equity method in 2011: – KGAL GmbH & Co. KG, Grünwald – KGAL Verwaltungs GmbH, Grünwald – DTE Energy Center LLC, Wilmington/Delaware The following companies are no longer accounted for using the equity method: – GIE Vulcaine Energie, Paris – IGS Aerosols GmbH, Wehr/Baden – Irving Place Co-Investment, L.P., New York – Linde Leasing GmbH, Wiesbaden – Urbanitas Grundbesitzgesellschaft mbH, Berlin
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 215 271 258 202 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 (4) Principles of consolidation Subsidiaries are companies in which Commerzbank Aktiengesellschaft directly or indirectly holds the majority of the voting rights or where it has power to determine their financial and operating policies in another way and thus exercise control over them so as to obtain benefits from their activities. Consolidation takes effect from the date on which the Group acquires the majority of the voting rights or gains control over the company concerned. For the consolidation of capital, we remeasure the assets and liabilities of subsidiaries completely every year, regardless of the percentage share of equity at the time of acquisition. The assets and liabilities remeasured at fair value are included in the consolidated balance sheet net of deferred taxes; identified hidden reserves and liabilities are accounted for in accordance with the applicable standards in subsequent reporting periods. Any difference over net assets on remeasurement is recognised as goodwill. Associated companies are entities over which Commerzbank Aktiengesellschaft has a significant direct or indirect influence. A significant influence is assumed to exist where the share of voting rights is between 20% and 50%. Additional criteria for judging whether there is significant influence include substantial business transactions with the entity in question, membership of a management or supervisory board, or involvement in setting the entity’s business policies. Jointly controlled entities are companies over which we exercise joint control together with another company. Joint control may arise as a result of each company holding equal voting rights or based on contractual agreements. Associated companies and jointly controlled entities are ordinarily accounted for using the equity method and are reported in the balance sheet under holdings in companies accounted for using the equity method. The acquisition cost of these investments including any goodwill contained therein is determined at the time of their initial consolidation, applying by analogy the same rules as for subsidiaries. For material associated companies and jointly controlled entities appropriate adjustments are made to the carrying value in the accounts. Holdings in subsidiaries not consolidated for reasons of immateriality and holdings in associated companies and jointly controlled entities which, because of their immateriality, are not accounted for using the equity method are shown under financial investments at their fair value or, if this cannot be reliably established, at cost. Subsidiaries are deconsolidated as of the date on which the Bank loses its control over them. Equity accounting for holdings in associated companies ends on the date that the share of voting rights falls below 20% or other possibilities of exercising significant influence over the associated company cease to apply. Equity accounting for joint ventures ends on the date the joint management of the venture comes to an end. The obligation to consolidate special purpose entities under certain circumstances derives from SIC 12. This stipulates that consolidation is required if the special purpose entity is controlled by the parent company. This may be the case if, in substance, • the activities of the special purpose entity are conducted on behalf of the entity according to its specific business needs so that the entity obtains benefits from the operations of the special purpose entity; • the entity has the decision-making powers to obtain the majority of the benefits of the activities of the special purpose entity or, by setting up an autopilot mechanism, the entity had delegated these decision-making powers; • the entity has rights to obtain the majority of the benefits of the special purpose entity and therefore may be exposed to risks incident to the activities of the special purpose entity; • the entity retains the majority of the residual or ownership risks related to the special purpose entity or its assets in order to obtain benefits from its activities. In the Commerzbank Group the obligation to consolidate special purpose entities is examined by means of a process that includes transactions where we form a special purpose entity with or without the involvement of third parties, and transactions in which we enter into contractual relations with an already existing special purpose entity. The decision to consolidate is regularly reviewed by us. All consolidated special purpose entities and special purpose entities that have not been consolidated for materiality reasons are listed in Note 106. Group Financial Statements
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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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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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Macroeconomic stress tests are also
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Overview of management instruments
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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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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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(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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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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