COMMERZBANK AKTIENGESELLSCHAFT

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Group Financial Statements 296 240 Commerzbank Annual Report 2011 (40) Taxes on income The breakdown of income tax expense was as follows: €m 2011 2010 Change in % Current taxes on income 29 220 – 86.8 Tax expense or income for the current year 197 224 – 12.1 Tax expense or income for the previous year – 168 – 4 . Deferred taxes on income Tax expense or income due to change in temporary differences – 269 – 356 – 24.4 and loss carryforwards 56 – 23 . Tax rate differences Tax expense due to write-offs of deferred taxes previously 5 – 89 . recognised on loss carryfowards 170 – . Tax income from previously unrecognised tax carryforwards – 500 – 244 . Total – 240 – 136 76.5 The combined income tax rate applicable to Commerzbank Aktiengesellschaft and its German subsidiaries was 31.2%. The following reconciliation shows the connection between net pre-tax profit according to IFRS and tax expense in the reporting year. The Group income tax rate selected as a basis for the reconciliation is made up of the corporate income tax rate of 15.0% applied in Germany, plus the solidarity surcharge of 5.5%, and an average rate of 15.3% for trade tax. This produces a German income tax rate of 31.2%. Income tax effects result from discrepancies between the tax rates applying to foreign units. Tax rates outside Germany ranged between 0% (Dubai) and 46% (New York). As at December 31, 2011 the Group tax rate was –47.3% (previous year: –10.1%). Tax income for the full year resulted mainly from the retroactive capitalisation of deferred tax assets on tax loss carryforwards in the London and New York branches (€–368m). In addition, the use of loss carryforwards (€–254m) for which no deferred tax assets had been recognised in previous years and current taxes relating to other periods (€–267m) also had a positive effect on the Group tax rate. On the other hand deferred tax assets for new tax losses at some companies could not be recognised or a valuation allowance for previously recognised deferred tax assets (€683m) had to be established.
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 241 297 258 202 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 €m 2011 2010 Pre-tax profit or loss under IFRS 507 1,353 Group’s income tax rate (%) 31.2 30.9 Calculated income-tax expense in financial year 158 417 Effects of differing tax rates and tax rate changes on tax accruals recognised in income 5 – 89 Impact of the recognition of deferred taxes on loss carryforwards – 500 – 244 Effects of non-deductible operating expenses and tax-exempt income – 24 – 104 Unrecognised deferred tax assets 683 123 Utilisation of tax carryforwards for which no deferred tax assets had been calculated – 254 – 211 Effects of additions and deductions for trade tax 12 13 Current taxes relating to other periods – 267 – Other effects – 53 – 41 Taxes on income – 240 – 136 The table below shows the value of current and deferred taxes resulting from items that were directly credited or debited to equity: Taxes on income not recognised in the income statement | €m 31.12.2011 31.12.2010 Change in % Current taxes on income – – . Deferred taxes on income 1,559 1,238 25.9 Measurement differences arising from cash flow hedges 298 389 – 23.4 Revaluation reserve 1,044 827 26.2 Loss carryforwards 217 22 . Other – – . Total 1,559 1,238 25.9 (41) Net income Net income consists of remeasurements to fair value, impairments/impairment reversals, realised gains on disposal and subsequent recoveries on written-down financial instruments (see Note 5c). The net interest income table shows the interest components from the net interest income and net trading income notes by IAS 39 category. €m Net profit or loss from 2011 2010 Change in % Trading assets and liabilities 580 1,410 – 58.9 Applying the fair value option Available-for-sale financial assets and holdings in companies 292 131 . accounted for using the equity method – 434 232 . Loans and receivables – 4,567 – 2,623 74.1 Other financial liabilities – – . 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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COMMERZBANK AKTIENGESELLSCHAFT

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