COMMERZBANK AKTIENGESELLSCHAFT

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Group Financial Statements 298 242 Commerzbank Annual Report 2011 €m 2011 2010 Change in % Net interest income from Trading assets and liabilities 1,012 698 45.0 Applying the fair value option 83 36 . Available-for-sale financial assets 1,232 1,225 0.6 Loans and receivables 15,456 15,949 – 3.1 Other financial liabilities – 9,780 – 10,579 – 7.6 (42) Earnings per share 2011 2010 Change in % Operating profit (€m) 507 1,386 – 63.4 Consolidated profit or loss attributable to Commerzbank shareholders (€m) 638 1,430 . Average number of ordinary shares issued 3,459,978,549 1,178,599,388 . Operating profit per share (€) 0.15 1.18 – 87.3 Earnings per share (€) 0.18 1.21 . Earnings per share as per IAS 33 are based on the consolidated surplus attributable to Commerzbank shareholders and are calculated by dividing the adjusted consolidated surplus by the weighted average number of shares outstanding during the financial year. As in 2010, no conversion and option rights were (43) Cost/income ratio outstanding in the reporting year. The figure for diluted earnings per share was therefore identical to the undiluted figure. The breakdown of operating profit is set out in the segment report (Note 44). 2011 2010 Change % in % points Cost/income ratio in operating business 80.8 69.3 11.5 The cost/income ratio is the ratio of operating expenses to income before provisions. (44) Segment reporting Segment reporting reflects the results of the operating business segments within the Commerzbank Group. The segment information below is based on IFRS 8 Operating Segments, which adopts 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 six operating segments and the Others and Consolidation segment. This reflects the Commerzbank Group’s organisational structure and forms the basis for internal management reporting. The business segments are divided up on the basis of distinctions between products, services and/or customer target groups. As part of the ongoing refinement of the segments’ business models the business responsibilities of the segments have been slightly adjusted. In 2011, assets were allocated based on this refined customer segmentation and the prior-year figures were restated accordingly. • The Private Customers segment set up a new departmental organisation in 2011 and now consists of the divisions Private Customers, Direct Banking and Credit. The Private Customers division comprises the classic branch banking business, which offers standardised banking and financial services tailored to the typical needs of customers, and Wealth
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 243 299 258 202 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 Management, which performs asset management and advisory services for high net worth customers in Germany and abroad. The division also includes Commerz Direct Service GmbH, which provides call centre services for private, commercial and wealth management customers. Direct Banking comprises the activities of comdirect bank Aktiengesellschaft and ebase GmbH, which together form the comdirect Group, a direct bank which primarily provides internet-based services, while the credit division is responsible for Commerzbank Aktiengesellschaft’s loan processing centres in Germany. • The Mittelstandsbank segment is divided into the three Group divisions Mittelstand Germany, Corporate Banking & International and Financial Institutions. The Mittelstand Germany division serves small and mid-sized customers, the public sector and institutional clients. Our comprehensive service offering includes payments, flexible financing solutions, interest rate and currency management products, professional investment advisory services and innovative investment banking solutions. In the Corporate Banking & International division we concentrate on serving corporate customers with revenues of over €500m. Smaller groups with a strong capital market affinity or significant operations outside Germany are also serviced by this division. The Corporate Banking & International division also contains the competence centre for companies from the renewable energy sector. With our foreign branch offices we act as a strategic partner for both the international activities of our German corporate customers and for international companies with business activities in our home market of Germany. The Financial Institutions division is responsible for relationships with banks and financial institutions in Germany and abroad, as well as with central banks. The strategic focus is on Commerzbank becoming customers’ preferred source of trade finance-related services. Financial Institutions uses a network of over 7,000 correspondent banks, together with business relationships in emerging markets, to support the financing and settlement of the worldwide foreign trade activities of all of the Commerzbank Group’s customers, and thus supports other divisions of the Bank in their international strategies. • The Central & Eastern Europe segment comprises the operations of our Polish subsidiary BRE Bank, Bank Forum in Ukraine, Commerzbank Eurasija in Russia, Commerzbank Zrt. in Hungary, our branches in the Czech Republic and Slovakia, and our investments in seven microfinance banks and Russia’s Promsvyazbank. These are grouped together under a management holding company. The holding company acts as a centre of competence and an interface to and from the foreign units. It sets and monitors the Group’s objectives in Central & Eastern Europe on both the market and the risk side, ensures targets for operational excellence are met and develops growth initiatives in the region. The strategic focus on universal banking and direct banking in the Central & Eastern Europe segment was further strengthened in 2011. Against this backdrop, the corporate customer businesses of Commerzbank Eurasija in Russia, the branches in the Czech Republic and Slovakia and Commerzbank Zrt. in Hungary are being transferred to the Mittelstandsbank with effect from January 1, 2012. • Corporates & Markets consists of three major businesses. Equity Markets & Commodities comprises trading and sales of equity and commodity-related financial products. Fixed Income & Currencies handles trading and sales of interest rate, credit and currency instruments. Corporate Finance provides arrangement and advisory services for equity, debt and hybrid instruments, securitisation solutions and Mergers & Acquisitions. The central credit portfolio management function of the Corporates & Markets segment is also based in this department. Corporates & Markets also houses Client Relationship Management, which is responsible for servicing German multinational industrial companies, international insurers, private equity investors and public sector customers. • The Asset Based Finance segment combines the results from Commercial Real Estate (CRE) Germany, CRE International, Public Finance, Real Estate Asset Management as well as Ship Finance. CRE Germany, CRE International and Public Finance belong almost completely to the Commerzbank subsidiary Eurohypo Aktiengesellschaft along with Eurohypo’s retail portfolio. Real Estate Asset Management primarily includes the activities of our subsidiary Commerz Real Aktiengesellschaft, and finally Ship Finance combines the ship financing activities of the Commerzbank Group, which are predominantly located in our subsidiary Deutsche Schiffsbank Aktiengesellschaft. 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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