COMMERZBANK AKTIENGESELLSCHAFT

Group Financial Statements
318
262 Commerzbank Annual Report 2011
€170m (previous year: €268m) of the investment properties
were acquired in rescue purchases. The additions during the
period contain subsequent acquisition costs for significant
properties of €4m (previous year: €49m). This item does not
include any property held under operating lease agreements.
There are no restrictions on resale, nor are there any obligations
to purchase properties that require to be recorded here.
(59) Non-current assets and disposal groups held for sale
The balance sheet item non-current assets and disposal groups held for sale broke down as follows:
In the sensitivity analyses we assume a 50 bp upward or
downward move in the property yield for investment properties
and a 20% rise or fall in the land value for building land. For the
main investment properties this would cause market value to fall
by around €59m, or rise by €70m, respectively. For building
land the market value would rise by €1m or fall by €1m
respectively.
€m 31.12.2011 31.12.2010 Change in %
Claims on banks 10 10 0.0
Claims on customers 158 128 23.4
Positive fair values of derivative hedging instruments – 108 .
Trading assets – 82 .
Financial investments 378 71 .
Fixed assets 65 196 – 66.8
Other assets 1,148 487 .
Total 1,759 1,082 62.6
In all cases of non-current assets and disposal groups held for
sale, sales agreements have either already been concluded or
will be concluded shortly. The contracts are expected to be
fulfilled in 2012. The following subsidiaries, all of which are
assigned to the Asset Based Finance segment, are affected:
– CG New Venture 2 Verwaltungsgesellschaft mbH,
Wiesbaden
– CG New Venture 4 GmbH & Co. KG, Wiesbaden
– FM LeasingPartner GmbH, Bissendorf Kr Osnabrück
– GO German Office GmbH, Wiesbaden
– MS “CPO Alicante” Offen Reederei GmbH & Co.KG,
Hamburg
– MS “CPO Ancona” Offen Reederei GmbH & Co.KG,
Hamburg
– MS “CPO Bilbao” Offen Reederei GmbH & Co.KG,
Hamburg
– MS “CPO Marseille” Offen Reederei GmbH & Co.KG,
Hamburg
– MS “CPO Palermo” Offen Reederei GmbH & Co.KG,
Hamburg
– MS “CPO Toulon” Offen Reederei GmbH & Co.KG,
Hamburg
– MS “CPO Valencia” Offen Reederei GmbH & Co.KG,
Hamburg
– Property Invest Italy Srl, Milan
The liabilities of disposal groups held for sale are described in
Note 69.
In the current financial year an office building was
reclassified from investment properties to assets held for sale.
The sale was concluded in January 2012.
In addition, claims in the Mittelstandsbank segment,
investment fund units in the Private Customers segment and
equity holdings (Central & Eastern Europe and Others and
Consolidation segments) were held for sale.
In the case of KGAL GmbH & Co. KG, Grünwald (Munich)
however, we have halted the contractual negotiations with
potential buyers and a sale is no longer expected in the near
future. As a result, the company has been accounted for using
the equity method since September 30, 2011.
We sold four of the disposal groups held for sale in the
previous year as planned in the year under review.