COMMERZBANK AKTIENGESELLSCHAFT

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Group Financial Statements 330 274 Commerzbank Annual Report 2011 The following major subordinated liabilities were outstanding at the end of 2011: Start of maturity €m Currency in m Issuer Interest rate Maturity 2011 1,254 1,254 EUR Commerzbank Aktiengesellschaft 6.375 2019 2011 1,250 1,250 EUR Commerzbank Aktiengesellschaft 7.750 2021 2007 600 600 EUR Commerzbank Aktiengesellschaft 1.815 1 2017 2006 502 502 EUR Commerzbank Aktiengesellschaft 2.337 1 2016 2008 500 500 EUR Commerzbank Aktiengesellschaft 6.250 2014 2009 386 500 USD Commerzbank Aktiengesellschaft 7.250 2015 2007 273 273 EUR Commerzbank Aktiengesellschaft 5.625 2017 2011 322 322 EUR Commerzbank Aktiengesellschaft 5.000 2018 2011 300 300 EUR Commerzbank Aktiengesellschaft 5.000 2018 2003 250 250 EUR Eurohypo Aktiengesellschaft 5.000 2016 2009 250 250 EUR Commerzbank Aktiengesellschaft 5.000 2017 2003 220 220 EUR Eurohypo Aktiengesellschaft 5.000 2014 2006 227 300 CAD Commerzbank Aktiengesellschaft 2.159 1 2016 1999 180 150 GBP Commerzbank Aktiengesellschaft 6.625 2019 2002 150 150 EUR Eurohypo Aktiengesellschaft 5.750 2012 1 Floating interest rate. In the year under review, the interest expense of the Group for subordinated liabilities totalled €682m (previous year: €713m). Interest accruals for interest not yet paid totalled €321m (previous year: €275m). Part of the profit-sharing certificate capital of the Commerzbank Group participates fully in losses. Interest payments are made only if the issuing institution earns a distributable profit. The claims of holders of profit-sharing certificates for the repayment of principal are subordinate to those of other creditors. At year-end 2011, the following major profit-sharing certificate was outstanding: Start of maturity €m Currency in m Issuer Interest rate Maturity 2006 750 750 EUR Commerzbank Aktiengesellschaft 5.386 2015 Interest expense on the outstanding profit-sharing certificates in the 2011 financial year was €107m (previous year: €162m). Interest accruals for interest not yet paid totalled €194m (previous year: €130m). (72) Hybrid capital €m 31.12.2011 31.12.2010 Change in % Hybrid capital 2,830 5,005 – 43.5 Accrued interest, including discounts1 – 1,131 – 1,084 4.3 Remeasurement effects 476 260 83.1 Total of which relate to the category 2,175 4,181 – 48.0 Liabilities measured at amortised cost 2,175 4,181 – 48.0 At fair value through profit or loss (fair value option) – – . 1 Including the impact of the adjustment of fair values of hybrid capital at the date of acquisition of Dresdner Bank.
To our Shareholders Corporate Responsibility Management Report Risk Report Group Financial Statements Further Information 275 331 258 202 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 At the end of 2011, the following hybrid capital instruments were outstanding: Start of maturity €m Currency in m Issuer Interest rate Maturity 2006 1,000 1,000 EUR Commerzbank Aktiengesellschaft 6.932 for an unlimited period 1999 773 1,000 USD Dresdner Capital LLC I 8.151 2031 2003 306 306 EUR Eurohypo Capital Funding Trust I 6.445 for an unlimited period 2006 190 190 EUR Commerzbank Capital Funding Trust I 5.012 for an unlimited period 2006 186 186 EUR Commerzbank Capital Funding Trust III 2.524 for an unlimited period 2005 152 152 EUR Eurohypo Capital Funding Trust II 3.486 for an unlimited period 2006 138 116 GBP Commerzbank Capital Funding Trust II 5.905 for an unlimited period In the 2011 financial year interest of €152m (previous year: €155m). Hybrid capital forms part of the bank’s liable equity capital. Interest payments are due in accordance with the issue conditions of the instrument. The claims of holders of hybrid instruments for repayment of their capital are subordinate to the claims of creditors of the liabilities reported under subordinated liabilities and profit-sharing certificates. In the financial year 2011, parts of the Trust Preferred Securities (TruPS) of the Commerzbank Capital Funding Trust I to III and the Eurohypo (73) Equity structure Capital Funding Trust I to II were repurchased. In January 2011, TruPS with a nominal value of €0.9bn were contributed as noncash contributions against payment in shares (see page 207) and resulted in income of €0.3bn. In December 2011 we repurchased TruPS with a nominal volume of €1.3bn. This resulted in income of €0.7bn. The redemption increased our Core Tier I capital. Both measures reduced our hybrid capital by €2.2bn in the financial year 2011. Beyond this there were no significant changes. €m 31.12.2011 31.12.2010 Change in % a) Subscribed capital 5,113 3,047 67.8 b) Capital reserve1 11,158 1,507 . c) Retained earnings1 8,822 9,140 – 3.5 d) Silent participations 2,687 17,178 – 84.4 Other reserves – 3,676 – 2,999 22.6 e) Revaluation reserve – 2,511 – 1,731 45.1 f) Cash flow hedge reserve – 810 – 1,005 – 19.4 g) Currency translation reserve – 355 – 263 35.0 Total before non-controlling interests 24,104 27,873 – 13.5 Non-controlling interests 699 785 – 11.0 Equity 24,803 28,658 – 13.5 1 Prior-year figures restated due to a change in the way in which treasury shares are reported (see Note 2). a) Subscribed capital The subscribed capital (share capital) of Commerzbank Aktiengesellschaft consists of no-par-value shares, each with a notional par value of €1.00. The shares are issued in bearer form. Purchases and disposals of treasury shares are added to or deducted from subscribed capital at a notional par value of €1.00. 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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Group Financial Statements Our Grou
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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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