Dresdner Bank - Commerzbank International SA

from two debenture bonds that matured in 2008 with a value of € 99.2 million. The own funds of the bank
as reported on the balance sheet at year-end were unchanged at € 424.9 million. The capital adequacy
ratio (calculated pursuant to the new accounting principles of the IFRS), which contrasts the available equity
capital with business exposed to risk, exceeded the specified 100% minimum value at year end, reaching
262.5%.
Profit and loss account: Available profit € 346.06 million – Dividend € 340 million
The net interest income including income from securities increased by € 138.8 million (244.3%) to
€ 195.6 million as a result of dividend income from affiliated companies. The net commission income
declined from € 62.4 million to € 57.4 million. At € 96.4 million in the financial year 2008, the result from
financial operations was € 91.2 million higher than in the previous year. This is predominantly due to sales
revenues from a single equity investment. General administrative expenses registered a decrease of
€ 2.0 million. All identifiable risks in the credit and holdings portfolio were adequately taken into account.
Following its business strategy, the bank did not invest at any time either directly or indirectly in the
US real estate market. The confidence crisis on the capital markets did not affect the bank’s results.
The annual net profit amounted to € 317.72 million. Including the existing profit brought forward in the
amount of € 28.34 million, this resulted in an available profit of € 346.06 million. Pursuant to a resolution
by the Supervisory Board, the general shareholders’ meeting will be advised to distribute a 30% dividend
(€ 37.5 million) on the bank’s subscribed capital and a special dividend of € 302.5 million.
The remaining net profit in the amount of € 6.06 million is to be carried forward.
Profit and Loss Account (in € million)
� 2008 � 2007
� 2008 � 2007
58.5
60.5
General
administrative
expenses
53.8 19.9
4.7 44.5
Other
operating
expenses
1.3
Taxes Depreciations
3.7
317.7
62.0
Profit
for the
financial
year
195.6
56.8
Net
interest
income /
income on
securities
portfolio
5.2
96.4 62.4
Net profit
from
financial
operations
57.4
Net
commission
income
Management Report for Financial Year 2008
25.7
7.7
Release
of risk
provisions
100.7
18.7
Other
operating
income /
miscellaneous
33
Management Report
for Financial Year 2008