Dresdner Bank - Commerzbank International SA

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Dresdner Bank Luxembourg S.A. Annual Report 2008 50 Notes to the Annual Accounts 2008 A. General remarks Dresdner Bank Luxembourg S.A. was established on 11 April 1967 as a public limited company under Luxembourg law. The duration of the company is unlimited. Its business activities at the international level include credit (loans and advances), money market and foreign exchange transactions, precious metals, securities and new issues, corporate and private client business including asset management as well as investment funds. Dresdner Bank AG, Frankfurt am Main, Germany, holds 100% of the bank’s capital. In December 2008 Dresdner Bank Luxembourg S.A. was sold by Dresdner Bank AG to its 100% subsidiary, DreCo Erste Beteiligungs GmbH. As a member of the Dresdner Bank Group, Dresdner Bank Luxembourg S.A. has been part of the Allianz Group since 2001. As of 12 January 2009, the Dresdner Bank Group was sold by Allianz SE to Commerzbank AG. Dresdner Bank Luxembourg S.A. is included in the consolidated accounts of Dresdner Bank AG. These accounts are available at Dresdner Bank AG in D-60329 Frankfurt am Main, Jürgen-Ponto-Platz 1. The consolidated accounts of Dresdner Bank AG are included in the consolidated accounts of Allianz SE. The latter are available from Allianz SE at D-80802 Munich, Königinstrasse 28. The financial year corresponds to the calendar year.
B. Valuation principles The annual accounts comply with the legal requirements of the Grand Duchy of Luxembourg (Law of 17 June 1992 on the annual accounts and the consolidated accounts of credit institutions) as well as the generally accepted principles of proper accounting in the banking sector. In particular, they are prepared on the basis of: � the going concern concept, � the principle of consistency, � the accruals principle, � the prudence principle. (a) Currency conversion The bank prepares its accounts in euro. All assets and liabilities denominated in foreign currencies are converted according to the ECB exchange rates applicable as of the balance sheet date. Where balance sheet items relate to foreign exchange forwards (swaps), conversion gains or losses are neutralised via adjusting items. Swap expenses and income are recorded in the profit and loss account in the periods to which they relate. Expense and income items are translated at the exchange rate applicable at the date on which they are recorded. Outright transactions and currency options are valued at market rates. Provisions are set up to cover identified losses, unrealised gains are not recognised. Losses are netted against gains on closed positions to the extent that they qualify for such treatment. (b) Valuation of other derivative financial instruments (swaps, options, etc.) Other derivative financial instruments are valued individually at the actual market rates, according to the imparity and realisation principles. Transactions that are intended to hedge specific balance sheet items are not valued. Identified losses are charged to the profit and loss account while unrealised gains remain unrecognised. Valuation losses and gains and losses on closed items are offset to the extent that they qualify for this treatment. (c) Tangible assets Tangible assets are valued at acquisition or production costs. The acquisition or production costs of tangible assets with a limited useful life are reduced by value adjustments systematically calculated based on their lifetime. The depreciation rates permitted under tax law vary between 2% and 33.33%. Due to larger innovation cycles in the IT area, the IT equipment’s useful life was uniformly reduced to three years. Low-value assets are fully written off in the year of their acquisition. Notes to the Annual Accounts 51 Balance Sheet as at 31 December 2008
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Dresdner Bank - Commerzbank International SA

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