>Analysts conference. Dr. Thorsten Reitmeyer, CEO Dr. Christian Diekmann, CFO. Frankfurt/Main, 16 February Figures unaudited

Transcription

1 >Analysts conference Dr. Thorsten Reitmeyer, CEO Dr. Christian Diekmann, CFO Frankfurt/Main, 16 February 2012 Figures unaudited

2 > comdirect with record result Profitability Best result in company s history profit target exceeded Pre-tax profit of 108.1m up 34% on previous year, exceeds profit target After-tax profit of 111.8m extraordinary effect from tax refund Earnings of 340.2m at record level, an increase of 49.2m Expenses of 232.1m disproportionately lower rise, up 22.0m Growth Growth in B2C and B2B segment 2.63 million customers with assets of 41.6bn 334k more customers, net fund inflows of 2.7bn 269k more B2C accts and custody accts, 961k B2C customers with 2 products 261k more B2B customers Agenda Direct banking market still growing product spectrum expanded Strong market position in lucrative direct banking market B2C complus: 2011 with focus on brokerage offensive B2B Fit for the Future : on its way to becoming a B2B direct bank 2

3 > Dividend yield of 7.5% expected in m, comdirect group Pre-tax profit +34% profit target: > 100m before tax Extraordinary effect: tax refunds of ~ 37m received; partly retained for more growth After-tax profit Dividend per share ( ) 1.40* ** Dividend yield (%)*** RoE operating (%) *Including 1 special dividend; ** proposal to the annual general meeting; *** based on the dividend proposal and closing quotation at year end 3

4 > Significant income growth on previous year in m, comdirect group Income Administrative expenses % % % % 54% Net commission 62% income Net interest income and other income 38% 45% 52% 48% 41% 46% Of which ebase Orders* B2C (m) Av. 3M-Euribor (%) ** * Executed orders, ** excluding restructuring expenses

5 > result up on previous year in operating terms and also dominated by extraordinary effect from tax refund in m, comdirect group Pre-tax profit B2B Interest payment of ~ 9m received on tax refund Income B2B B2C Administrative expenses B2C B2B B2C 10 Q1 Q2 Q Q1 Q2 Q3 11 5

6 > Net commission and net interest income up on previous year in m, comdirect group Net commission income Income B2B B2C B2B B2C Net interest income (after provisions) Q1 Q2 Q3 10 Orders* B2C (m) Av.3M-Euribor (%) Other income Q1 0.4 Q Q * Executed orders

7 > PIIGS exposure reduced by over 80% in 2011 in m, nominal, comdirect group ~390-82% Currently no reinvestment ~159 ~39 Outlook ~99 ~25 ~68 < Q1/2011 Q2/2011 Q3/2011 /

8 > Disproportionately lower rise in expenses in m, comdirect group Administrative expenses Personnel expenses B2B Other administrative expenses B2C Depreciation Q1 Q2 Q Q1 Q2 Q3 11 8

9 > comdirect with record result in 2011 Profitability Best result in company s history profit target exceeded Pre-tax profit of 108.1m up 34% on previous year, exceeds profit target After-tax profit of 111.8m extraordinary effect from tax refund Earnings of 340.2m at record level, an increase of 49.2m Expenses of 232.1m disproportionately lower rise, up 22.0m Growth Growth in B2C and B2B segment 2.63 million customers with assets of 41.6bn 334k more customers, net fund inflows of 2.7bn 269k more B2C accts and custody accts, 961k B2C customers with 2 products 261k more B2B customers Agenda Direct banking market still growing product spectrum expanded Strong market position in lucrative direct banking market B2C complus: 2011 with focus on brokerage offensive B2B Fit for the Future : on its way to becoming a B2B direct bank 9

10 > Customer growth B2C and B2B In 000 Customers B2B 1,349 2, ,631 2, Custody accounts Current accounts ,419 1, ,683 B2B B2C B2C 805 1,001 1,451 1,559 1,632 Tagesgeld PLUS accounts ,131 1, B2C: + 269k new accounts/custody accounts in

11 > 961 thousand B2C customers have at least two products B2C customers with two or more products in k custody accounts 687 (2011: + 36k) k current accounts 435 (2011: + 128k) 305 1,236k Tagesgeld PLUS accounts (2011: + 105k) Year-end in %

12 > Net fund inflow of 2.7bn in 2011 in bn Assets under custody Change in prices in 2011: - 4.9bn Portfolio volume B2B ** 14.3 B2B B2C B2C Deposit volume B2B B2C DAX* 6,597 8,067 4,810 5,957 6,914 5,898 Group: 2.7bn net fund inflow in 2011 * Index level as of year-end ** Including 1.3bn portfolio volume of Commerzbank customers serviced by ebase through new white label custody account solution 12

13 > comdirect with record result in 2011 Profitability Best result in company s history profit target exceeded Pre-tax profit of 108.1m up 34% on previous year, exceeds profit target After-tax profit of 111.8m extraordinary effect from tax refund Earnings of 340.2m at record level, an increase of 49.2m Expenses of 232.1m disproportionately lower rise, up 22.0m Growth Growth in B2C and B2B segment 2.63 million customers with assets of 41.6bn 334k more customers, net fund inflows of 2.7bn 269k more B2C accts and custody accts, 961k B2C customers with 2 products 261k more B2B customers Agenda Direct banking market still growing product spectrum expanded Strong market position in lucrative direct banking market B2C complus: 2011 with focus on brokerage offensive B2B Fit for the Future : on its way to becoming a B2B direct bank 13

14 > Proven performance Deutschlands Beste Bank Highlights 2011 Current account Tutorials mobiletan V PAY Online live advice service 14

15 > Germany s performance broker is online broker of the year Highlights 2011 CFD trading Newcomer funds OTC limit functions ETF buy campaign ETF Informer 15

16 > ebase: expansion of white labelling and services Focal area Highlights 2011 Extension of product spectrum ETFs for VL contracts Solutions for individual prem. reserve accounts (insurance companies) Expansion of B2B services Technical insourcing custody account services Expansion of functions for payment transactions White label capability Commerzbank investment custody account Tecis account Universal account KanAm custody account 16

17 > Record year 2011 Record profit of 108.1m achieved thanks to record earnings of 340.2m High dividend yield in prospect at 56 cents per share Promising positioning for further growth in lucrative market 17

18 > Agenda NOTES 18

19 > Consolidated income statement (IFRS/IAS) in m Q1 Q2 Q3 Q1 Q2 Q3 Net interest income after provisions Net commission income Other income Income Personnel expenses Other administrative expenses Depreciation Administrative expenses Pre-tax profit After-tax profit

20 > Consolidated balance sheet in accordance with IFRS/IAS in m Assets Cash reserve Claims on banks 5,894 6,712 Claims on customers Financial investments 4,671 3,862 Fixed assets and intangible assets Other assets Total assets 11,040 11,378 Liabilities and equity Liabilities to customers 10,368 10,723 Provisions Other liabilities Equity - of which revaluation reserve Total liabilities and equity 11,040 11,

21 > comdirect share AS OF: Shareholder structure (%) Price per share (Xetra/EUR) 8.65 Free float Commerzbank Q Q Q ISIN: Stock exchange segment: Index: Reuters/Bloomberg code: DE Prime Standard SDAX CDBG.DE/COM GR Price: Market capitalisation: ,056m Outstanding shares: 141,220,815 Av. daily turnover 2011 (No.) - Xetra: - Frankfurt: 63,926 5,493 21

22 > Financial calendar 2012 > 16 Feb Press/analysts conference, Frankfurt/Main > 27 Mar Annual report 2011 > 25 Apr Quarterly report > 09 May Annual general meeting, Hamburg > 26 Jul Half-year report > 24 Oct Nine-month report 22

23 > Investor Relations For further information, please contact: Dr. André Martens Tel +49 (0) 4106 / andre.martens@comdirect.de Tobias Vossberg Tel +49 (0) 4106 / tobias.vossberg@comdirect.de Fax +49 (0) 4106 /