Profit target raised – propelled growth

Transcrição

> Nine-month report 2013
Profit target raised –
propelled growth
> Key figures of comdirect group
Customers, assets under custody and key products
comdirect group*
Customers
Custody accounts
Total assets under custody
2013
30.9.
2012
31.12.
Change in %
2,798,314
1,692,627
52,813
2,755,257
1,702,021
48,854
1.6
– 0.6
8.1
in € million
39,968
12,845
37,134
11,720
7.6
9.6
number
number
in € million
– of which: portfolio volume
– of which: deposit volume
business-to-customer (B2C) business line
Customers
in € million
number
1,789,758
1,716,783
4.3
Custody accounts
Current accounts
Tagesgeld PLUS (“call money plus”) accounts
Credit volume
business-to-business (B2B) business line
Customers
Custody accounts
number
828,143
1,002,203
1,424,787
30,485
17,759
12,726
164
806,417
901,419
1,344,940
27,909
16,286
11,623
173
2.7
11.2
5.9
9.2
9.0
9.5
– 5.2
1,008,556
864,484
22,328
22,209
119
1,038,474
895,604
20,945
20,848
97
– 2.9
– 3.5
6.6
6.5
22.7
Q1-Q3
13,898,712
7,488,464
6,410,248
9.8
5,770
Q1-Q3
13,106,096
6,552,321
6,553,775
9.0
4,712
6.0
14.3
– 2.2
8.9
22.5
Q1-Q3
138,749
104,017
187,513
65,490
48,261
0.34
16.8
73.9
Q1-Q31)
125,256
116,454
172,579
72,779
53,888
0.38
18.6
69.1
10.8
– 10.7
8.7
– 10.0
– 10.4
– 10.5
– – 30.9.
13,712
538
3.7
31.12.1)
12,446
582
4.2
10.2
– 7.6
– 30.9.
622
15
393
387
47.5
31.12.
635
15
386
380
46.1
– 2.0
0.0
1.8
1.8
– 30.9.
1,224
1,092.3
31.12.
1,176
1,050.2
4.1
4.0
Orders and order volume
Executed orders
– of which: B2C
– of which: B2B
Average order activity per custody account (B2C annualised)**
Order volume per executed order (B2C)**
Earnings ratios
Net commission income
Net interest income before provisions
Administrative expenses
Pre-tax profit
Net profit
Earnings per share
Return on equity before tax (annualised) 2)
Cost/income ratio
Balance sheet key figures
Balance sheet total
Equity
Equity ratio 3)
Regulatory indicators under Basel II 4)
Risk weighted assets 5)
Eligible amount for operational risks
Core capital
Own funds for solvency purposes
Own funds ratio 6)
Employees’ figures
Employees
Employees full-time basis
number
number
in € million
in € million
in € million
in € million
number
number
in € million
in € million
in € million
number
number
number
number
in €
in € thousand
in € thousand
in € thousand
in € thousand
in € thousand
in €
in %
in %
in € million
in € million
in %
in € million
in € million
in € million
in € million
in %
number
number
*) B2C: comdirect bank AG; B2B: ebase GmbH
**) Excluding CFD trades
1) Previous year adjusted due to application of amended IAS 19
2) Pre-tax profit/average equity (excluding revaluation reserve) in the reporting period
3) Equity (excluding revaluation reserve)/balance sheet total
4) These figures are calculated on the basis of internal calculations; publication is voluntary and based on national implementation conversion and the figures are not reported to the
Supervisory Authority
5) Risk weighted assets in accordance with Section 10c of the German Banking Act (KWG) (intragroup receivables are zero weighted)
6) Own funds for solvency purposes/(risk weighted assets + 12.5 x eligible amounts for operational risks)
FOREWORD |
Dear Shareholders,
“The bill please”: Seven years ago comdirect
launched its TV campaign for the current account.
It showed a waiter paying out money rather than
collecting it – just like the comdirect current
account, which was the only account in Germany
to credit account holders with one euro a month.
This was followed by Germany’s first current
account with satisfaction guarantee – and by two
numbers that have characterised the industry ever
since: 50 euros if you like us, 100 euros if you
don’t. The newly launched Personal Financial
Manager is now our third pioneering achievement
relating to the current account.
A few weeks ago, comdirect’s current account delivered its own performance figures as we
welcomed our one millionth current account customer at the end of September. In the past
four years, the number of current accounts has thus doubled, and comdirect has carved out
a leading position in the German direct banking market with its stand-out product. The number
of direct banking customers has grown by 350 thousand over the same period, whilst the
deposit volume has risen by €3.5bn and assets under custody by €9bn – primarily as a result
of net investments by customers with price effects playing only a secondary role.
We continued our growth story in 2013 and achieved a record high on two fronts: as of
30 September, the comdirect group, including ebase, is managing deposits and portfolio
assets of almost €53bn, and in brokerage, banking and advice is already a partner for
2.8 million customers.
Once again, comdirect and ebase invested in their product ranges in the third quarter in order
to make the customer-bank relationship even more personal. The Personal Financial Manager,
a fee-free analysis tool, helps customers carefully manage their expenditures in a wide variety
of categories. Our brokerage customers can now execute their trading strategies even more
speedily and conveniently using the CFD app. And investors who set store by sustainable
investments can now select their choice of funds from ebase’s partners using these very
criteria. Three examples from the third quarter that have one thing in common: customers are
able to make better financial decisions with comdirect and ebase, sometimes on their own
initiative, sometimes with personal advice, but they are always well-informed, self-directed
and very willing to recommend us to others.
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2
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Investing further in long-term growth and exploiting latent customer potential will remain
a guiding principle of our corporate strategy in the future as well. However, we invest judiciously and intensively monitor the competition, analyse market and customer trends and
react promptly in order to get the most out of every euro we spend.
Our focus on the central growth measures has limited the rise in administrative expenses
year-on-year to €14.9m. At the same time, we have performed better on the earnings side
than we had anticipated at the end of June; net interest income has recovered as a result of
the adjustment to deposit interest rates, whilst net commission income again reflected active
trading on the part of our customers in the third quarter. After just nine months, the comdirect
group has thus achieved its original profit target of at least €65m for the year as a whole.
Consequently we have raised the pre-tax profit target to €75m.
This figure already takes into account that in the fourth quarter we will once more significantly
ramp up our advertising activity by comparison with the rest of the year. Our investments in
better products, IT infrastructure and our banking platform will also continue. Through these
measures, we are creating a permanently good basis for further customer growth in a challenging, competitive environment.
Sincerely yours,
Dr. Thorsten Reitmeyer
INTERIM MANAGEMENT REPORT |
> Interim management report as of 30 September 2013
Business model, strategy and management system
The group structure, business model, strategy and management system of the comdirect group are unchanged
compared with the presentation in the 2012 group management report.
At the end of July 2013, comdirect bank AG announced a change on the Board of Managing Directors. Holger
Hohrein (42) became a member of the Board of Managing Directors with effect from 1 October 2013. He is the
successor to the previous CFO and HR Director Christian Diekmann (47), who stepped down from office on
30 September. In addition to Finance, Controlling & Risk Management, Hohrein is responsible for Human Resources,
Business Development, Compliance & Money Laundering Prevention as well as B2B business. Since 1 October
2013, he has also been Chairman of the Supervisory Board of ebase.
Market environment
Overall assessment of market environment
Development in the economic framework conditions varied once again in the third quarter. The framework conditions for banking remain challenging due to the persistently low interest rates. In brokerage, interest in securities
on the part of our customers remained strong in the current friendly stock market environment. This resulted in a
higher number of orders than in the previous year, as well as rising commission income.
Macroeconomic framework conditions
The slowdown in growth in key emerging countries continues to weigh on the global economy. However, there
are signs of a recovery in most industrialised nations. The eurozone came out of recession and recently recorded
positive growth rates thanks to an upward trend in Germany and France (source: Eurostat).
Framework conditions for banking
Contrary to expectations, the central banks in Europe and the USA retained their expansive money market policy
in spite of the small economic recovery in both regions. The European Central Bank (ECB) has left its refinancing
rate unchanged at 0.5%. Experts anticipate that the key lending rate will stay at this low level until June 2014 at
least. Against this backdrop, three-month EURIBOR stood at only 0.21% on average for the first nine months of the
year – significantly below the respective figure for 2012 (0.70%).
Risk premiums for peripheral euro countries fell again in the third quarter, while top-rated paper, such as German
government bonds, posted modest rises in yields. Despite the effect of the recovery in the third quarter, com
direct’s Treasury portfolio, which focuses on low probabilities of default, was characterised by declining yields on
average for the first nine months of the year. This is particularly due to the reinvestment of maturing securities at
lower interest rates. Margins in the deposit business consequently remain under pressure, even though interest
rates for customers were adjusted during the reporting period.
Framework conditions for brokerage
Although the DAX hit a record high and at 8,594 points was up 10.3% on the end of 2012, trading activities on
German stock exchanges overall did not match the previous year's level. In terms of value, the trading volume in
the German spot market (XETRA and Frankfurt) decreased by 4.4% compared with the first nine months of 2012.
While the number of orders for equities dropped by 24.2%, order numbers for exchange traded index funds – ETFs
as well as exchange traded commodities (ETC) and notes (ETN) – were on a par with the previous year. In derivatives trading (Euwax and Scoach), stock exchange turnover was around 10.1% lower than the respective figure for
2012. However, the downturn in trading activity on the stock exchanges does not necessarily reflect the behaviour
of private investors.
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4
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The retail funds included in BVI statistics posted inflows
of €16.9bn in the first eight months of 2013. Bond
funds and mixed funds as well as open-ended property funds were particularly popular with investors, while
equity funds registered net outflows.
Framework conditions for advice
The market situation for Baufinanzierung PLUS building
finance advice remains positive. Expectations of a rise
in mortgage interest rates have kept demand for property finance at a high level. comdirect’s Building
Finance Sentiment Index, which is calculated in conjunction with opinion research institute Forsa, stood at
109.3 points at the start of September 2013 (July 2013:
109.2 points). A value greater than 100 indicates a high
level of willingness to take out building finance loans.
Number of orders on Deutsche Börse*
shares traded (in billion)
49.0
37.2
11.8
1.3
10.9
3.8
1.1
3.8
ETF/ETC/ETN
Equities
Q2 13
Q3 13
9M 12
Source: Deutsche Börse AG
9M 13
* XETRA and Frankfurt Stock Exchange
Industry and regulatory framework conditions
The Act implementing the EU Directive on Alternative Investment Fund Managers (AIFM UmsG) has made the
terms and conditions governing redemption of units in open-ended property funds stricter for new investors. The
allowance of €30 thousand per half year now only applies to investors who invested before 23 July 2013. Units
which are held for the period of two years specified in the Act may be redeemed at any time, but a notice period
of one year applies. As a result of these new regulations, interest in open-ended property funds decreased significantly in the third quarter.
Business performance and earnings situation at the comdirect group
Impact of new accounting standards
Various changes regarding the accounting treatment of pensions have resulted from the first-time application of
the amended IAS 19 regulation. The relevant previous year’s figures have been adjusted. Further information can
be found in the condensed Notes.
Overall assessment of the economic situation
The comdirect group maintained its growth course in the third quarter as well. The stable rise in the number of
customers in the B2C business line was countered by only moderate declines in the B2B business line. Once again,
the current account was the central growth driver and here the number of accounts broke through the one million
mark. Assets under custody reached a new record high thanks to net fund inflows in portfolio and deposit volumes
as well as price effects.
Growth in net commission income in the third quarter mainly stems from the increased number of trades. The
primarily price-related rise in sales follow-up commission in funds business additionally had a positive impact. The
recovery in net interest income essentially results from the adjustment of our terms and conditions. As expected,
net interest income over the nine-month period was considerably lower than the respective figure for 2012. The
development in administrative expenses reflects the temporary limiting of the marketing budget over the holiday
period amongst other factors. However, a significant intensification of marketing activities by comparison with the
first and second quarters is scheduled for the last three months of the year.
Due to the above effects, at 10% the decline in pre-tax profit versus the very high figure for the first nine months
of 2012 was smaller than expected. Despite forecast lower income and rising expenses in the fourth quarter, the
Board of Managing Directors of comdirect bank is raising its profit target for 2013 as a whole to €75m.
Business performance
With its attractive range of products and services, the comdirect group gained a large number of new customers
in the third quarter as well. In the first nine months, the number of customers increased by 43.0 thousand to
2,798.3 thousand (end 2012: 2,755.3 thousand).
Number of customers of comdirect group
(in thousand)
1,050
1,693
1,038
1,717
Total assets under custody of comdirect group
(in € billion)
1,009
12.8
1,790
11.5
11.7
36.4
37.1
40.0
Deposit volume
Customers B2B
Portfolio volume
Customers B2C
30.9.2012
31.12.2012
30.9.2013
30.9.2012
31.12.2012
30.9.2013
This was mainly attributable to significant growth in the B2C business line. The number of customers here increased
by 4.3% to 1,789.8 thousand (year-end 2012: 1,716.8 thousand). In the B2B business line, the number of end customers declined slightly in the third quarter. Compared with year-end 2012 (1,038.5 thousand), the number of end
customers was down by 2.9% at 1,008.6 thousand.
Assets under custody in the comdirect group climbed by 8.1% in the first nine months of 2013 to a new record
level of €52.81bn (end 2012: €48.85bn). The portfolio volume increased by 7.6% to €39.97bn (end 2012: €37.13bn).
In addition to price effects, this resulted from net investments by customers, especially in the B2C business line.
The comdirect group remains the market leader in online securities business for modern investors in Germany.
At €12.85bn, the deposit volume was significantly higher than the level at the end of 2012 (€11.72bn). The rise also
stems from inflows into new current and call money accounts.
Earnings situation
As expected, at €65.5m, pre-tax profit for the first nine months was down on the previous year’s high figure
(€72.8m). The decrease is primarily attributable to the 8.7% rise in administrative expenses to €187.5m, which
essentially reflects the comdirect group’s growth initiatives.
The year-on-year decline in net interest income resulting from low market interest rates was more than compensated by the upturn in net commission income, as well as by the improved result from financial investments
stemming from non-recurring effects in the first quarter. Overall, income was up by 1.6% at €253.8m. The cost/
income ratio rose from 69.1% in the first nine months of 2012 to 73.9%.
Based on the pre-tax profit and the average equity in the reporting period (excluding the revaluation reserve), the
return on equity amounted to 16.8% (previous year: 18.6%). The comdirect group’s net profit for the period after
tax stood at €48.3m (previous year: €53.9m), which equates to earnings per share of €0.34 (previous year €0.38).
Net interest income and provisions
At €36.3m for the period July to September, net interest income before provisions did not quite match the previous
year’s figure (€37.2m), but was still slightly higher than the level in the first two quarters of 2013. In addition to
the rise in the average deposit volume, the full effect of the adjustment to deposit interest rates in the second
quarter was felt for the first time. In contrast, in the current environment of low money market interest rates and
bond yields there was little change on the earnings side. Lower market interest rates led to a decrease year-onyear of 10.7% to €104.0m (previous year: €116.5m).
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6
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Pre-tax profit of comdirect group
(in € million)
Earnings after tax per share
(in €)
0.38
72.8
0.34
65.5
19.0
Q2 13
23.6
Q3 13
0.10
9M 12
9M 13
Q2 13
0.12
Q3 13
9M 12
9M 13
At €– 0.8m, provisions continued to remain low. The previous year’s figure of €– 4.4m was dominated by additional
provisions for changing the Visa card from a debit card to a credit card with weekly debiting.
After provisions, net interest income for the comdirect group stands at €103.2m (previous year: €112.0m).
Result from financial investments
The increased result from financial investments in the first nine months of €9.1m (previous year: €2.8m) was
essentially attributable to the disposal of securities on the part of the special funds in the first quarter. As a result,
the investment strategy for these special funds, which are used in the Treasury department, was adjusted in line
with the changed market conditions. Following completion of this reallocation, the financial result normalised
again and amounted to €0.4m in the third quarter.
Result from hedge accounting and trading result
As of the reporting date, interest rate swaps with a nominal volume totalling €118m (previous year: €118m) were
held to hedge interest rate-related changes in the market value of several bonds with the same volume and same
maturity. In addition, forward rate agreements are used to manage the interest book. Their nominal volume
amounted to €500m as of the reporting date (previous year: €0m).
As consequence of the above, the result from hedge accounting to be disclosed for the reporting period amounted
to €8 thousand (previous year: €2 thousand) and the trading result to €152 thousand (previous year: €0).
Net commission income of €138.7m was significantly higher than the previous year’s figure (€125.3m). The sharp
rise of 10.8% results in particular from an upturn in the number of trades in the B2C business line. Increased sales
follow-up commission in the funds business due to the higher average fund volume additionally had a positive
impact.
Commission from payment transactions also exceeded the figure for 2012, while the contribution from the
advisory business approximately matched the level of net commission income in the previous year.
Other operating result
The other operating result of €1.7m (previous year: €5.2m) comprises income from the reversal of some provisions and accruals. The figure for the previous year included a one-off payment from Commerz Direktservice
GmbH relating to premature termination of the service agreement.
Net commission income and net interest income
(in € million)
(in € million)
138.7
125.3
116.5
104.0
46.5
34.2
11.6
110.0
47.0
36.3
Net interest income
before provisions
Net commission
income
Q2 13
Q3 13
9M 12
9M 13
4.4
41.2
4.5
37.4
18.0
18.4
Q2 13
Q3 13
51.0
13.1
120.9
53.6
Depreciation
Other administrative
expenses
Personnel expenses
9M 12
9M 13
The rise in administrative expenses of 8.7% to €187.5m (previous year: €172.6m) reflects the comdirect group's
growth expenses.
We have recruited new staff for the expansion of our range of products and services. Consequently, personnel
expenses rose by 5.2% to €53.6m (previous year: €51.0m).
The rise in other administrative expenses of 9.8% to €120.9m (previous year: €110.0m) was caused by higher
expenses for communications and external services as well as the increase in sundry administrative expenses
among other factors. These too stemmed in large part from the design and implementation of growth projects.
The slight decrease in the third quarter mainly reflects the temporary limiting of marketing expenses during the
holiday period.
Depreciation increased by 12.6% to €13.1m primarily as a result of the extension and modernisation of IT infrastructure, expansion of server capacity and the acquisition of software. The previous year’s figure of €11.6m included an extraordinary write-down on technical infrastructure following the termination of a service agreement
with Commerz Direktservice GmbH.
B2C business line
Business development in brokerage
Once again, trading by comdirect customers was very active in the third quarter. The Brokerage Index, which is
calculated monthly, shows that selling narrowly predominated as a result of profit-taking on equities and funds in
particular. This corresponds with the sentiment analysis of the Bull/Bear index, which suggests a rather pessimistic
mood among comdirect investors.
We have continued our ongoing flat-fee campaign for warrants and certificates in OTC trading; in addition, there was
a no-fee campaign with ING-Markets in August whereby all ING-Markets derivatives could be traded fee-free in OTC
trading.
The new fee-free CFD app was launched on 23 September and facilitates access to all of the functions available on
comdirect's CFD platform. It allows comdirect customers to manage their open positions, issue orders and access
charts via their smartphone or tablet. The offering is accompanied by an activity-linked bonus. Up until the end of
the year, cash bonuses will be paid in line with the level of trading activity on new accounts. Furthermore, currency trading was significantly expanded. For the first time, non-euro pairs, such as GBP-USD or USD-JPY, can now be
traded as well.
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Executed orders B2C
(in million)
Portfolio volume B2C
(in € billion)
7.49
6.55
2.66
2.46
Q2 13
Q3 13
9M 12
9M 13
15.86
16.29
30.9.2012
31.12.2012
17.76
30.9.2013
Securities trading
The number of executed orders remained constant at a high level in the third quarter. At 7.49 million, the number
of orders outstripped the figure for the first nine months of the previous year (6.55 million) by 14.3%. Securities
turnover totalled €34.68bn, corresponding to growth of 37.2% year-on-year. As the comdirect Brokerage Index
shows, the focus was mainly on certificates and warrants; we also registered strong interest in high yield corporate bonds. Selling predominated for equities, funds and fixed-income securities.
Portfolio volume
The portfolio volume in the B2C business line increased in the first nine months of 2013 by €1.47bn to stand at
€17.76bn as of 30 September (end 2012: €16.29bn). This rise was attributable to price effects, as well as to net
investments by customers which accounted for around one third of the increase. The number of custody accounts
climbed during the reporting period by 2.7% to 828.1 thousand (end 2012: 806.4 thousand).
Business development in banking
Deposit business
Despite a difficult interest rate environment for financial investment products, the deposit volume was increased
to €12.73bn (end 2012: €11.62bn). In the third quarter, the deposit volume rose by €350m.
Compared with the end of 2012 (901.4 thousand), the number of current accounts was up by 100.8 thousand to
1,002.2 thousand. As the one million mark was in sight, we promoted the current account with an additional
bonus campaign in September. We welcomed our one millionth current account customer at the end of September. The number of Tagesgeld PLUS accounts, usually opened in conjunction with a current account, rose to 1,424.8
thousand (end 2012: 1,344.9 thousand).
We also recorded net fund inflows in settlement accounts and fixed-term deposits. The increase in the deposit
volume was particularly strong in fixed-term deposit accounts (maturity 1 to 3 months), while development in
time deposit accounts was stable across all terms from 4 to 120 months.
As of 30 September 2013, 91.5% of liabilities to customers related to deposits due on demand. The reinvestment
of customer funds is adjusted in line with the economic holding period of the deposits.
We have further enhanced our current account with the launch of a “Personal Financial Manager (PFM)”, which is
unique in the German market. This fee-free analysis tool automatically allocates all transactions posted in com
direct accounts to the corresponding categories, for example car, leisure or home, and presents the information
clearly in the form of interactive charts. Cash expenditure can also be entered manually and allocated to the
categories. A budget can be defined for each category. On request, customers can be notified, for example by
e-mail, if this limit is exceeded.
Deposit volume B2C
(in € billion)
Number of current accounts and Tagesgeld PLUS accounts
(in thousand)
12.73
11.43
1,316.3
1,344.9
1,424.8
11.62
870.0
901.4
1,002.2
Tagesgeld PLUS
accounts
Current accounts
30.9.2012
31.12.2012
30.9.2013
30.9.2012
31.12.2012
30.9.2013
Furthermore, we now offer an optimised version of our comdirect mobile app for Android and Apple iOS with
significantly improved usability. The app now facilitates the storing of access numbers as well as an ATM search
with route planner. The update was very well received and rated by our customers.
Preparations for the final switchover of the money transfer format to SEPA are progressing to schedule. We are
informing our clients in detail of the changes relevant to them, including via a series of webinars.
Lending and placement business
The volume of utilisation of loans against securities and draws on overdraft facilities by private customers amounted to €164m, down 5.2% on year-end 2012 (€173m).
The volume of loans against securities decreased by 10.3% due to somewhat lower utilisation of settlement
accounts for securities investments in the first nine months of the year. The volume of overdrafts exceeded the
figure at year-end 2012 by 9.0% as a result of growth in the number of current accounts. comdirect acts as an
intermediary for building finance and consumer loans. Both offerings therefore had no impact on the bank’s lending volume.
Business development in advice
In light of expectations of a further interest rate rise, increased mortgage rates in the third quarter kept demand for
our building finance offering at a high level. At €373m, the volume of building finance placed was higher than the
figure for the previous year (€325m). The quality of our building finance offering was confirmed in July when it came
third in a survey of direct building finance carried out by the Deutsches Institut für Service-Qualität (DISQ – German
Institute for Service Quality).
In addition to telephone and face-to-face local advisory services provided in the building finance offices in Berlin,
Frankfurt/Main, Hamburg and Munich, the online live advice service contributed significantly to this success. com
direct works with more than 250 financing partners.
At the end of September, our Anlageberatung PLUS investment advice service was being used by more than 2,550
customers (end 2012: around 2,160 customers). Assets under advice totalled €204m (end 2012: €157m).
Earnings situation in the B2C business line
In the first nine months of 2013, the B2C business line achieved pre-tax profit of €58.0m, which corresponds to a
decline of 10.9% compared with the first nine months of 2012 (€65.1m). The cost/income ratio rose from 67.7% to
73.0%.
The earnings components related to the comdirect group’s deposit business – net interest income, trading result,
result from hedge accounting and the result from financial investments – stem mainly from the B2C business line and
are thus explained at group level (see pages 5 to 6).
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10
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Net commission income climbed by 12.5% to €102.4m (previous year: €91.0m) as a result of the increased number
of trades and sales follow-up commission in funds business as well as growing revenue from payment transactions.
Administrative expenses amounted to €158.7m and exceeded the figure for the previous year (€145.4m) by 9.2%.
At €1.3m, the other operating result was down on the respective figure for 2012 which included extraordinary
effects.
B2B business line
Business development in the B2B business line
Since July, ebase has had a new name that reflects its extended portfolio of products and services. European Bank
for Fund Services GmbH has become European Bank for Financial Services GmbH, and continues to be known as
ebase for short.
ebase is thus positioning itself as a broad-based financial services provider: It not only offers one of the
leading platforms for investment custody accounts in
Germany, but also provides accounts and loans as well
as access to securities business via the open custody
account launched at the start of the year.
In the third quarter, ebase expanded its online platform for fund selection to include seven sustainability
criteria. Customers can now select funds on a targeted
basis and choose those that are involved to a great
degree in social or environmental projects, for example in accordance with the Global Compact guidelines
of the United Nations. In addition, it only takes a few
clicks to exclude specific investments where the investment strategy runs counter to the investor’s own
convictions.
Total assets under custody B2B
(in € billion)
20.62
20.95
30.9.2012
31.12.2012
22.33
30.9.2013
As in previous years, the decrease in the number of ebase customers of 29.9 thousand in the first nine months of
2013 to 1,008.6 thousand is due to the cancellation of custody accounts. This predominantly related to custody
accounts for capital-building payments following expiry of the corresponding contracts, as well as to portfolio
holdings, which had been taken over from institutional partners in the past.
Custody account customers and portfolio volume
The number of custody account customers declined by 3.5% to 864.5 thousand (end 2012: 895.6 thousand) in the
first nine months of 2013. In contrast, the portfolio volume increased to €22.21bn (end 2012: €20.85bn) thanks in
particular to the positive movement in prices and modest net fund inflows.
Accounts and deposit volume
At €119m, the deposit volume was higher than at the end of 2012 (€97m). Most of the deposit volume was attributable to the settlement accounts linked with the custody account (Flex account). At the moment, these accounts
are still primarily used for buying and selling transactions in the funds business.
Earnings situation in the B2B business line
At €7.5m, pre-tax profit in the B2B business line was almost on a par with the previous year. The increase in net
commission income approximately matched that in administrative expenses. The cost/income ratio amounted to
79.4% (previous year: 78.1%).
Net commission income rose by 6.3% to €36.4m, essentially due to the higher funds volume and resultant sales
follow-up commission. Interest income decreased because of lower interest rates. As of the first quarter of 2013,
interest effects from pension provisions are reported in interest expenses, and net interest income was consequently slightly negative.
The rise in administrative expenses to €28.8m (previous year: €27.2m) was mainly attributable to the increase in
personnel expenses and higher depreciation on investments in new products in the previous year.
Financial situation and assets of the comdirect group
The Treasury department of comdirect bank ensures adequate cash holdings at all times and manages the liquidity.
By investing customer deposits in the money and capital markets, the comdirect group achieves a positive interest
margin. Here the bank carries out a significant share of the investments with companies in the Commerzbank
Group. Claims on Commerzbank AG and selected other subsidiaries in the Commerzbank Group as well as the
securities of these companies are comprehensively collateralised via a general assignment agreement. There are
also five special funds that are included in the comdirect group’s accounts.
The use of derivative financial instruments is restricted to the hedging of interest rate risks from bonds and interest
book management in the Treasury portfolio.
Investments
comdirect’s growth course is also reflected in the development of investments. These were up on the previous
year (€8.7m) by 19.9% to €10.4m. The sharp rise in the B2C business line of 31.6% stems in particular from the
further development of the website as well as the acquisition of hardware. In the B2B business line, the investment volume exceeded the respective figure for 2012 by 3.4%.
Balance sheet structure of the comdirect group
The balance sheet of the comdirect group increased in the first nine months of 2013 by €1.27bn to €13.71bn as
a result of growth in the deposit volume. On the assets side, there was a rise in the credit balances held with
Deutsche Bundesbank, which are included in the cash reserve.
Claims on banks rose to €8.73bn (end 2012: €7.93bn). This was mainly due to the reinvestment of some of the
increase in deposits via promissory notes.
The volume of financial investments climbed by 1.9% to €3.78bn (end 2012: €3.71bn). This line item comprises
bonds and Pfandbriefe as well as notes. As in the previous year, equities and mutual funds continued to play
a minor role in the Treasury portfolio.
Claims on customers dropped to €181.9m (end 2012: €202.6m). This was primarily due to the decline in the
volume of loans against securities.
The financing side of the balance sheet essentially comprises the deposits of private customers. Liabilities to customers totalled €12.86bn (end 2012: €11.74bn).
Provisions stood at €44.4m. The respective figure at the end of 2012 (€45.3m) is €5.6m higher than the figure
published in the 2012 annual report, due to the application of amended IAS 19 to provisions for pensions.
Equity amounted to €538.5m (end 2012: €581.6m). The revaluation reserve included in this figure reduced by
€30.2m compared with the end of 2012 owing to decreasing residual maturities and the realisation of price gains
in particular. The distribution of the dividend in the second quarter also contributed to the decline in equity.
Cash flow statement
Due to the comdirect group’s business model, the cash flow from operating activities is predominantly influenced
by the development of customer deposits and their reinvestment. In the reporting period, it amounted to
€473.4m (previous year: €– 84.9m). The cash flow from investment activities stood at €–10.4m (previous year:
€– 8.7m) and reflects the increased investment volume. The dividend distribution in May 2013 resulted in a cash
flow from financing activities of €– 62.1m (previous year: €– 79.1m).
11
12
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The share
The price of comdirect shares was down 2.7% on the level at the end of June, closing at €7.50 on 30 September.
Taking the dividend payment into account, our shareholders achieved a total return of 0.63% in the first nine
months of 2013. The shares therefore underperformed the SDAX (10.3%) and the DAXsector Financial Performance
Index (6.4%). At 42.3 thousand on average, the number of units traded per day was below the corresponding
figure for 2012. The market capitalisation amounted to €1,059.2m (as of 30 September 2013).
comdirect presented the company at roadshows in London and Zurich in August, as well as at the German Investment Conference in Munich in September.
Development of comdirect share price 28.12.2012 to 30.9.2013
(in €)
7.89
7.50
comdirect share
SDAX
Daxsector Financial
Services Performance Index
January
February
March
April
May
June
July
August
September
Source: Bloomberg; indices normalised to the comdirect share price as of year-end 2012
Data and key figures of the share 9M 2013
Data
Key figures 9M 2013
German securities code no. 542 800
Average daily turnover in units
XETRA
Frankfurt
Other stock exchanges
ISIN code
DE0005428007
Stock exchange code
COM
Reuters: CDBG.DE
Bloomberg: COM GR
Stock exchange segment
SDAX
Opening quotation XETRA (2.1.2013) €7.89
Number of shares issued
141,220,815 no-par-value
shares
Highest price XETRA (30.1.2013)2) €8.67
Designated sponsor
Commerzbank AG
Closing quotation XETRA (30.9.2013) €7.50
Shareholder structure
81.13% Commerzbank AG1)
18.87% Free float
Market capitalisation (30.9.2013)
€1,059.2m
Earnings per share
€0.34
Total shareholder return3)
0.63%
Dividend yield
5.6%
35,832
3,873
2,608
42,313
Lowest price XETRA (1.8.2013)2)
1) Indirectly
2) Daily closing quotation
3) Annualised
4) Based on the dividend paid for financial year 2012 and closing quotation at year-end
4)
€7.07
Employees
The number of employees increased to 1,224 in the
first nine months of 2013 (end 2012: 1,176). In the B2C
business line, the number climbed to 984 (end 2012:
945 employees). We recruited staff in IT in particular in
order to drive forward the expansion of our product
and service offering. The number of employees also
rose marginally in the B2B business line to 240 (end
2012: 231 employees).
On 1 August, eight prospective bankers, two IT specialists in system integration and two students on the
business information technology dual study programme commenced their training with comdirect. To
further promote our training courses, in September we
presented the company at the ”Youth Fair” for training,
education and careers in Norderstedt.
Number of employees of comdirect group
938
223
945
231
984
240
Business line B2B
Business line B2C
30.9.2012
31.12.2012
30.9.2013
We offer graduates and interns fair terms and conditions, and this is confirmed by our renewed distinction as a fair
employer by the Fair Company Initiative of careers and business magazine “Karriere”.
Risk report
As of 31 August 2013, the overall risk (economic capital required based on a confidence level of 99.91% and a risk
horizon of one year) of the comdirect group amounted to €137.9m (end 2012: €159.4m). This corresponded to a
utilisation level of the overall limit of 31.7% (end 2012: 36.6%). The limit utilisation level was non-critical both with
respect to the aggregate risk and individual risks throughout the entire reporting period. The comdirect group’s
risk-bearing capacity also remained consistent under stress conditions.
As in the previous year, the economic capital required for market risks declined and as of 31 August 2013 stood
at €41.2m (end 2012: €53.0m). The continual decrease in market risks is due in particular to the consistent reduction of the volume of bank bonds from stricken countries in the eurozone (so-called “PIIGS” nations). This significantly limited the credit spread risk.
Credit risks were also limited by rigorously reducing the exposure to European bank bonds and a strict policy of
refraining from reinvesting in PIIGS nations. Despite rating migrations in the wake of the European sovereign debt
crisis, the total CVaR dropped to €62.9m as of 31 August 2013 (end 2012: €66.5m).
As of 31 August 2013, less than 0.09% (end 2012: 0.09%) of the balance sheet total was attributable to Treasury
positions in the PIIGS nations. These positions are continually and closely watched as part of our intensive monitoring. We are continuing to pursue our strategic aim of reducing those positions which are subject to intensive
monitoring through selective disposals and maturities.
The economically required capital for operational risks amounted to €18.0m as of 31 August 2013, slightly down
on the level at the end of 2012 (€19.9m).
13
14
|
Lower deviations between target/actual values also led to a slight drop in the economically required capital for
business risk to €15.3m as of 31 August 2013 (end 2012: €18.3m).
The close-out risk (formerly referred to as model risk), which results from deposit modelling, remained at a low
and non-critical level for the entire reporting period, due in particular to continual growth in deposits at comdirect.
Based on the confidence level of 99.91% consistently used in the risk-bearing capacity analysis, at the end of
August 2013 the close-out risk amounted to €0.5m (March 2013: €1.7m; June 2013: €0.9m).
With regard to risks which are managed on a qualitative basis, in addition to reputation risk, the so-called “general model risk” was also classified as a material type of risk for comdirect that is to be managed separately when
the risk inventory was carried out in the financial year. General model risk describes the risk of poor management
decisions due to an inaccurate representation of reality resulting from the models used. To limit the general model risk, the models used at comdirect are subject to regular validation processes. Consequently, the risks resulting
from the use of risk models can be identified and, where possible, avoided or appropriately taken into account.
Detailed information on risk management, controlling and reporting as well as the risk categories of the comdirect
group can be found on pages 57 to 66 of the 2012 annual report, while note (56) regarding the risk reporting of
financial instruments is on pages 126 to 130.
To summarise, the comdirect group has enough of a risk buffer to certainly withstand even lengthy weak market
phases. From today’s perspective, there are no realistic risks in evidence that could threaten the continued existence of the comdirect group.
Outlook and opportunity report
The economic framework conditions have essentially developed in line with the assumptions indicated in the outlook and opportunity report of the 2012 Group management report (pages 70 to 72 of the annual report).
The recently more positive economic indicators in the eurozone make a further cut in the key lending rate by the
ECB less likely, which means that the conditions for deposit business are likely to remain unchanged for the time
being. From today’s perspective, in the fourth quarter of 2013 we expect to see low net interest income around the
level of the previous quarters, with the result that a significant decline will be recorded for the year as a whole. The
result from financial investments in the final quarter is forecast to remain on a par with the normalised level of the
past three months as no more non-recurring effects, such as those in the first quarter of 2013, are expected.
Net commission income, including for the year as a whole, is likely to surpass the respective figure for 2012. However, it is very difficult to predict the development of the stock market environment and the resultant trading
behaviour on the part of customers in the fourth quarter. Trading activity, however, is usually weaker in the fourth
quarter than in the rest of the year. Sales follow-up commission should exceed the previous year due to higher
prices on average for the year.
Administrative expenses are forecast to rise considerably compared with the previous year due to advertising
activities on the one hand and improvements to products, IT infrastructure and the banking platform on the other.
Through these, comdirect is creating a good basis for further customer growth in an increasingly competitive market. Despite the significant increase in other administrative expenses scheduled for the fourth quarter, following the
recent better-than-expected development in income, we are raising the pre-tax profit target for the comdirect
group to €75m.
Supplementary report
No major events or developments of special significance have occurred since the reporting date of 30 September
2013.
15
16
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> Income statement
Income statement of comdirect group according to IFRS
€ thousand
1.1. to 30.9.
2013
Interest income
Interest expenses
Provisions for possible loan losses
Net interest income after provisions
Commission income
Commission expenses
Pre-tax profit
Taxes on income
Net profit
2013
20121)
63,258
162,658
204,887
54,651
58,641
88,433
18,345
26,035
104,017
116,454
36,306
37,223
– 811
– 4,413
– 274
– 3,435
103,206
112,041
36,032
33,788
237,049
212,762
80,010
71,456
98,300
87,506
33,007
29,726
138,749
125,256
47,003
41,730
8
2
– 3
6
152
0
93
0
Result from hedge accounting
Trading result
1.7. to 30.9.
20121)
9,148
2,838
435
603
187,513
172,579
60,197
60,229
1,740
5,221
199
3,814
65,490
72,779
23,562
19,712
17,229
18,891
6,438
5,354
48,261
53,888
17,124
14,358
Undiluted/diluted earnings per share
1.1. to 30.9.
Net profit (in € thousand)
2013
1.7. to 30.9.
20121)
2013
20121)
48,261
53,888
17,124
14,358
Average number of ordinary shares (number)
141,220,815
141,220,815
141,220,815
141,220,815
Undiluted/diluted earnings per share (in €)
0.34
0.38
0.12
0.10
> Statement of comprehensive income
Statement of comprehensive income of comdirect group according to IFRS
€ thousand
1.1. to 30.9.
2013
Net profit
1.7. to 30.9.
20121)
2013
20121)
48,261
53,888
17,124
14,358
916
– 1,816
49
– 1,053
Items not reclassified into the income statement
Actuarial gains/losses
Items which are reclassified into the income statement at
a later date if necessary
Changes in the revaluation reserve after tax
Comprehensive income
– 30,210
43,938
– 2,772
13,103
18,967
96,010
14,401
26,408
Net profit and comprehensive income for the reporting period are attributable in full to the shareholders of
comdirect bank AG.
INTERIM FINANCIAL STATEMENTS |
> Balance sheet
Balance sheet of comdirect group according to IFRS
Assets
€ thousand
Cash reserve
Claims on banks
Claims on customers
as of 30.9.2013
as of 1.1.2012
952,639
551,760
527,849
8,728,622
7,929,839
6,711,938
181,919
202,596
224,691
99
0
0
Trading assets
Financial investments
as of 31.12.2012
3,780,558
3,709,668
3,861,587
Intangible assets
29,571
31,809
30,579
Fixed assets
11,350
11,772
11,790
2,532
1,892
4,091
Current income tax assets
Deferred income tax assets
5,996
0
0
Other assets
18,816
6,204
5,896
Total assets
13,712,102
12,445,540
11,378,421
as of 30.9.2013
as of 31.12.20121)
as of 1.1.20121)
Liabilities and equity
€ thousand
Liabilities to banks
195,938
1,901
3,244
12,862,757
11,737,489
10,723,015
3,300
5,278
4,496
651
0
0
Provisions
44,393
45,305
42,165
Current income tax liabilities
13,126
21,625
14,527
0
6,320
2,725
Liabilities to customers
Negative fair values from derivative hedging instruments
Trading liabilities
Deferred income tax liabilities
Other liabilities
Equity
53,468
45,983
41,718
538,469
581,639
546,531
– Subscribed capital
141,221
141,221
141,221
– Capital reserve
223,296
223,296
223,296
– Retained earnings
100,382
99,466
91,613
25,309
55,519
11,317
– Revaluation reserve
– Consolidated profit 2011
–
–
79,084
– Consolidated profit 2012
0
62,137
–
– Net profit from 1.1. to 30.9.2013
Total liabilities and equity
48,261
–
–
13,712,102
12,445,540
11,378,421
1) The figures for the start and end of the previous period have been adjusted due to application of amended IAS 19
17
18
|
> Statement of changes in equity
€ thousand
Equity as of 31.12.2011
Change as a result of retrospective adjustments
Subscribed
capital
Capital
reserve
Retained Revaluation
earnings
reserve1)
141,221
223,296
92,350
–
–
– 737
Group
result
Total
11,317
79,084
547,268
–
–
– 737
141,221
223,296
91,613
11,317
79,084
546,531
Net profit from 1.1. to 31.12.2012
–
–
–
–
73,339
73,339
–
–
– 3,349
–
–
– 3,349
Changes in the revaluation reserve
–
–
–
44,203
–
44,203
2)
Comprehensive income 2012
–
–
– 3,349
44,203
73,339
114,193
Profit distributions
–
–
–
–
– 79,084
– 79,084
Allocation to reserves/
transfer from reserves
–
–
11,202
–
– 11,202
0
Equity as of 31.12.2012/1.1.2013
141,221
223,296
99,466
55,519
62,137
581,639
–
–
–
–
48,261
48,261
–
–
916
–
–
916
–
–
–
– 30,210
–
– 30,210
Comprehensive income from 1.1. to 30.9.2013
–
–
916
– 30,210
48,261
18,967
–
–
–
–
– 62,137
– 62,137
141,221
223,296
100,382
25,309
48,261
538,469
1) Pursuant to IAS 39
2) The previous year’s figures have been adjusted due to retrospective application of amended IAS 19
€ thousand
Change as a result of retrospective adjustments
Equity as of 1.1.20122)
Subscribed
capital
Capital
reserve
141,221
223,296
Retained Revaluation
earnings
reserve1)
92,350
11,317
Group
result
Total
79,084
547,268
–
–
– 737
–
–
– 737
141,221
223,296
91,613
11,317
79,084
546,531
–
–
–
–
53,888
53,888
–
–
– 1,816
–
–
– 1,816
–
–
–
43,938
–
43,938
Comprehensive income from 1.1. to 30.9.2012
–
–
– 1,816
43,938
53,888
96,010
–
–
–
–
– 79,084
– 79,084
141,221
223,296
89,797
55,255
53,888
563,457
1) Pursuant to IAS 39
2) The previous year’s figures have been adjusted due to retrospective application of amended IAS 19
In financial year 2013, dividends amounting to €62,137 thousand (previous year: €79,084 thousand) were distributed
to the shareholders of comdirect bank AG. This corresponds to €0.44 per share (previous year: €0.56).
In financial year 2013, comdirect did not make use of either the existing authorisations of the annual general
meeting to purchase own shares for the purpose of securities trading pursuant to Section 71 (1) No. 7 German Stock
Corporation Act (AktG) or of the resolutions of the annual general meeting authorising the purchase of own shares
pursuant to Section 71 (1) No. 8 German Stock Corporation Act (AktG) for purposes other than securities trading.
> Cash flow statement
2013
2012
Cash and cash equivalents as of 1.1.
€ thousand
551,760
527,849
– Cash flow from operating activities
473,426
– 84,902
– Cash flow from investment activities
– 10,410
– 8,695
– Cash flow from financing activities
Cash and cash equivalents as of 30.9.
– 62,137
– 79,084
952,639
355,168
Cash and cash equivalents correspond to the balance sheet item cash reserve and include cash on hand and
balances held at central banks.
The cash flow from operating activities is essentially determined by the taking in of customer deposits and their
reinvestment in the money and capital markets. The cash flow from investment activities results from the acquisition and disposal of tangible and intangible assets.
The cash flow from financing activities stems from the dividend distribution by comdirect bank AG to its shareholders.
> Notes
€ thousand
Personnel expenses
Other administrative expenses
– Marketing expenses
– Communication expenses
1.1. to 30.9.
1.7. to 30.9.
2013
2012
2013
20121)
53,592
50,954
18,392
17,499
120,868
110,035
37,350
38,281
39,200
38,254
11,052
12,800
1)
8,464
6,311
2,147
2,613
– Consulting expenses
10,836
9,323
3,828
3,322
– Expenses for external services
30,788
28,186
10,194
10,620
– Sundry administrative expenses
31,580
27,961
10,129
8,926
Depreciation of office furniture and equipment
and intangible assets
Total
13,053
11,590
4,455
4,449
187,513
172,579
60,197
60,229
19
20
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Segment reporting by business line
€ thousand
1.1. to 30.9.2013
B2C
B2B
Consolidation
comdirect
group total
104,203
– 811
– 186
0
104,017
0
0
– 811
103,392
– 186
0
103,206
102,384
36,386
– 21
138,749
Trading result
Pre-tax profit
8
0
0
8
152
0
0
152
9,499
– 351
0
9,148
158,709
28,825
– 21
187,513
1,290
450
0
1,740
58,016
7,474
0
65,490
Segment investments
6,702
3,733
10,435
Segment depreciation
10,095
2,958
13,053
Cost/income ratio
73.0%
79.4%
73.9%
Segment income
290,966
123,922
– of which external income
290,966
123,823
– of which inter-segmental income
Segment expenses
0
99
232,950
116,448
€ thousand
1.7. to 30.9.2013
B2C
B2B
Consolidation
comdirect
group total
36,364
– 274
– 58
0
36,306
0
0
– 274
36,090
– 58
0
36,032
34,752
12,260
– 9
47,003
– 3
0
0
– 3
Trading result
93
0
0
93
439
– 4
0
435
50,513
9,684
0
60,197
33
157
9
199
20,891
2,671
0
23,562
Segment investments
2,180
1,826
4,006
3,464
991
4,455
Cost/income ratio
70.5%
78.4%
71.6%
Segment income
95,158
41,692
95,167
41,652
Pre-tax profit
Segment expenses
– 9
40
74,267
39,021
Segment reporting by business line
€ thousand
1.1. to 30.9.20121)
Consolidation
comdirect
group total
22
0
116,454
0
0
– 4,413
112,019
22
0
112,041
91,024
34,232
0
125,256
2
0
0
2
Trading result
0
0
0
0
2,931
– 93
0
2,838
145,381
27,198
0
172,579
4,536
685
0
5,221
65,131
7,648
0
72,779
Pre-tax profit
B2C
B2B
116,432
– 4,413
Segment investments
5,094
3,610
–
8,704
9,034
2,556
–
11,590
Cost/income ratio
67.6%
78.1%
Segment income
317,116
113,077
317,116
112,679
Segment expenses
0
398
251,985
105,429
69.1%
€ thousand
1.7. to 30.9.20121)
B2C
B2B
37,311
– 88
0
37,223
– 3,435
0
0
– 3,435
33,876
– 88
0
33,788
30,133
11,597
0
41,730
6
0
0
6
Trading result
0
0
0
0
654
– 51
0
603
50,891
9,338
0
60,229
3,663
151
0
3,814
17,441
2,271
0
19,712
Segment investments
1,910
1,380
–
3,290
3,610
839
–
4,449
70.9%
80.4%
Segment income
102,066
38,293
102,066
38,197
Pre-tax profit
Cost/income ratio
Segment expenses
0
96
84,625
36,022
Consolidation
comdirect
group total
72.2%
21
22
|
The management focuses on two business lines: Business to Customer (B2C) and Business to Business (B2B).
The segmentation carried out reflects the internal reporting of the comdirect group and corresponds to the
management a pproach. The respective customer groups in particular constitute the main delimitation feature of
the business segments.
The B2C business segment comprises the activities of comdirect bank AG. These relate to services in brokerage,
banking and advice in direct business with modern investors.
The activities in the B2B business segment are carried out via ebase GmbH. Through its B2B partners, ebase offers
comprehensive and tailored solutions for asset accumulation and investments.
The figures for the B2B business segment were derived from the internal reporting of ebase GmbH and correspond
to the contributions of ebase GmbH included in the income statement of the comdirect group.
Following the application of the amended IAS 19 standard, interest effects from pensions and similar obligations
are reported in net interest income rather than administrative expenses. The previous year’s figures have been
adjusted accordingly. Further information can be found in the “Accounting standards” section of these Notes.
In the B2B business segment, interest income of €78 thousand (previous year: €398 thousand) was achieved as
part of Treasury investments in the B2C business segment. The corresponding level of interest expenses was
recorded in the B2C business segment.
In both segments, segment assets and segment liabilities are not relevant management indicators within the
meaning of IFRS 8 and are therefore not shown in the table.
Income statement of comdirect group according to IFRS on a quarterly comparison
€ thousand
20121)
2013
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Interest income
73,619
68,010
63,258
58,983
54,078
53,929
54,651
Interest expenses
31,813
30,585
26,035
24,454
20,602
19,694
18,345
Net interest income before
provisions
41,806
37,425
37,223
34,529
33,476
34,235
36,306
– 119
– 859
– 3,435
– 17
– 94
– 443
– 274
Net interest income after
provisions
41,687
36,566
33,788
34,512
33,382
33,792
36,032
Commission income
72,418
68,888
71,456
74,253
77,293
79,746
80,010
Commission expenses
28,247
29,533
29,726
33,093
32,050
33,243
33,007
44,171
39,355
41,730
41,160
45,243
46,503
47,003
14
– 18
6
– 10
6
5
– 3
0
0
0
0
40
19
93
Trading result
1,549
686
603
852
7,296
1,417
435
59,321
53,029
60,229
63,332
63,751
63,565
60,197
– Personnel expenses
16,181
17,274
17,499
17,213
17,231
17,969
18,392
– Other administrative expenses
39,650
32,104
38,281
42,214
42,307
41,211
37,350
15,775
9,679
12,800
17,746
15,606
12,542
11,052
Communication expenses
Marketing expenses
1,765
1,933
2,613
2,479
1,805
4,512
2,147
Consulting expenses
3,045
2,956
3,322
2,375
3,396
3,612
3,828
Expenses for external services
8,446
9,120
10,620
9,908
9,903
10,691
10,194
10,619
8,416
8,926
9,706
11,597
9,854
10,129
– Depreciation of office furniture and
equipment and intangible assets
3,490
3,651
4,449
3,905
4,213
4,385
4,455
1,117
290
3,814
6,298
683
858
199
29,217
23,850
19,712
19,480
22,899
19,029
23,562
7,170
6,367
5,354
29
6,048
4,743
6,438
22,047
17,483
14,358
19,451
16,851
14,286
17,124
Sundry administrative expenses
Pre-tax profit
Taxes on income
Net profit
23
24
|
Fair value of financial instruments
The table below shows the fair values of balance sheet items compared with their book values. In accordance with
IFRS 13, the fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date.
€ thousand
Fair value
30.9.2013
Book value
31.12.2012
30.9.2013
31.12.2012
Loans and receivables
– Cash reserve
– Claims on banks
– Claims on customers
Total
952,639
551,760
952,639
551,760
8,869,783
8,156,766
8,728,622
7,929,839
181,919
202,596
181,919
202,596
10,004,341
8,911,122
9,863,180
8,684,195
Available for sale financial assets
– Financial investments
Total
3,780,558
3,709,668
3,780,558
3,709,668
3,780,558
3,709,668
3,780,558
3,709,668
195,938
1,901
195,938
1,901
Liabilities measured at amortised cost
– Liabilities to banks
– Liabilities to customers
Total
12,898,461
11,793,702
12,862,757
11,737,489
13,094,399
11,795,603
13,058,695
11,739,390
99
0
99
0
3,300
5,278
3,300
5,278
Other
– Trading assets
– Negative fair values from
derivative hedging instruments
The procedure to determine the fair value of claims on and liabilities to customers has been changed and is now
based on the legal maturity rather than the economic holding period. The previous year’s figures have been
adjusted accordingly to ensure better comparability.
Fair value hierarchy
The following table contains the full portfolio of assets and liabilities that have been measured at fair value. The
fair values are also classified into three levels:
Level 1:
Prices quoted in active markets (not adjusted) for identical assets or liabilities.
Level 2:
Exemplary prices calculated with the exception of the quoted prices included in Level 1, which can be observed
for assets or liabilities either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3:
Exemplary prices calculated for assets or liabilities, which are not based on observable market data (non-observable input data).
€ thousand
30.9.2013
Total
Level 1
Level 2
Level 3
3,780,558
2,327,022
1,453,536
0
99
0
99
0
3,300
0
3,300
0
3,783,957
2,327,022
1,456,935
0
Total
Level 1
Level 2
Level 3
3,709,641
1,785,826
1,923,815
0
0
0
0
0
5,278
0
5,278
0
3,714,919
1,785,826
1,929,093
0
Other
– Trading assets
Total
€ thousand
31.12.2012
Other
– Trading assets
Total
In the reporting period, we reclassified securities with a fair value of €53m from Level 1 into Level 2 as no quoted
market prices were available. Conversely, securities with a fair value of €292m were reclassified from Level 2 and
into Level 1 as there is an active market due to increased market activity.
25
26
|
> Accounting standards and other information
Accounting standards
The interim financial statements of the comdirect group as of 30 September 2013 were prepared pursuant to Section
37x (3) in conjunction with Section 37w (2)(3) and Section 37y No. 2 of the German Securities Trading Act (WpHG)
in accordance with International Accounting Standard 34 (IAS 34) approved and published by the International
Accounting Standards Board (IASB).
The first-time application of amended IAS 19 “Employee benefits” as of 1 January 2013 results in a retroactive adjustment of the financial statements for 2012. Gains and losses from changes in actuarial parameters are now reported in other comprehensive income for the period in the statement of comprehensive income. In equity, this leads to
a direct change in retained earnings; there is no reclassification into the income statement at a later date.
Furthermore, in accordance with amended IAS 19, net interest costs are to be calculated if pension obligations are
financed through plan assets. This refers to calculating the interest on the net liability or net asset (defined benefit
obligation minus fair value of plan assets) using a uniform interest rate. Under the previous standard, the rules for
determining the interest rate for discounting the liability differed from those for determining the expected return on
plan assets.
In the income statement, since 1 January 2013, interest income and expenses from pensions and similar obligations
and their associated plan assets are no longer reported in personnel expenses but in net interest income. The respective figures for previous year periods have been adjusted accordingly.
The changeover led retroactively to an increase in provisions for pensions and similar obligations of €5,635 thousand
as of 31 December 2012. Allowing for the resultant income tax claims of €1,529 thousand, the resultant adjustment
to retained earnings amounted to €4,106 thousand.
In the income statement for the period 1 January 2012 to 30 September 2012, interest expenses increased by
€614 thousand, while administrative expenses reduced by €554 thousand.
Application of IFRS 13 “Fair value measurement” has been mandatory since 1 January 2013. Its implementation did
not result in any material changes in the balance sheet and income statement of the comdirect group.
The application of IFRS 13 calls for additional disclosures in the Notes in interim financial reporting as well. The procedure to determine the fair value of claims on and liabilities to customers has changed. Instead of the economic
holding period, this is now based on the legal maturity, thus producing a more accurate presentation. The previous
year’s figures have been adjusted accordingly to ensure better comparability.
Where market prices were available, these are used for the fair value measurement of assets and liabilities. In the
event that no market prices are available, measurements are carried out using internal measurement models, especially the DCF method. The measurement parameters used essentially included interest rates for matching maturities
and take account of the issuer-specific and counterparty-specific default risk.
Where measurement is determined using prices in active markets, the assets and liabilities are allocated to level 1.
In the event that no prices are directly available and other parameters observable in the market are used for the
measurement, the assets and liabilities are allocated to level 2. All assets and liabilities where measurement is based
on key parameters that are not observable in the market are disclosed in level 3. Allocation to the levels is reviewed
at the end of each quarter.
Apart from the changes outlined above, the same measurement and calculation methods were applied as for the
financial statements of the comdirect group as of 31 December 2012.
Consolidated companies
There were no changes in the comdirect group’s scope of consolidation during the reporting period.
Notes to the financial statements
The interim management report contains details of the earnings situation and assets of the comdirect group as
well as information regarding the macroeconomic environment.
Statement of comprehensive income
The table shows the comprehensive income for the period after tax. The following breakdown indicates the tax
amounts included.
Other comprehensive income for the period
(€ thousand)
Before tax
Tax
After tax
1 January to 30 September 2013
Actuarial gains and losses
1,245
– 329
916
– 39,994
9,784
– 30,210
– 38,749
9,455
– 29,294
1 January to 30 September 2012
– 2,495
679
– 1,816
59,270
– 15,332
43,938
56,775
– 14,653
42,122
(€ thousand)
Before tax
Tax
After tax
1 July to 30 September 2013
67
– 18
49
– 3,920
1,148
– 2,772
– 3,853
1,130
– 2,723
1 July to 30 September 2012
– 1,447
394
– 1,053
17,285
– 4,182
13,103
15,838
– 3,788
12,050
Result from hedge accounting and trading result
As of the reporting date, interest rate swaps with a nominal volume totalling €118m (previous year: €118m) were
held to hedge interest rate-related changes in the market value of several bonds with the same volume and same
maturity. Where these instruments meet the requirements of IAS 39, hedge accounting is applied (micro fair
value hedges). In addition, as of the reporting date comdirect held forward rate agreements with a nominal
volume totalling €500m (previous year: €0m). These are used to manage the interest book.
As of the reporting date, the above produced a result from hedge accounting of €8 thousand (previous year: €2
thousand) and a trading result of €152 thousand (previous year: €0 thousand).
Asset impairments
The result from financial investments in the current financial year includes impairment losses of €288 thousand
(previous year: €499 thousand). No impairments were recognised in the third quarter (previous year: €82 thousand).
Provisions
In the balance sheet, the provisions for possible loan losses are deducted from the respective receivables.
The provisions amounting to €2,135 thousand (31 December 2012: €2,041 thousand) relate in full to claims
on customers. Provisions were also recognised for risks relating to unutilised credit lines of €4,587 thousand
(31 December 2012: €4,627 thousand).
27
28
|
Changes on the Board of Managing Directors
Holger Hohrein (42) joined the Board of Managing Directors of comdirect bank AG as a new member with effect from
1 October this year. He is the successor to the previous CFO and HR Director Christian Diekmann (47), who stepped
down from office on 30 September.
In addition to Finance, Controlling & Risk Management, Hohrein is responsible for Human Resources, Business Development, Compliance & Money Laundering Prevention as well as B2B business. He is also Chairman of the Supervisory
Board of ebase.
Related party disclosures
The parent company of comdirect bank AG is Commerz Bankenholding Nova GmbH, Frankfurt/Main. The ultimate
parent company is Commerzbank AG.
comdirect bank AG uses services provided by Commerzbank AG through a general agreement effective as of
1 January 1999, as well as through service level agreements conducted separately on this basis.
On 6 August 2007, a master agreement was concluded with Commerzbank AG which supersedes the existing
general agreement. The individual contracts concluded under the general agreement remain in place until expiry
of their respective term. New individual contracts will be concluded based on this master agreement.
As part of its money and capital market transactions, comdirect bank AG consigns investment activities to Commerzbank AG and its affiliated companies. These transactions are collateralised in return for payment under an
assignment agreement.
For placement activities for the benefit of ebase GmbH, Commerzbank AG receives sales and sales follow-up
commission.
As part of its processing and management services for custody accounts, ebase GmbH procures support services
from Commerzbank AG.
During the reporting period, there were financial relations with related natural persons (members of the Board of
Managing Directors and the Supervisory Board and members of their immediate family), including through the use
of products of comdirect group as part of the normal product and service offering. All products and services were
carried out at normal third party terms and conditions and are of secondary importance for the company. The related parties did not accrue any unjustified advantage from their position with the comdirect group, nor did the
comdirect group suffer any financial losses.
For further information, please see note (26) in our annual report for financial year 2012.
Quickborn, 22 October 2013
The Board of Managing Directors
Dr. Thorsten Reitmeyer Holger Hohrein
Martina Palte
|
> Review Report
To comdirect bank Aktiengesellschaft, Quickborn
We have reviewed the condensed consolidated interim financial statements – comprising the condensed balance
sheet, condensed income statement, condensed statement of comprehensive income, condensed statement of
changes in equity, condensed cash flow statement and selected explanatory notes – and the interim group management report of comdirect bank Aktiengesellschaft, Quickborn for the period from January 1 to September 30
2013 which are part of the quarterly financial report pursuant to § (Article) 37x Abs. (paragraph) 3 WpHG (“Wertpapierhandelsgesetz”: German Securities Trading Act). The preparation of the condensed consolidated interim
financial statements in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and
of the interim group management report in accordance with the provisions of the German Securities Trading Act
applicable to interim group management reports is the responsibility of the parent Company’s Board of Managing
Directors. Our responsibility is to issue a review report on the condensed consolidated interim financial statements
and on the interim group management report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements
promulgated by the Institut der Wirtschaftsprüfer (Institute of Public Auditors in Germany) (IDW). Those standards
require that we plan and perform the review so that we can preclude through critical evaluation, with moderate
assurance, that the condensed consolidated interim financial statements have not been prepared, in all material
respects, in accordance with the IFRS applicable to interim financial reporting as adopted by the EU and that the
interim group management report has not been prepared, in all material respects, in accordance with the provisions
of the German Securities Trading Act applicable to interim group management reports. A review is limited
primarily to inquiries of company personnel and analytical procedures and therefore does not provide the assurance
attainable in a financial statement audit. Since, in accordance with our engagement, we have not performed a
financial statement audit, we cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRS
applicable to interim financial reporting as adopted by the EU nor that the interim group management report has
not been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act
applicable to interim group management reports.
Hamburg, October 23, 2013
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Lothar Schreiber
ppa. Uwe Gollum
WirtschaftsprüferWirtschaftsprüfer
(German Public Auditor)
(German Public Auditor)
29
30
|
> Financial calendar 2013
> Financial calendar 2014
19 February
Press-/Analysts’ conference
in Frankfurt/Main
26 March
Annual report 2012
25 April Quarterly report
16 May Annual General Meeting
in Hamburg
24 July Half-year report
23 October
Nine-month report
19 February
Press-/Analysts’ conference
in Frankfurt/Main
26 March
Annual report 2013
24 April Quarterly report
15 May Annual General Meeting
in Hamburg
24 July Half-year report
23 October
Nine-month report
> Contacts
Investor Relations
Dr. André Martens
Phone +49 (0) 41 06 - 704 19 66
Fax +49 (0) 41 06 - 704 19 69
email [email protected]
Press
Johannes Friedemann
Phone +49 (0) 41 06 - 704 13 40
Fax +49 (0) 41 06 - 704 34 02
Tobias Vossberg
Phone +49 (0) 41 06 - 704 19 80
Fax +49 (0) 41 06 - 704 19 69
Annette Siragusano
Phone +49 (0) 41 06 - 704 19 60
Fax +49 (0) 41 06 - 704 34 02
Stefanie Wallis
Phone +49 (0) 41 06 - 704 13 83
Fax +49 (0) 41 06 - 704 19 69
comdirect bank AG
Pascalkehre 15
D-25451 Quickborn
www.comdirect.de
Concept, layout and translation
ergo Unternehmenskommunikation,
Cologne/Frankfurt am Main/Berlin/Munich/
Hamburg
Photography
Werner Bartsch, Hamburg
You can download our annual and interim reports in
German or in English from our website at www.comdirect.
de/ir/publications. In addition you will find the annual
report as an online version in German and English and as
of 2010 as an iPad optimised version.
Our order service also offers the option of inclusion in the
distribution list, which means that the reports will be sent
to you on publication.
You can download our published press releases in German
or in English on our website at www.comdirect.de/pr.
The English translation of the comdirect group nine-month
report is provided for convenience only. The German
original is definitive.
comdirect bank AG
Pascalkehre 15
D-25451 Quickborn
www.comdirect.de
31

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