Investors` Day Key topics in our accounting

Investors` Day Key topics in our accounting

Investors’ Day
Key topics in our accounting
Dr. Thomas Naumann
Head of Accounting and Taxes
Frankfurt, September 4, 2002
Investors’ Day September 4, 2002
Agenda
Negative revaluation reserve and
cash flow hedge reserve
Deconsolidation of Rheinhyp
Rheinische Hypothekenbank AG
Segment reporting
1
Investors’ Day September 4, 2002
Income statement
in
in €€ m
m
Net
Net interest
interest income
income
Provision
Provision for
for possible
possible loan
loan losses
losses
Net
Net interest
interest income
income after
after provisioning
provisioning
Net
Net commission
commission income
income
Net
Net result
result on
on hedge
hedge accounting
accounting
Trading
Trading profit
profit
Net
Net result
result on
on investments
investments and
and securities
securities
Other
Other operating
operating result
result
Income
Income
Operating
Operating expenses
expenses
Profit
Profit from
from ordinary
ordinary activities
activities before
before
restructuring
restructuring expenses
expenses
Restructuring
Restructuring expenses
expenses
Profit
from
ordinary
Profit from ordinary activities
activities after
after
restructuring
restructuring expenses
expenses
Extraordinary
Extraordinary result
result
Pre-tax
Pre-tax profit
profit
Taxes
Taxes on
on income
income
After-tax
After-tax profit
profit
Profit/loss
Profit/loss attributable
attributable to
to minority
minority interests
interests
Net
Net profit
profit
1.1.-30.6.
1.1.-30.6.
2002
2002
1.734
1.734
-562
-562
1.172
1.172
1.129
1.129
19
19
417
417
152
152
-5
-5
2.884
2.884
2.706
2.706
Q2
Q2
2002
2002
861
861
-308
-308
553
553
554
554
51
51
104
104
60
60
11
11
1.333
1.333
1.308
1.308
Q1
Q1
2002
2002
873
873
-254
-254
619
619
575
575
-32
-32
313
313
92
92
-16
-16
1.551
1.551
1.398
1.398
178
178
00
25
25
00
153
153
00
178
178
00
178
178
58
58
120
120
25
25
00
25
25
66
19
19
153
153
00
153
153
52
52
101
101
-46
-46
74
74
-17
-17
22
-29
-29
72
72
i €
2
Investors’ Day September 4, 2002
Revaluation reserve and
cash-flow hedge reserves
in € m
30.6.2002
31.3.2002
31.12.2001
Revaluation
reserve
-640
307
189
Measurement of
cash-flow hedges
-541
-49
-397
-1,181
258
-208
Total
3
Investors’ Day September 4, 2002
4
Investments and securities portfolio
(available-for-sale financial assets)
in € m
30.6.2002
31.12.2001
Change in %
Claims on banks and
customers not originated
by the bank
20,672
18,852
9.7
Bonds, notes and other
fixed-income securities
74,875
74,767
0.1
Shares and other
variable-yield securities
3,698
4,351
-15.0
Investments
4,436
5,225
-15,1
Investments in
associated companies
830
852
-2.6
Holdings in subsidiaries
342
408
-16.2
104,853
104,455
0.4
Total
Investors’ Day September 4, 2002
Equities and investments and portfolios of
interest-bearing financial instruments
in € m
Equities and
investments
Portfolios of
interest-bearing
financial instruments
Total
30.6.2002
31.3.2002
31.12.2001
9,306
10,491
10,836
95,547
98,189
93,619
104,853
108,680
104,455
5
Investors’ Day September 4, 2002
Participations
Fair value of Commerzbank’s interests, in € million
1,200
1,138
1,000
SCH
800
684
600
592
Generali
400
200
321
337
T-Online
202
0
31.12.00
31.12.01
31.3.02
30.6.02
6
Investors’ Day September 4, 2002
Cash-flow hedge reserve
in € m
Cash-flow
hedge reserve
30.6.2002
31.3.2002
31.12.2001
-541
-49
-397
7
Investors’ Day September 4, 2002
Cash-flow hedge
Items qualifying for hedge accounting
Payments from
already concluded
transactions
Payments from
expected future
transactions
8
Investors’ Day September 4, 2002
Consequences of swapping Rheinhyp shares
for Eurohypo shares
in €
Decline in Group‘s total assets
88 bn
Loss of Group equity
480 m
Decline of BIS core capital
412 m
Decline of BIS supplementary capital
581 m
Decline of BIS risk-weighted assets
20 bn
Improvement in BIS core capital ratio
0.5% points
Value of our Eurohypo-stake (34,6%)
2.3 bn
Profit from deconsolidation of Rheinhyp
700 m
9
Investors’ Day September 4, 2002
Segment reporting
as of June 30, 2002
Retail
banking
in € m
Income
Provision for possible loan losses
Operating expenses
Profit from ordinary activities
Taxes on income
After-tax profit
Profit/loss attributable
to minority interests
Consolidated profit
Profit contribution from business passed on
Result based on internal accounting
Return on equity 1) (%)
Cost/income ratio (%)
1)
annualized
Asset
management
Corporate
Securi- Treasury Mortgage Others
customers
ties
banking
and
and
consoliinstitutions
dation
1,469
339
276
335
-239
-433
-43
657
457
154
80
161
379
-118
122
212
-400
129
-42
44
73
-160
250
-76
78
139
-240
Total
1,064
-86
939
39
16
23
202
258
-56
-2
-54
3,446
-562
2,706
178
58
120
23
-8
-62
-9
241
-76
78
-28
111
-1
-241
-46
74
4
27
102
40
30
271
22
-54
19
97
0
111
-177
-418
0
74
3.7
88.3
15.7
127.7
10.4
44.7
-10.1
134.8
39.0
55.8
14.6
23.9
.
.
1.3
78.5
10
Investors’ Day September 4, 2002
Others and consolidation
within segment reporting
-91
68
Q1
2002
-148
93
Q4
2001
-248
-2
126
Q3
2001
-321
-3
32
Q2
2001
-88
11
87
Q1
2001
-72
-14
109
Profit from ordinary activities before restructuring expenses
Restructuring expenses
-159
-
-241
-
-376
-282
-356
-
-164
-
-195
-
Profit from ordinary activities after restructuring expenses
Taxes on income
After-tax profit
Profit/loss attributable
to minority interests
Consolidated profit
-159
-60
-99
-241
-100
-141
-658
-328
-330
-356
-132
-224
-164
-43
-121
-195
-79
-116
-1
-100
-141
34
-296
-224
-121
-116
in € m
Income
Provision for possible loan losses
Operating expenses
Q2
2002
11