27/04/2015
Commerzbank AG / Key word(s): Capital Increase/Preliminary Results 27.04.2015 17:52 Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- THIS AD HOC RELEASE AND THE INFORMATION CONTAINED HEREIN ARE NOT BEING ISSUED AND MAY NOT BE DISTRIBUTED IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN OR AUSTRALIA. In the first quarter of 2015 Commerzbank has, on the basis of preliminary figures, more than doubled its operating profit to EUR 685 million (Q1 2014: EUR 324 million). The improvement was seen largely in the Core Bank but also in the Non-Core Assets segment. Negative burdens from the recognition of the European bank levy for the fiscal year 2015 as well as an impairment on HETA exposure have been compensated in the core bank by positive one-off effects and in NCA by positive valuation effects The revenues before loan loss provisions increased to EUR 2.8 billion (Q1 2014: EUR 2.3 billion). The primary reasons for the positive deviation in the results from market expectations are revenues from customer and capital market transactions of a comparable size, positive valuation effects and positive one-off effects. The loan loss provisions decreased compared to the same period in the previous year to EUR 158 million (Q1 2014: EUR 238 million). The operating expenses increased slightly to approximately EUR 1.9 billion (Q1 2014: approximately EUR 1.7 billion). The net profit improved to EUR 366 million (Q1 2014: EUR 200 million). The successful portfolio run-down in the Commercial Real Estate (CRE) and Ships Finance divisions has been continued since the previous quarter, despite negative foreign exchange effects to the amount of EUR 1.4 billion, with a reduction of EUR 2.0 billion to approximately EUR 30.1 billion as at the end of the first quarter of 2015. On the basis of preliminary figures the CET 1 capital ratio with full application of Basel 3 - including the interim profit of the first quarter 2015 and a dividend accrual to the amount of EUR 57 million - improved in the first quarter of 2015 to 9.5% (end of December 2014: 9.3%). The leverage ratio increased as at the end of March 2015 increased to 3.7% (end of December 2014: 3.6%). The Board of Managing Directors of Commerzbank AG today decided, with the consent of the Supervisory Board, to increase the share capital so as to further strengthen the capital resources of Commerzbank. To this end as many as 113.85 million new no-par-value shares are to be issued from authorised capital with the exclusion of subscription rights. The new shares are endowed with full dividend entitlement for the current financial year and will be offered to institutional investors through a private placement through the so-called accelerated bookbuilding procedure. Gross issue proceeds of as much as EUR 1.4 billion are to be attained with the placement. Commerzbank AG and Deutsche Bank are Joint Global Coordinator of the placement. After the successful completion of the capital measure announced today the Bank expects a further increase in the Common Equity Tier 1 ratio with full application of Basel 3 to presumably more than 10% (pro forma as at the end of March 2015). The leverage ratio is expected to improve to 3.9% (pro forma as end of March 2015). **** Excerpt preliminary results first quarter of 2015in EUR m Q1 2015 Q1 2014 Revenues before loan loss provisions 2,782 2,260 thereof net interest and trading income 2,017 1,538 thereof commission income 900 815 thereof other income -135 -93 Loan loss provisions -158 -238 Operating expenses 1,939 1,698 Operating profit 685 324 Pre-tax profit 619 324 Consolidated profit attributable to Commerzbank 366 200 shareholders in % Q1 2015 Q4 2014 CET1 ( full application of Basel 3) 9.5 9.3 Leverage ratio ( full application of Basel 3) 3.7 3.6**** **** Disclaimer This ad hoc release does not constitute a prospectus, an offer to sell securities, or a solicitation of an offer to buy securities, in the United States of America or in any other jurisdiction and may not be published, distributed or transmitted, directly or indirectly, in or into the United States, Canada, Japan or Australia. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). The securities of COMMERZBANK Aktiengesellschaft described herein have not been and will not be registered under the Securities Act, or the laws of any state or territory of the United States, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable laws. COMMERZBANK Aktiengesellschaft does not intend to register any portion of the offering described herein in the United States or conduct a public offering of securities in the United States. This ad hoc release is for information purposes only and does not constitute an offer document or an offer of transferable securities to the public in the U.K. to which section 85 of the Financial Services and Markets Act 2000 of the U.K. ("FSMA") applies and should not be considered as a recommendation that any person should subscribe for or purchase any of the Securities. The Securities will not be offered or sold to any person in the U.K. except in circumstances which have not resulted and will not result in an offer to the public in the U.K. in contravention of section 85(1) of FSMA. The communication of this document is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction where such distribution or use would be contrary to local law or regulation. This ad hoc release is not being distributed by, nor has it been approved for the purposes of section 21 of FSMA by, a person authorised under FSMA. This document is being communicated only to, and is directed only at, (I) persons who are outside the United Kingdom (II) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (III) high net worth companies and other persons within the categories described in Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). Any person who is not a Relevant Person should not take any action on the basis of this document and should not act or rely on this document or any of its contents. The Securities are available only to, and any invitation, offer or agreement to purchase will be engaged in only with Relevant Persons. Persons in possession of this document are required to inform themselves of any relevant restrictions. No part of this document should be published, reproduced, distributed or otherwise made available in whole or in part to any other person without the prior written consent of COMMERZBANK Aktiengesellschaft. This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts. In this release, these statements concern the expected future business of Commerzbank, efficiency gains and expected synergies, expected growth prospects and other opportunities for an increase in value of Commerzbank as well as expected future financial results, restructuring costs and other financial developments and information. These forward-looking statements are based on the management's current expectations, estimates and projections. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Such factors include the conditions in the financial markets in Germany, in Poland, elsewhere in Europe and other regions from which Commerzbank derives a substantial portion of its revenues and in which Commerzbank holds a substantial portion of its assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of Commerzbank's strategic initiatives, the reliability of Commerzbank's risk management policies, procedures and methods, and other risks. Forward-looking statements therefore speak only as of the date they are made. Commerzbank has no obligation to periodically update or release any revisions to the forward-looking statements contained in this release to reflect events or circumstances after the date of this release. Contact: Commerzbank AG Group Communications Tel.: +49 69 136 - 22830 mediarelations@commerzbank.com 27.04.2015 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Commerzbank AG Kaiserplatz 60311 Frankfurt am Main Germany Phone: +49 (069) 136 20 Fax: - E-mail: ir@commerzbank.com Internet: www.commerzbank.de ISIN: DE000CBK1001 WKN: CBK100 Indices: DAX, CDAX, HDAX, PRIMEALL Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX; London, SIX End of Announcement DGAP News-Service ---------------------------------------------------------------------------
