UPDATE:Commerzbank Releases '08 Restated Figures With Dresdner
March 27 2009 - 5:44AM
Dow Jones News
Commerzbank AG (CBK.XE), Germany's second-largest bank by market
capitalization, Friday released restated earnings figures for 2008
including the contribution from newly-acquired Dresdner Bank, which
it bought from Allianz SE (AZ).
Based on the closing date of the acquisition Jan. 12, the "new
Commerzbank," including Dresdner, booked a net loss of EUR6.57
billion for 2008.
The merged bank's restated operating loss for 2008 was EUR5.45
billion, its trading loss was at EUR4.68 billion, and restructuring
costs amounted to EUR9.17 billion.
Commerzbank said that in accordance with IFRS 3, all of Dresdner
Bank's assets and liabilities are stated with their fair value at
closing. The balance is offset against Dresdner Bank's equity
capital, or purchase price allocation.
The 'pro-forma' accounts also take into account the business
relations between the two companies, changes in consolidated
entities - full consolidation of Schiffsbank, sale of Cominvest and
Oldenburgische Landesbank - and the sale of a portfolio of
collateralized debt obligations to Allianz.
As per closing, the purchase price for Dresdner Bank is around
EUR4.7 billion, the bank said. This takes into account that the
price is partially paid with new shares in Commerzbank. Based on
the closing price of the Commerzbank share as at Jan. 12 of
EUR4.56, the corresponding 163.5 million shares had a total value
of approximately EUR700 million.
The equity capital of Dresdner Bank in the pro forma accounts
totals around EUR3.9 billion, resulting in a goodwill of about
EUR800 million.
The bank repeated that the core capital ratio (Tier 1) of the
new Commerzbank in the 'pro-forma' accounts is about 10%.
Not accounting for the 2009 agreements with the Financial Market
Stabilization Fund and Allianz, the core capital ratio (Tier 1) is
around 7%, the bank said. Company Web site: www.commerzbank.com
-By Ulrike Dauer and William Launder, Dow Jones Newswires; +49
69 29725 500; ulrike.dauer@dowjones.com