COMMERZBANK AKTIENGESELLSCHAFT

Group Management Report
192
136 Commerzbank Annual Report 2011
› Note 44 – Segment reporting
Page 242 ff.
Others and Consolidation
The Others and Consolidation segment contains the income and expenses which are not attributable
to the business segments. The reporting for this segment under “Others” comprises
equity holdings that are not assigned to business segments, as well as Group Treasury.
The costs of the service units which – except for integration and restructuring costs –
are charged in full to the segments are also shown here. Consolidation includes expense and
income items that represent the reconciliation of internal management reporting figures
shown in segment reporting with the consolidated financial statements in accordance with
IFRS. The costs of the Group management units which are charged in full to the segments,
except for integration and restructuring costs, are also reported under this heading.
Performance
Operating profit amounted to €1,580m in 2011, compared with a loss of €–505m in the
prior-year period. Operating income before loan loss provisions rose from €368m in 2010 to
€1,996m in 2011. The increase of €1,628m was mainly due to one-off effects connected with
the capital measures implemented in the first and fourth quarters of 2011 to optimise the
capital structure along with one-off income in Group Treasury from a refinement of the
valuation models for interest rate hedging transactions in the third quarter of 2011. Income
was also generated from the disposal of equity investments. The marked drop in operating
expenses, which fell by €461m, was principally attributable to declining integration costs for
the service and management units in connection with the “Growing together” project and to
various and sometimes contrary one-off effects, including those associated with the sale of
non-strategic holdings in 2010. Results for 2011 showed a pre-tax profit of €1,580m, after a
loss of €–505m in 2010.