>Analysts conference. Dr. Andre Carls, CEO Karin Katerbau, CFO. Frankfurt/Main, 13 February 2008

Transcription

1 >Analysts conference Dr. Andre Carls, CEO Karin Katerbau, CFO Frankfurt/Main, 13 February 2008 All figures are unaudited. The full annual report will be published on 14 March 2008.

2 > New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row

3 > New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row

4 > Record result achieved, plans for full profit distribution Pre-tax profit ( m) After-tax profit ( m) Dividend: plans for distribution of 41 cents per share 4

5 > Earnings reach all-time high Earnings and administrative expenses ( m) Net interest income after provisions ( m) +26% % Total earnings Administrative expenses Cost/income ratio

6 > Performance: profit and return increase Consolidated income statement (IFRS/IAS) in m Change vs (%) Net interest income after provisions Net commission income Other income Income Personnel costs Other administrative expenses Depreciation Administrative expenses Pre-tax profit Return on equity before tax (%) pp 6

7 > New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row

8 > Internet: more users, faster connections, more sales Internet users, population aged over 14 (%) Broadband connections private households (%) Online sales ( bn) % % % e e e Sources: in each case for Germany, BITKOM, EITO, Association of German Retailers, Forrester Research 8

9 > Direct banks enjoy strong growth Online banking users (m) Direct bank customers (m) +15% p.a. 9,1 12, % p.a Customer deposits: direct banks ( bn) +12% p.a. 104,0 84,0 Custody accounts: direct banks and brokers (m) % p.a e Sources: DB Research, die bank, WestLB, company information, estimates used to some extent 9

10 > Direct bank customers appreciate personal advice as well For direct bank customers, personal advice is... Advice content (%) Old-age provisioning 55 Financial planning less important (41%)... important to very important (59%) Systematic asset accumulation 39 Risk provisioning family 25 Tax optimisation 13 Sources: die bank, Booz Allen Hamilton Research 10

11 > Customers up by 24% to 1 million - entering a new league ( 000) Custody accounts % Customers 1,001 Current accounts % Tagesgeld PLUS accounts % Advisory customers %

12 > Trades and assets under custody increase Executed orders (m) Assets under custody ( bn) +16% % Portfolio volume Funds volume Deposit volume 12

13 > Asset gathering: investment funds gaining in importance Funds volume ( bn) Securities savings plans ( 000) % +24% Other savings plans Funds savings plans 13

14 > Greater customer loyalty, stronger earnings base Share of customers with more than one product (%) 44 Earnings structure per customer ( ) (140) (146) (170) (207) (207) (in brackets) = average net commission income online per custody account Net commission income online Commission income offline Net interest income online 14

15 > New record result, strong growth 2008 Expanded business model comvalue targets still firmly in sight 1 million customers rise of 24% Pre-tax profit 90m 5 th record result in a row

16 > Fields of competence extended Brokerage Market leadership, functionalities and product offering extended Banking Tagesgeld PLUS established, current account now more user-friendly Advice Rise in earnings, number of customers, advisers and offices 16

17 > website relaunched > Enhanced customer experience Fewer clicks > Reduced complexity Optimised navigation > Increased satisfaction Positive customer feedback 17

18 > Marketing mix: enhanced presence, wider sales area Instruments Approaches Products Traditional advertising Awareness, empathy increased more TV spots, more print advertising material Direct marketing Response strengthened, sales increased top positioning in keyword advertising Cooperations Sales area widened comdirect products displayed in other windows Existing customer marketing Cross-selling, customer loyalty enhanced targeted marketing for existing customers 18

19 > More efficient Customer Services automation increased Customers per full-time employee 1,387 Administrative expenses per customer* ( ) % 134 1, % 1,175 1, * Excluding marketing costs / customers on average for year 19

20 > Building easy, quick, independent Online by phone or through your local office Huge choice: over 40 finance partners 20

21 > Growing trend for building finance via direct banks Volume of building finance placed via building finance brokers ( bn) Information channels for building finance (%) +78% p.a Trade press 10% Phone 9% 47% Internet 2.9 Advisers 34% Sources: Mercer Oliver Wyman, company information, estimates used to some extent 21

22 > comvalue 2008: growth targets still firmly in sight ( 000) Custody accounts >650 Customers +30% >60% 1,001 >1,300 Current accounts Tagesgeld PLUS accounts Target 2009 Advisory customers Target

23 > Management agenda and outlook Offering Continually expand offering, maintain market lead in brokerage, actively promote asset gathering Growth programme Continue to implement comvalue, total additional growth investment of around 100m planned for 2008 to 2009 Earnings power Pre-tax profit significantly over 100m as of 2010 Return on equity RoE before tax % 23

24 > Notes 24

25 > Consolidated income statement (IFRS/IAS) ( m) Q4 Q1 Q2 Q3 Q4 12M Net interest income after provisions Net commission income Other income Income Personnel costs Other administrative expenses Depreciation Administrative expenses Pre-tax profit

26 > Consolidated pre-tax profit by segment (IFRS/IAS) ( m) online offline online offline Net interest income after provisions Net commission income Other income Income Personnel costs Other administrative expenses Depreciation Administrative expenses Pre-tax profit

27 > Consolidated balance sheet (IFRS/IAS) - assets ( m) Cash reserve Claims on banks Claims on customers Investments and securities portfolio Fixed assets and intangible assets Other assets and income tax assets Total assets , , , , , ,233 27

28 > Consolidated balance sheet (IFRS/IAS) liabilities and equity ( m) Liabilities to customers Negative fair values from derivative hedging instruments Provisions Current income tax liabilities Other liabilities Equity Total liabilities and equity , , , ,233 28

29 > Monthly figures: timely and transparent Jan ( 000) Number of customers 819 of which: comdirect private finance AG customers 22 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1, Jan 1, Number of custody accounts Number of current accounts Number of TG PLUS accounts Number of orders placed Number of orders executed 1, , , , , , , , , ,237 1,026 ( bn) Assets under custody of which: portfolio volume (excluding funds) of which funds volume of which deposit volume

30 > comdirect share AS AT: 31 DECEMBER 2007 Shareholder structure (%) Price per share (Xetra/ ) Commerzbank Free float Q3 Q4 Q1 Q2 Q3 Q ISIN: Stock exchange segment: Index: Reuters /Bloomberg code: DE Prime Standard SDAX CDBG.DE/COM GR Price: Market capitalisation: bn Outstanding shares: 141,220,815 Av. daily turnover 12M/2007 (No. of shares) - Xetra: 194,888 - Frankfurt: 28,655 30

31 > Financial calendar 2008 > 23 Jan Cheuvreux German Corporate Conference, Frankfurt/Main > 13 Feb Press/analysts conference, Frankfurt/Main > 14 Mar Annual report 2007 > 22 Apr Quarterly report > 09 May Annual general meeting > 22 Jul Half-year report > 23 Oct Nine-month report 31

32 > IR contact For further information please contact: Thore Ludwig Tel +49 (0) 4106 / thore.ludwig@comdirect.de Tobias Vossberg Tel +49 (0) 4106 / tobias.vossberg@comdirect.de Fax +49 (0) 4106 /