Consolidated Accounts
Consolidated Balance Sheet as of 31 December 2009
Assets
| in millions of Euros | (Notes) | 31.12.2009 | 31.12.2008 |
|---|---|---|---|
| Cash reserves | (2) | 615 | 717 |
| Financial assets designated at fair value through profit or loss | (3) | 2,980 | 4,048 |
| Available-for-sale financial assets | (4) | 3,250 | 2,492 |
| Held-to-maturity investments | (5) | 6,560 | 5,366 |
| Assets held for trading | (6) | 1,753 | 2,461 |
| Loans and receivables | (7) | 24,879 | 25,246 |
Customers | 21,066 | 20,697 | |
Credit institutions | 3,813 | 4,549 | |
| Hedging derivatives | (20) | 33 | 27 |
| Tangible non-current assets | (10) | 287 | 379 |
| Intangible non-current assets | (11) | 266 | 295 |
| Other assets | (12) | 602 | 547 |
| Total assets | 41,225 | 41,578 |
Equity and liabilities
| in millions of Euros | (Notes) | 31.12.2008 | 31.12.2007 |
|---|---|---|---|
| Financial liabilities designated at fair value through profit or loss | (13) | 6,371 | 6,854 |
| Liabilities held for trading | (14) | 2,198 | 2,526 |
| Financial liabilities at amortised cost | (15) | 29,485 | 29,956 |
Customers | 22,674 | 22,585 | |
Credit institutions | 3,468 | 3,668 | |
Issued bonds, subordinated and supplementary capital | 3,343 | 3,703 | |
| Hedging derivatives | (20) | 60 | 50 |
| Provisions | (18) | 441 | 462 |
| Other obligations | (19) | 378 | 404 |
| Equity | (21) | 1,919 | 1,138 |
| Minorities | 373 | 188 | |
| Total equity and liabilities | 41,225 | 41,578 |
Consolidated Income Statement for the Financial Year 2009
| in millions of Euros | (Notes) | 2009 | 2008 |
|---|---|---|---|
| Net interest income | (22) | 564.3 | 652.5 |
| Net fee and commission income | (23) | 154.8 | 143.9 |
| Gains and losses on financial assets and liabilities | (24) | 325.5 | -595.8 |
| Other operating income and expenses | (25) | 29.9 | 14.1 |
| Administrative expenses | (26) | -517.3 | -617.4 |
| Depreciation and amortisation on tangible and intangible non-current assets | (27) | -80.4 | -87.5 |
| Provisions and impairment losses | (28) | -236.7 | -281.4 |
| Share of the profit or loss of associates accounted for using the equity method | (29) | -8.0 | -32.5 |
| Profit (loss) before tax | 232.1 | -804.1 | |
| Income taxes | (30) | -59.2 | 89.3 |
| Profit (loss) after tax | 172.9 | -714.8 | |
| Thereof attributable to owners of the parent | -22.2 | -547.5 | |
| Thereof attributable to minority interests | 195.1 | 167.3 |
Under IFRS, the item Gains and losses on financial assets and liabilities also includes fair value adjustments of securities whose risk is borne by minorities. In financial year 2009, valuation gains of EUR 186.6 million that have been shown in the item Gains and losses on financial assets and liabilities have been passed on to minorities in the item Minority interests. In 2008, valuation losses which were borne by minorities in the amount of EUR 189.5 million have been included in the item Gains and losses on financial assets and liabilities.
Excluding the valuation results borne by minorities, the item Gains and losses on financial assets and liabilities would amount to EUR 138.9 million in 2009 (2008: EUR -406.3 million.). The item Profit (loss) before tax would amount to EUR 45.5 million (2008: EUR -614.6 million).
Consolidated Statement of Comprehensive Income for the Financial Year 2009
| in millions of Euros | (Notes) | 2009 | 2008 |
|---|---|---|---|
| Profit (loss) recognised in the Income Statement |
172.9 |
-714.8 |
|
| Other comprehensive income |
|||
| Change in scope of consolidation |
- |
-0.5 | |
| Foreign exchange differences |
- |
-29.2 |
|
| AFS reserve |
63.5 |
-49.1 |
|
| Deferred taxes on items recognised directly in equity | (30) |
-15.2 | 12.3 |
| Income and expenses recognised directly in equity |
48.3 |
-66.5 |
|
| Total comprehensive income |
221.2 |
-781.3 |
|
| Thereof attributable to owners of the parent |
26.1 |
-614.0 |
|
| Thereof attributable to minority interests |
195.1 |
-167.3 |
Consolidated Statements of Changes in Equity for the Financial Year 2009
| in millions of Euros | Subscribed capital | Participation capital1) | Capital reserves | Retained reserves2) | AFS reserve | Foreign exchange differences | Equity w/o minorities | Minority interests | Equity including minorities |
|---|---|---|---|---|---|---|---|---|---|
| Balance as of 1.1.2008 | 250.0 | – | 1,498.9 | -33.0 | 6.7 | 29.2 | 1,751.8 | 378.3 | 2,130.1 |
| Transactions with owners | – | – | – | – | – | – | – | -22.5 | -22.5 |
| Dividends | – | – | – | – | – | – | – | -22.5 | -22.5 |
| Total comprehensive income | – | – | -456.5 | -91.5 | -36.8 | -29.2 | -614.0 | -167.3 | -781.3 |
| Balance as of 31.12.2008 | 250.0 | – | 1,042.4 | -124.5 | -30.1 | - | 1,137.8 | 188.5 | 1,326.3 |
| Balance as of 1.1.2009 | 250.0 | – | 1,042.4 | -124.5 | -30.1 | - | 1,137.8 | 188.5 | 1,326.3 |
| Transactions with owners | – | – | 205.0 | – | – | – | 205.0 | -10.6 | 194.4 |
| Dividends | – | – | – | – | – | – | – | -10.6 | -10.6 |
| Owner's contribution | – | – | 205.0 | – | – | – | 205.0 | – | 205.0 |
| Issuance of participation capital | – | 550.0 | – | – | – | – | 550.0 | – | 550.0 |
| Total comprehensive income | – | – | – | -22.2 | 48.2 | – | 26.0 | 195.1 | 221.1 |
| Balance as of 31.12.2009 | 250.0 | 550.0 | 1,247.4 | -146.7 | 18.1 | – | 1,918.8 | 373.0 | 2,291.8 |
1) Participation capital according to section 23(4) BWG.
2) Thereof revaluation reserve in accordance with IFRS 3: EUR 0.8 million
Cash Flow Statement
| in millions of Euros | 2009 | 2008 |
|---|---|---|
| I. Profit (loss) (after tax, before minorities) | 173 | -715 |
Non-cash items included in the profit (loss) and reconciliation to net cash from operating activities | ||
Depreciation, amortisation, impairment losses, write-ups | 330 | 332 |
Changes in provisions | -21 | -56 |
Changes in other non-cash items | 154 | -103 |
Proceeds from the sale of financial investments, tangible non-current assets, intangible non-current assets and subsidiaries | -7 | -250 |
Other adjustments | -570 | -622 |
| Subtotal | 59 | -1,414 |
Change in assets and liabilities arising from operating activities after corrections for non-cash items | ||
Loans and advances to customers and credit institutions | 147 | 1,050 |
Other financial assets (not including investing activities) | 1,325 | 693 |
Other assets | -120 | 72 |
Payables to customers and credit institutions | -16 | 663 |
Other financial liabilities (not including investing activities) | -1,302 | -876 |
Other obligations | -26 | 18 |
Interest and dividend receipts | 1,691 | 2,046 |
Interest paid | -1,121 | -1,427 |
Income taxes paid | – | – |
| II. Net cash from operating activities | 637 | 825 |
Cash receipts from sales of | ||
Financial investments | 3,173 | 1,224 |
Tangible and intangible non-current assets | 63 | 11 |
Cash paid for | | |
Financial investments | -4,773 | -2,606 |
Tangible and intangible non-current assets | -23 | -32 |
Cash receipts from sales of subsidiaries | – | 423 |
Changes resulting from the inclusion of cash and cash equivalents in the non-current assets and disposal groups held for sale | – | 30 |
Other changes | – | – |
| III. Net cash used in investing activities | -1,560 | -950 |
Capital contributions | 755 | – |
Dividends paid | -11 | -23 |
Subordinated liabilities (including those designated at fair value through profit or loss) and other financing activities | 77 | -79 |
| IV. Net cash from financing activities | 821 | -102 |
Cash and cash equivalents at end of previous period | 717 | 945 |
Net cash from operating activities | 637 | 825 |
Net cash used in investing activities | -1,560 | -950 |
Net cash from financing activities | 821 | -102 |
Effect of exchange rate changes | – | – |
Cash and cash equivalents at end of period | 615 | 717 |
The cash flow statement provides information about the current state and development of the Group's cash and cash equivalents as of the reporting date. It shows inflows and outflows of cash broken down by operational activities, investing activities and financing activities. The amount of cash and cash equivalents reported comprises cash on hand and balances at central banks.