Cash flow Commerzbank AG

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CBK

DE000CBK1001

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12-13	Commerzbank CEO: Takeover by Unicredit does not make sense at present	DP
12-12	American hyperscalers: bearish catalysts are piling up

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Published financial data: COMMERZBANK AG

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Interest Income On Loans	7.58B	7.27B	10.33B	18.26B	21.22B
Interest Income On Investments	37M	22M	32M	26M	44M
Interest Income, Total	7.62B	7.29B	10.36B	18.29B	21.26B
Interest On Deposits	2.61B	2.42B	3.87B	9.9B	12.88B
Interest Expense, Total	2.61B	2.42B	3.87B	9.9B	12.88B
Net Interest Income	5.01B	4.87B	6.49B	8.39B	8.38B
Income From Trading Activities	-	-	-	-	-
Gain (Loss) on Sale of Loans	-68M	-21M	48M	167M	145M
Gain (Loss) on Sale of Assets	1M	4M	36M	11M	12M
Gain (Loss) on Sale of Invest. & Securities - (Rev)	61M	983M	455M	-375M	-40M
Income (Loss) on Equity Invest. (Income Block)	6M	6M	13M	4M	1M
Total Other Non Interest Income	3.3B	2.74B	2.5B	2.33B	2.67B
Non Interest Income, Total	3.3B	3.71B	3.05B	2.14B	2.79B
Revenues Before Provison For Loan Losses	8.31B	8.58B	9.54B	10.53B	11.17B
Provision For Loan Losses	1.75B	570M	876M	618M	743M
Total Revenues	6.56B	8.01B	8.67B	9.92B	10.42B
Salaries And Other Employee Benefits	-	-	-	-	-
Stock-Based Compensation (IS)	7M	10M	27M	43M	62M
Amort. of Goodwill & Intang. Assets	-	-	-	-	-
Occupancy Expense	-	-	-	-	-
Selling General & Admin Expenses, Total	379M	361M	365M	332M	74M
Total Other Non Interest Expense	6.41B	6.24B	6.17B	6.1B	6.45B
Non Interest Expense, Total	6.8B	6.62B	6.56B	6.47B	6.59B
EBT, Excl. Unusual Items	-235M	1.4B	2.11B	3.44B	3.84B
Restructuring Charges	-814M	-1.08B	-94M	-18M	-3M
Impairment of Goodwill	-1.52B	-	-	-	-
Asset Writedown	-57M	-214M	-10M	-24M	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	-2.63B	105M	2B	3.4B	3.83B
Income Tax Expense	264M	-248M	612M	1.19B	989M
Earnings From Continuing Operations	-2.89B	353M	1.39B	2.21B	2.84B
Earnings Of Discontinued Operations	30M	-	-	-	-
Net Income to Company	-2.86B	353M	1.39B	2.21B	2.84B
Minority Interest	-9M	77M	42M	10M	-168M
Net Income - (IS)	-2.87B	430M	1.44B	2.22B	2.68B
Preferred Dividend and Other Adjustments	48M	140M	190M	194M	212M
Net Income to Common Incl Extra Items	-2.92B	290M	1.24B	2.03B	2.46B
Net Income to Common Excl. Extra Items	-2.95B	290M	1.24B	2.03B	2.46B
Per Share Items
Net EPS - Basic	-2.33	0.23	0.99	1.63	2.08
Basic EPS - Continuing Operations	-2.35	0.23	0.99	1.63	2.08
Basic Weighted Average Shares Outstanding	1.25B	1.25B	1.25B	1.25B	1.19B
Net EPS - Diluted	-2.33	0.23	0.99	1.63	2.08
Diluted EPS - Continuing Operations	-2.35	0.23	0.99	1.63	2.08
Diluted Weighted Average Shares Outstanding	1.25B	1.25B	1.25B	1.25B	1.19B
Normalized Basic EPS	-0.12	0.76	1.09	1.74	1.88
Normalized Diluted EPS	-0.12	0.76	1.09	1.74	1.88
Dividend Per Share	-	-	0.2	0.35	0.65
Payout Ratio	-	-	-	11.24	23.42
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
Effective Tax Rate - (Ratio)	-10.05	-236.19	30.52	34.92	25.8
Total Current Taxes	214M	315M	616M	630M	453M
Total Deferred Taxes	50M	-563M	-4M	558M	535M
Normalized Net Income	-156M	950M	1.36B	2.16B	2.23B
Non-Cash Pension Expense	182M	150M	163M	103M	93M
Supplemental Operating Expense Items
Stock-Based Comp., Other (Total)	7M	10M	27M	43M	62M
Total Stock-Based Compensation	7M	10M	27M	43M	62M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	10.61B	9.71B	58.11B	65.82B	45.89B
Investment Securities, Total	81.1B	78.7B	66.9B	74.3B	93.41B
Trading Asset Securities, Total	80.37B	68.96B	57.94B	71.39B	99.64B
Total investments	161B	148B	125B	146B	193B
Gross Loans	261B	268B	271B	273B	283B
Allowance For Loan Losses	-3.04B	-2.83B	-3.04B	-3.87B	-3.8B
Net Loans	258B	265B	268B	269B	279B
Gross Property Plant And Equipment	6.3B	6.28B	-	5.85B	6.09B
Accumulated Depreciation	-3.09B	-3.4B	-	-3.5B	-3.84B
Net Property Plant And Equipment	3.21B	2.88B	2.43B	2.35B	2.24B
Goodwill	-	-	-	-	-
Other Intangibles, Total	1.42B	1.24B	1.29B	1.39B	1.78B
Investment in Real Estate	13M	41M	57M	53M	322M
Accrued Interest Receivable	275M	269M	256M	241M	212M
Other Receivables	130M	222M	178M	138M	216M
Restricted Cash	65B	39.8B	17.13B	27.3B	27.11B
Other Current Assets, Total	2.12B	910M	243M	200M	317M
Deferred Tax Assets Long-Term (Collected)	2.69B	3.13B	3.12B	2.5B	1.93B
Other Long-Term Assets, Total	1.52B	1.79B	2.09B	2.3B	2.39B
Total Assets	507B	473B	477B	517B	555B
Liabilities
Accrued Expenses, Total	761M	884M	1.01B	1.2B	1.31B
Interest Bearing Deposits	374B	352B	373B	410B	434B
Non-Interest Bearing Deposits	-	-	-	-	-
Total Deposits	374B	352B	373B	410B	434B
Short-Term Borrowings	50.89B	38.66B	21.86B	17.77B	22.93B
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	434M	433M	348M	338M	314M
Long-Term Debt	42.91B	41.85B	41.79B	45.49B	52.14B
Long-Term Leases	1.62B	1.5B	1.36B	1.34B	1.25B
Current Income Taxes Payable	448M	549M	826M	535M	467M
Other Current Liabilities - (Bank / Utility Template)	2.47B	2.11B	1.44B	2.04B	1.53B
Pension & Other Post Retirement Benefits	513M	255M	520M	657M	617M
Deferred Tax Liability Non-Current	10M	13M	6M	3M	46M
Other Non Current Liabilities	4.5B	5.16B	4.03B	4.62B	4.62B
Total Liabilities	478B	443B	447B	484B	519B
Common Stock, Total	1.25B	1.25B	1.25B	1.24B	1.15B
Retained Earnings	12.6B	14.98B	16.47B	18.03B	19B
Comprehensive Income and Other	13.63B	12.62B	12.3B	12.73B	14.31B
Total Common Equity	27.48B	28.85B	30.02B	31.99B	34.47B
Minority Interest	1.12B	975M	888M	1.02B	1.25B
Total Equity	28.6B	29.83B	30.9B	33.01B	35.72B
Total Liabilities And Equity	507B	473B	477B	517B	555B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.25B	1.25B	1.25B	1.24B	1.18B
ECS Total Common Shares Outstanding	1.25B	1.25B	1.25B	1.24B	1.18B
Book Value / Share	21.94	23.04	23.97	25.8	29.1
Tangible Book Value	26.06B	27.61B	28.73B	30.6B	32.68B
Tangible Book Value Per Share	20.81	22.04	22.94	24.67	27.59
Tangible Book Value Per Share (As Reported)	19.82	20.48	21.58	23.33	25.96
Total Debt	95.86B	82.44B	65.35B	64.93B	76.63B
Deposits at Interest - Cash	65B	39.8B	17.13B	27.3B	27.11B
Debt Equivalent of Unfunded Proj. Benefit Obligation	277M	-454M	-572M	-602M	-741M
Net Debt	4.88B	3.78B	-50.69B	-72.28B	-68.9B
Equity Method Investments, Total	169M	175M	182M	142M	166M
Full Time Employees	47.72K	46.22K	41.91K	42.1K	37.73K
Number Of Offices	1.24K	978	862	801	804
Assets on Operating Lease - Gross	-	-	-	-	920M
Assets on Operating Lease - Accumulated Depreciation	-	-	-	-	-547M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-2.87B	430M	1.44B	2.22B	2.68B
Depreciation, Depletion & Amortization	547M	521M	474M	436M	450M
Amortization of Goodwill and Intangible Assets - (CF)	21M	2M	4M	1M	9M
Total Depreciation, Depletion & Amortization	568M	523M	478M	437M	459M
Amortization of Deferred Charges, Total	457M	427M	409M	387M	400M
Gain (Loss) on Sale of Loans & Receivables - (CF)	-	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	1M	4M	36M	11M	12M
Total Asset Writedown	67M	218M	11M	25M	-
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Change in Trading Asset Securities	-12.16B	-4.38B	6.68B	-23.64B	-41.68B
Change in Other Net Operating Assets (Collected)	46.57B	-30.87B	22.63B	38.68B	14.55B
Other Operating Activities	1.05B	9.39B	-5.82B	1.97B	3.26B
Cash from Operations	33.68B	-24.26B	25.86B	20.09B	-20.32B
Capital Expenditure	-898M	-973M	-675M	-998M	-1.15B
Sale of Property, Plant, and Equipment	112M	278M	55M	57M	35M
Cash Acquisitions	-433M	-24M	-62M	-2M	-262M
Divestitures	-2M	-85M	-30M	22M	59M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	-	-	-1M	1M	1M
Cash from Investing	-1.22B	-804M	-713M	-920M	-1.31B
Long-Term Debt Issued, Total	2.55B	-	477M	-	1.24B
Total Debt Issued	2.55B	-	477M	-	1.24B
Long-Term Debt Repaid, Total	-345M	-1.71B	-299M	-722M	-292M
Total Debt Repaid	-345M	-1.71B	-299M	-722M	-292M
Issuance of Common Stock	-	496M	-	-	1.31B
Repurchase of Common Stock	-	-	-	-122M	-1.07B
Common Dividends Paid	-	-	-	-250M	-627M
Common & Preferred Stock Dividends Paid	-	-	-	-250M	-627M
Net Increase (Decrease) in Deposit Accounts - (CF)	-	-	-	-	-
Other Financing Activities, Total	-	-1M	-	-	1M
Cash from Financing	2.21B	-1.21B	178M	-1.09B	565M
Foreign Exchange Rate Adjustments	-223M	179M	402M	-180M	939M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	34.44B	-26.1B	25.73B	17.89B	-20.12B
Supplemental Items
Cash Interest Paid	2.81B	2.48B	3.74B	9B	12.83B
Cash Income Tax Paid (Refund)	-23M	328M	233M	673M	544M
Net Debt Issued / Repaid	2.21B	-1.71B	178M	-722M	953M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	-0.6	0.07	0.29	0.45	0.53
Return On Equity %	-9.78	1.21	4.59	6.93	8.28
Return on Common Equity	-10.4	1.03	4.23	6.54	7.42
Shareholders Value Added	-5.74B	-2.27B	-2.03B	-1.49B	-1.3B
Margin Analysis
SG&A Margin	5.78	4.51	4.21	3.35	0.71
Net Interest Income / Total Revenues %	76.39	60.78	74.88	84.66	80.36
EBT Excl. Non-Recurring Items Margin %	-3.58	17.44	24.33	34.74	36.81
Income From Continuing Operations Margin %	-44.06	4.41	16.07	22.33	27.3
Net Income Margin %	-43.74	5.37	16.56	22.43	25.68
Net Avail. For Common Margin %	-44.93	3.62	14.36	20.47	23.65
Normalized Net Income Margin	-2.38	11.86	15.69	21.81	21.4
Asset quality
Nonperforming Loans / Total Loans %	1.83	1.55	2.07	1.73	1.91
Nonperforming Loans / Total Assets %	0.95	0.88	1.17	0.91	0.97
Nonperforming Assets / Total Assets %	0.95	0.88	1.17	0.91	0.97
NPAs / Loans and OREO	1.83	1.55	2.07	1.73	1.91
NPAs / Equity	16.76	13.92	18.12	14.33	15.13
Allowance for Credit Losses / Net Charge-offs %	-	-	-	-	-
Allowance for Credit Losses / Nonperforming Loans %	63.5	68.14	54.33	81.86	70.23
Allowance for Credit Losses / Total Loans %	1.16	1.05	1.12	1.42	1.34
Provision for Loan Losses / Net Charge-offs %	-	-	-	-	-
Capital And Funding
Total Average Common Equity / Total Average Assets %	5.84	5.75	6.23	6.24	6.2
Total Average Equity / Total Average Assets %	6.09	5.96	6.43	6.43	6.41
Total Equity + Allowance for Loan Losses / Total Loans %	11.67	11.81	12.21	13.14	13.52
Gross Loans / Total Deposits %	69.96	76.24	72.52	66.57	65.25
Net Loans / Total Deposits %	69.15	75.44	71.7	65.62	64.37
Tier 1 Capital Ratio %	15	15.5	16	16.5	17.6
Total Capital Ratio %	17.7	18.4	18.9	19.3	20.9
Core Tier 1 Capital Ratio	13.2	13.6	14.1	14.7	15.1
Tier 2 Capital Ratio	2.7	2.84	2.85	2.86	3.29
Interbank Ratio	43.95	40.84	99.78	92.98	70.63
Fixed Charges Coverage
EBT + Interest Expense / Interest Expense	-0.01	1.04	1.52	1.34	1.3
Growth Over Prior Year
Net Interest Income, 1 Yr. Growth %	-1.8	-2.83	33.29	29.32	-0.21
Non Interest Income, 1 Yr. Growth %	-10.92	12.59	-17.55	-29.94	30.43
Provision For Loan Losses, 1 Yr. Growth %	181.94	-67.39	53.68	-29.45	20.23
Total Revenues, 1 Yr. Growth %	-19.84	22.12	8.31	14.39	5.12
Earnings From Cont. Operations, 1 Yr. Growth %	-511.24	-112.21	294.62	58.94	28.5
Net Income, 1 Yr. Growth %	-590.6	-114.98	233.72	54.98	20.37
Normalized Net Income, 1 Yr. Growth %	-122.82	-732.36	43.15	58.99	3.13
Diluted EPS Before Extra, 1 Yr. Growth %	-588.89	-109.84	329.31	63.92	27.38
Dividend Per Share, 1 Yr. Growth %	-	-	-	75	85.71
Gross Loans, 1 Yr. Growth %	-0.37	2.37	0.94	0.62	3.64
Allowance For Loan Losses, 1 Yr. Growth %	44.15	-7.03	7.56	5.62	-1.99
Net Loans, 1 Yr. Growth %	-0.74	2.48	0.87	0.55	3.72
Non Performing Loans, 1 Yr. Growth %	28.3	-13.36	34.9	-15.55	14.25
Non Performing Assets, 1 Yr. Growth %	28.3	-13.36	34.9	-15.55	14.25
Total Assets, 1 Yr. Growth %	9.38	-6.63	2.15	8.32	7.25
Total Deposits, 1 Yr Growth %	13.71	-5.88	6.12	9.86	5.74
Tangible Book Value, 1 Yr. Growth %	-0.35	6.04	4.05	6.41	6.81
Common Equity, 1 Yr. Growth %	-5.9	5.08	4.04	6.48	7.74
Total Equity, 1 Yr. Growth %	-6.23	4.38	3.61	6.71	8.21
Compound Annual Growth Rate Over Two Years
Net Interest Income, 2 Yr. CAGR %	2.37	-2.32	13.8	31.29	13.6
Non Interest Income, 2 Yr. CAGR %	-8.24	0.15	-3.77	-24	-4.4
Provision For Loan Losses, 2 Yr. CAGR %	97.97	-4.12	-29.21	4.13	-7.9
Total Revenues, 2 Yr. CAGR %	-10.84	-1.06	14.94	11.31	9.66
Earnings From Cont. Operations, 2 Yr. CAGR %	72.28	-29.14	-30.59	150.44	42.91
Net Income, 2 Yr. CAGR %	82.47	-14.27	-29.29	127.42	36.58
Normalized Net Income, 2 Yr. CAGR %	-51.92	17.93	200.87	50.86	28.05
Diluted EPS Before Extra, 2 Yr. CAGR %	83.87	-30.65	-35.01	165.28	44.5
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-	80.28
Gross Loans, 2 Yr. CAGR %	2.38	1.09	1.65	0.89	2.12
Allowance For Loan Losses, 2 Yr. CAGR %	20.87	15.76	0	16.99	1.74
Net Loans, 2 Yr. CAGR %	2.21	0.96	1.67	0.71	2.12
Non Performing Loans, 2 Yr. CAGR %	12.76	5.43	8.11	6.73	-1.77
Non Performing Assets, 2 Yr. CAGR %	12.76	5.43	8.11	6.73	-1.77
Total Assets, 2 Yr. CAGR %	4.7	1.03	-2.92	5.19	7.78
Total Deposits, 2 Yr CAGR %	7.7	3.46	-0.06	7.98	7.78
Tangible Book Value, 2 Yr. CAGR %	2.16	2.75	5.04	5.28	6.61
Common Equity, 2 Yr. CAGR %	-1.31	-0.61	4.56	5.3	7.11
Total Equity, 2 Yr. CAGR %	-1.39	-1.11	4	5.2	7.45
Compound Annual Growth Rate Over Three Years
Net Interest Income, 3 Yr. CAGR %	4.42	0.6	8.34	18.76	19.81
Non Interest Income, 3 Yr. CAGR %	-10.34	-1.77	-6.21	-13.43	-9.01
Provision For Loan Losses, 3 Yr. CAGR %	30.81	8.52	12.21	-29.29	9.24
Total Revenues, 3 Yr. CAGR %	-7.15	-0.98	1.93	14.76	9.21
Earnings From Cont. Operations, 3 Yr. CAGR %	184.16	-28.7	25.6	-8.51	100.49
Net Income, 3 Yr. CAGR %	181.98	-20.69	34.86	-8.15	83.96
Normalized Net Income, 3 Yr. CAGR %	-37.48	12.11	25.8	143.25	32.9
Diluted EPS Before Extra, 3 Yr. CAGR %	351.64	-30.72	27.34	-11.54	107.73
Dividend Per Share, 3 Yr. CAGR %	-	-	-	-	-
Gross Loans, 3 Yr. CAGR %	3.75	2.44	1.04	1.38	1.8
Allowance For Loan Losses, 3 Yr. CAGR %	12.82	10.74	12.96	8.36	10.29
Net Loans, 3 Yr. CAGR %	3.66	2.37	0.93	1.3	1.7
Non Performing Loans, 3 Yr. CAGR %	-	3.28	14.46	-0.43	9.18
Non Performing Assets, 3 Yr. CAGR %	-	3.28	14.46	-0.43	9.18
Total Assets, 3 Yr. CAGR %	3.96	0.76	1	0.69	5.87
Total Deposits, 3 Yr CAGR %	-	2.97	4.34	3.15	7.23
Tangible Book Value, 3 Yr. CAGR %	2.24	3.4	3.18	5.53	5.79
Common Equity, 3 Yr. CAGR %	-0.24	0.74	0.92	5.23	6.11
Total Equity, 3 Yr. CAGR %	-0.26	0.47	0.44	4.93	6.19
Compound Annual Growth Rate Over Five Years
Net Interest Income, 5 Yr. CAGR %	-2.63	2.38	8.08	11.91	10.41
Non Interest Income, 5 Yr. CAGR %	-4.74	-6.64	-7.77	-11.39	-5.49
Provision For Loan Losses, 5 Yr. CAGR %	20.22	-8.73	2.32	6.74	3.69
Total Revenues, 5 Yr. CAGR %	-6.61	-1.55	1.13	3.74	4.95
Earnings From Cont. Operations, 5 Yr. CAGR %	19.25	-1.57	61.7	17.85	32.26
Net Income, 5 Yr. CAGR %	21.5	9.04	62.15	20.87	35.55
Normalized Net Income, 5 Yr. CAGR %	-32.47	4.11	16.35	26.25	26.7
Diluted EPS Before Extra, 5 Yr. CAGR %	21.29	0.78	107.97	18.54	33.94
Dividend Per Share, 5 Yr. CAGR %	-	-	-	11.84	-
Gross Loans, 5 Yr. CAGR %	3.76	-0.47	2.95	1.82	1.51
Allowance For Loan Losses, 5 Yr. CAGR %	-5.06	-5.37	7.51	13.2	12.45
Net Loans, 5 Yr. CAGR %	3.9	-0.4	2.9	1.7	1.4
Non Performing Loans, 5 Yr. CAGR %	-7.62	-9.7	-	4.65	7.67
Non Performing Assets, 5 Yr. CAGR %	-7.62	-9.7	-	4.65	7.67
Total Assets, 5 Yr. CAGR %	-0.99	-0.31	1.14	2.26	3.66
Total Deposits, 5 Yr CAGR %	8.14	2.23	-	4.94	5.7
Tangible Book Value, 5 Yr. CAGR %	0.36	1.6	3.33	4.15	4.56
Common Equity, 5 Yr. CAGR %	-1.15	0.21	1.63	2.54	3.37
Total Equity, 5 Yr. CAGR %	-1.03	0.17	1.41	2.33	3.21