DOCSLIB.ORG

Annual Report 2008 About Commerzbank ››

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Focusing on what really matters Annual Report 2008 About Commerzbank ›› Facts and figures Highlights of Commerzbank Group Income statement 2008 2007 Operating profit (€ m) – 378 2,513 Operating profit per share (€) – 0.56 3.83 Pre-tax profit (€ m) – 403 2,505 Consolidated surplus1 (€ m) 3 1,917 Earnings per share (€) 0.00 2.92 Operating return on equity2 (%) – 2.6 18.7 Cost/income ratio in operating business (%) 77.0 64.2 Return on equity of consolidated surplus1, 2 (%) 0.0 15.4 Balance sheet 31.12.2008 31.12.2007 Balance-sheet total (€ bn) 625.2 616.5 Risk-weighted assets (€ bn) 221.8 237.4 Equity (€ bn) as shown in balance sheet 19.9 16.1 Own funds (€ bn) as shown in balance sheet 34.9 30.6 Capital ratios Core capital ratio (%) 10.1 6.9 Own funds ratio (%) 13.9 10.8 Long / short-term rating Moody’s Investors Service, New York Aa3 / P-1 Aa3 / P-1 Standard & Poor’s, New York A / A-1 A / A-1 Fitch Ratings, London A / F1 A / F1 Operating profit (€ m) Return on equity of consolidated surplus1 (%) – 378 2008 2008 0 2007 2,513 2007 15.4 2006 2,649 2006 14.2 2005 1,757 2005 12.8 2004 1,011 2004 4.0 1 Insofar as attributable to Commerzbank shareholders. 2 Excluding cash flow hedges and minority interests. About Commerzbank As a large, integrated bank, Commerzbank is one of Europe’s leading financial institutions and the second-largest in Germany. Since its acquisition of Dresdner Bank in January 2009, Commerzbank has grown to become Germany’s leading bank for private and corporate customers. Today, the new Commerzbank serves a total of more than 14 million private and corporate customers. Commerzbank is a competent service provider for private and business customers as well as small and mid-sized companies, while also serving numerous large and multinational cor- porate customers. It aims to be the best bank for its key target groups. With some 1,200 branches, the new bank will have the densest branch network of all German banks, and Commerzbank customers will continue to benefit from an increasingly broad and attractive range of products and advisory services. What’s more: Commerzbank’s clear commitment to the German market makes it an even stronger long-term partner that perfectly unites the ex- pertise and know-how of the two institutions. With a strong partner you can achieve anything. This is the idea that underpins everything Commerzbank does. Achieving success through the perfect combination of performance and partnership – that’s what the Commerzbank brand stands for. We aim to achieve success for our customers, and we do that though hard work and dedi- cation, high service quality and a thorough understanding of our customers’ needs. Our reward is the trust that customers place in us again and again. That trust is what makes the equity of the Commerzbank brand – a value we intend to keep building in the years ahead: for our customers in Germany and throughout the world, for our future as a bank and as a company. High performance and a talent for innovation have made Commerzbank a premier name in the German and European markets. Ever since 1870, when Commerzbank was founded in Hamburg, customers have been able to put their trust in us. Commerzbank and its expertise will be there for them in the future too. Structure of Commerzbank Group Board of Managing Directors Segments Central and Commercial Private Customers Mittelstandsbank Corporates & Markets Eastern Europe Real Estate Operating units Private and Corporate Banking Central and Client Relationship CRE Germany Business Customers Eastern Europe Management Small and Medium CRE Abroad Wealth Management Enterprises Germany I Risk Management Corporate Finance Real Estate Small and Medium Central and Direct Banking Equity Markets & Asset Management Enterprises Germany II Eastern Europe Commodities Credit Large corporates Germany Shipping Fixed Income COO Corporates International COO Research Employee Integration Financial Institutions Risk Management Sales Commercial Real Estate Risk Management COO and Shipping Private and Risk Management London Business Customers Mid Caps and America Financial Institutions Public Finance COO Risk Management Corporates & Markets All staff and management functions are bundled into the Group Management division. Information Technology, Transaction Banking and Organization are provided by the Services division. Focusing on our customers P.58 P.68 P.76 P.82 P.88 P.96 P.106 despite the turbulence caused by the financial market crisis Commerzbank laid the foundations for ongoing growth. Acquiring Dresdner Bank and founding the first cus- tomer advisory council at a German bank strengthened our position as a competent partner for private and business customers and for the SME sector in Germany, Eastern Europe and further afield. Commerzbank is on the right track because we are focusing on our principal asset: our customers. Focusing on our strengths is a recipe for success that we, as a company, share with many of our customers. The people mentioned in this report are a good example of this approach. They are remarkably successful because they have concentrated on their strengths. Achieving growth thanks to our clear customer focus In 2008, the financial markets and banking sector faced great challenges world- wide – a situation which will continue in 2009. Despite this difficult environ- ment, we took important steps in the past business year towards establishing Commerzbank as the leading bank in Germany for private customers and SMEs. The takeover of Dresdner Bank was the most significant milestone in this respect. The global banking sector is about to see a reshuffling of the cards, with many institutions undergoing extensive restructuring. By continuing our strategic reorientation in key business areas, 2008 already saw us create the conditions for consolidating and reinforcing our market position. Thanks to our clear customer focus, we are laying the foundations on which to deliver a ”new” Commerzbank built on strength and efficiency. martin blessing Chairman of the Board of Managing Directors +574,000 Our private customer base rose by this amount in 2008; we now have 6.1 million private customers in Germany. +37.4% The extent to which operating profit grew in our Private Customers segment in 2008. +51% The exceptional percentage increase in the number of customers within our Central and Eastern Europe segment in 2008. €46.0bn This is the total volume of loans outstanding to German SMEs as per the fourth quarter of 2008. Our customer-driven business provides security The unusually volatile markets impacted upon almost all banking industry services in 2008. We were able to respond to this challenging environment thanks to solid liquidity management and a healthy funding structure. A substantial increase in customer deposits and a silent participation by the Special Fund for Financial Market Stabilization (SoFFin) also provided a welcome buffer. Our customer-oriented business played a role in keeping our liquidity within a comfortable range over the entire year. In its business policies Commerzbank generally opts for funding with matching maturities. We will continue this approach and further strengthen the liquidity base of the new Commerzbank by consistently focusing on our customers. martin blessing Chairman of the Board of Managing Directors +€20bn During the past year, customer deposits rose by this amount – or 25% – to €101bn. 1.14 Our key liquidity ratio at the end of 2008 – comfortably in excess of the 1.0 target. €19.9bn At 23.4% above the prior-year figure, this was our equity capital at the end of 2008 – which included €8.2bn from the SoFFin silent participation. Survey of the Commerzbank Cover 2 to 8 To our Shareholders Page 06 to 26 Corporate Responsibility Page 28 to 50 Group Management Report Page 52 to 184 Group Financial Statements Page 186 to 292 Further Information Page 294 to 313 Contents Contents C2 – C8 C2 Facts and figures C3 About Commerzbank C4 Structure of the Group C5 Commerzbank worldwide C7 Five-year overview C8 Financial calendar, contact addresses 04 Most important events of 2008 06 – 26 06 Letter from the Chairman of the Board of Managing Directors 12 The Board of Managing Directors 14 Report of the Supervisory Board 20 Supervisory Board and Committees 22 Our share 28 – 50 28 Corporate Governance Report 31 Remuneration Report 43 Corporate Responsibility 52 – 184 52 Business and overall conditions 60 Segment performance 60 Private Customers 70 Mittelstandsbank 81 Central and Eastern Europe 92 Corporates & Markets 101 Commercial Real Estate 108 Earnings performance, assets and financial positions 111 Our staff 116 Report on post-balance sheet and events 117 Outlook and opportunities report 124 Risk Report 186 – 292 189 Group Financial Statements 190 Balance sheet 191 Statement of changes in equity 193 Cash flow statement 195 Notes 292 Auditors’ Report 294 – 313 294 Central Advisory Board 295 Regional Advisory Committees 306 Seats on other boards 310 Glossary Commerzbank Annual Report 2008 Most important events of 2008 Acquisition of Dresdner Bank Commerzbank becomes the leading bank in Germany for private and corporate customers. Q1 / 08 Q2 / 08 Commerzbank brought its public finance business under Following the Annual General Meeting in May, the long- one roof by merging Hypothekenbank in Essen with Euro- standing Chairman of the Board of Managing Directors, hypo at the start of the year. Central and Eastern European Klaus-Peter Müller, abdicated his position to become business was also restructured and consolidated into one Chairman of the Supervisory Board. Martin Blessing segment encompassing all activities in the region. became the new Chairman of the Commerzbank Board of Managing Directors. In February the bank posted a record result for 2007. The consolidated surplus rose by 20% to €1.9bn.
Recommended publications
  • 300 Jahre Karl VI. 1711–1740

    300 Jahre Karl VI. 1711–1740

    3 0 0 J a h r e K a r l V I . 1 7 1 1 – 1 7 4 0 Spuren der Herrschaft des „letzten“ Habsburgers Begleitband zur Ausstellung des Österreichischen Staatsarchivs 300 Jahre Karl VI. (1711–1740). Spuren der Herrschaft des „letzten“ Habsburgers, hrsg. von der Generaldirektion des Österreichischen Staatsarchivs Herausgeber: Stefan Seitschek – Herbert Hutterer – Gerald Theimer Autoren: Elisabeth Garms-Cornides, Roman Hans Gröger (RG), Herbert Hutterer (HH), Susanne Kühberger (SK), Irmgard Pangerl (IP), Friedrich Polleroß, Zdislava Röhsner (ZR), Stefan Seitschek (StS), Pia Wallnig (PW), Thomas Wallnig (TW) Projektleiterin: Zdislava Röhsner Ausstellungsdidaktik: Susanne Kühberger Kurator: Stefan Seitschek Redaktion: Michaela Follner, Stefan Seitschek Umschlaggestaltung: Sabine Gfrorner, Isabelle Liebe Umschlagabbildung: Doppeladler mit Medaillon siehe Kat.Nr. IV/2, Medaillon mit Karl VI. siehe Kat.Nr. I/1; Straßenbild aus Handschrift zur Via Carolina im FHKA, SUS Kartensammlung C-016, fol. 58 – Rückseite: Auswurfmünze zur böhmischen Krönung 1723, Revers (Silber, Privatbesitz) Für die Inhalte der einzelnen Aufsätze zeichnen die Autoren selbst verantwortlich. Das Werk ist urheberrechtlich geschützt. Es ist es nicht gestattet, das Werk oder auch nur Teile davon, unter Verwendung mechanischer, elektronischer und anderer Systeme in irgendeiner Weise zu verarbeiten und zu verbreiten. Insbesondere vorbehalten sind die Rechte der Vervielfältigung – auch von Teilen des Werkes – auf fotomechanischem oder ähnlichem Wege, der tontechnischen Wiedergabe, des
  • Deutscher Bundestag

    Deutscher Bundestag

    Deutscher Bundestag 44. Sitzung des Deutschen Bundestages am Freitag, 27.Juni 2014 Endgültiges Ergebnis der Namentlichen Abstimmung Nr. 4 Entschließungsantrag der Abgeordneten Caren Lay, Eva Bulling-Schröter, Dr. Dietmar Bartsch, weiterer Abgeordneter und der Fraktion DIE LINKE. zu der dritten Beratung des Gesetzentwurfs der Bundesregierung Entwurf eines Gesetzes zur grundlegenden Reform des Erneuerbare-Energien-Gesetzes und zur Änderung weiterer Bestimmungen des Energiewirtschaftsrechts - Drucksachen 18/1304, 18/1573, 18/1891 und 18/1901 - Abgegebene Stimmen insgesamt: 575 Nicht abgegebene Stimmen: 56 Ja-Stimmen: 109 Nein-Stimmen: 465 Enthaltungen: 1 Ungültige: 0 Berlin, den 27.06.2014 Beginn: 10:58 Ende: 11:01 Seite: 1 Seite: 2 Seite: 2 CDU/CSU Name Ja Nein Enthaltung Ungült. Nicht abg. Stephan Albani X Katrin Albsteiger X Peter Altmaier X Artur Auernhammer X Dorothee Bär X Thomas Bareiß X Norbert Barthle X Julia Bartz X Günter Baumann X Maik Beermann X Manfred Behrens (Börde) X Veronika Bellmann X Sybille Benning X Dr. Andre Berghegger X Dr. Christoph Bergner X Ute Bertram X Peter Beyer X Steffen Bilger X Clemens Binninger X Peter Bleser X Dr. Maria Böhmer X Wolfgang Bosbach X Norbert Brackmann X Klaus Brähmig X Michael Brand X Dr. Reinhard Brandl X Helmut Brandt X Dr. Ralf Brauksiepe X Dr. Helge Braun X Heike Brehmer X Ralph Brinkhaus X Cajus Caesar X Gitta Connemann X Alexandra Dinges-Dierig X Alexander Dobrindt X Michael Donth X Thomas Dörflinger X Marie-Luise Dött X Hansjörg Durz X Jutta Eckenbach X Dr. Bernd Fabritius X Hermann Färber X Uwe Feiler X Dr. Thomas Feist X Enak Ferlemann X Ingrid Fischbach X Dirk Fischer (Hamburg) X Axel E.
  • Corporate Non-Financial Reporting in Germany

    Corporate Non-Financial Reporting in Germany

    Copyright © Development International e.V., 2019 ISBN: 978-3-9820398-1-7 Authors: Chris N. Bayer, PhD Gisella Vogel Sarah Kaltenhäuser Katherine Storrs Jiahua (Java) Xu, PhD Juan Ignacio Ibañez, LL.M. Title: A New Responsibility for Sustainability: Corporate Non-Financial Reporting in Germany Date published: May 6, 2019 Funded by: iPoint-systems gmbh www.ipoint-systems.com Executive Summary Germany's economy is the fourth-largest in the world (by nominal GDP), and with 28% of the euro area market, it represents the largest economy in Europe.1 Considering the supply chains leading to its economy, Germany's cumulative environmental, social and governance performance reverberates globally. The EU Non-Financial Reporting Directive (NFRD) is the impetus behind this study – a new regulation that seeks to “increase the relevance, consistency and comparability of information disclosed by certain large undertakings and groups across the Union.”2 Large undertakings in EU member states are not only required to report on their financial basics, now they are also required by Article 1 of the Directive to account for their non- financial footprint, including adverse impacts they have on the environment and supply chains. In accordance with the Directive, the German transposition stipulates that the non-financial declaration must state which reporting framework was used to create it (or explain why no framework was applied), as well as apply non-financial key performance indicators relevant to the particular business. These requirements are our point of departure: We systematically assess the degree of non-financial transparency and performance reporting for 2017 applying an ex-post assessment framework premised on the Global Reporting Initiative (GRI), the German Sustainability Code (Deutscher Nachhaltigkeitskodex, DNK) and the United Nations Global Compact (UNGC).
  • Elections to the Supervisory Board Information on the Individuals Nominated As Election Candidates for Shareholder Representatives

    Elections to the Supervisory Board Information on the Individuals Nominated As Election Candidates for Shareholder Representatives

    Elections to the Supervisory Board Information on the individuals nominated as election candidates for Shareholder representatives Dr. Eckhard Cordes, Munich Partner with Cevian Capital Personal Data Date of Birth: November 25, 1950 Place of Birth: Neumünster Education Degree in Business Administration, University of Hamburg, Doctorate Career 1976 Joined Daimler-Benz AG, held various management positions in Germany and abroad 1996 – 2005 Member of the Executive Board at Daimler-Benz AG / DaimlerChrysler AG 2006 – 2009 Chairman of the Executive Board at Franz Haniel & Cie. GmbH 2006 – 2007 Chairman of the Supervisory Board at METRO AG 2007 – 2011 Chairman of the Executive Board at METRO AG seit 2010 Chairman of the Federation of German Industries' Committee on Eastern European Economic Relations seit 2012 Partner with Cevian Capital Memberships in statutory supervisory boards of other German companies WMP EuroCom AG, Berlin Memberships of comparable supervisory bodies of commercial enterprises in Germany and abroad AB Volvo (publ), Gothenburg/Sweden (Member of the Board of Directors) Elections to the Supervisory Board Information on the individuals nominated as election candidates for Shareholder representatives Hans Peter Ring, Munich Senior Advisor, former Member of the Executive Committee of EADS NV (now Airbus Group NV) Personal Data Date of Birth: January 15, 1951 Place of Birth: Abtsgreuth Education Degree in Business Administration, University of Erlangen- Nuremberg Career 1977 – 1987 MBB GmbH, Various positions 1987 – 1990 Head
  • The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital

    The Reason Given for the UK's Decision to Float Sterling Was the Weight of International Short-Term Capital

    - Issue No. 181 No. 190, July 6, 1972 The Pound Afloat: The reason given for the U.K.'s decision to float sterling was the weight of international short-term capital movements which, despite concerted intervention from the Bank of England and European central banks, had necessitated massive sup­ port operations. The U.K. is anxious that the rate should quickly o.s move to a "realistic" level, at or around the old parity of %2. 40 - r,/, .• representing an effective 8% devaluation against the dollar. A w formal devaluation coupled with a wage freeze was urged by the :,I' Bank of England, but this would be politically embarrassing in the }t!IJ light of the U.K. Chancellor's repeated statements that the pound was "not at an unrealistic rate." The decision to float has been taken in spite of a danger that this may provoke an international or European monetary crisis. European markets tend to consider sterling as the dollar's first line of defense and, although the U.S. Treasury reaffirmed the Smithsonian Agreement, there are fears throughout Europe that pressure on the U.S. currency could disrupt the exchange rate re­ lationship established last December. On the Continent, the Dutch and Belgians have put forward a scheme for a joint float of Common Market currencies against the dollar. It will not easily be implemented, since speculation in the ex­ change markets has pushed the various EEC countries in different directions. The Germans have been under pressure to revalue, the Italians to devalue. Total opposition to a Community float is ex­ pected from France (this would sever the ties between the franc and gold), and the French also are adamant that Britain should re­ affirm its allegiance to the European monetary agreement and return to a fixed parity.
  • Download, PDF 14.8 MB

    Download, PDF 14.8 MB

    THE METRO CONDENSED REPORT 2017 ⁄ 18 Our world is changing. Digitalisation is creating new rules, disruptive approaches are putting business models to the test and connected customers are setting different relevance benchmarks. Our challenges are becoming more diverse – and so are our opportunities. We are open to new ideas and we are constantly evolving – because you can’t generate added value by standing still. We seek out innovative ideas, test new concepts and sometimes take unconven- tional paths. We are always on the move – so that we can off er our customers and partners more effi cient solutions, make our value chain more sustainable and deliver on our promise as a wholesaler, now and in the future. WWW.METROAG.DE ⁄ WE-ARE-ON-THE-MOVE ⁄ REPORTS 2 CONTENTS 4 THE MANAGEMENT BOARD VI G P OP E 8 VI G y G O S 9 INTERVIEW WITH 18 OLAF KOCH 1/4 10 INDEPENDENCE 12 OPENNESS 19 INTERVIEW WITH OLAF KOCH 2/4 14 STRONG PARTNERS 16 LOCAL CHARACTER 20 PERFECTION 22 AT THE RIGHT TIME 24 MAKING WHAT’S 26 METRONOMIANS GOOD EVEN BETTER This report is the condensed version of the Annual Report 2017/18. You will fi nd the full version at WWW.METROAG.DE/WE-ARE-ON-THE-MOVE/REPORTS 2 VI G OUND ARI S 28 VI G HOS I TA ITY 29 INTERVIEW WITH 38 OLAF KOCH 3/4 Kapow 30 VIRTUAL 32 ANALOGUE 39 INTERVIEW WITH REALITY AND DIGITAL OLAF KOCH 4/4 34 CO-CREATION 36 EFFICIENT 40 SLOW FOOD 42 IDEAS FOR THE SHOPPING FUTURE 44 LOCALLY DIGITAL 46 TIME FOR WHAT REALLY MATTERS 48 FIND OUT MORE: VIDEO CLIPS AND WEBSITE 3 50 FACTS, FIGURES AND CONTEXT WE AR ON TH M VE We at METRO like to be on the move – that goes both for our teams and for our Manage- ment Board.
  • Eurex Clearing Circular 002/15

    Eurex Clearing Circular 002/15

    eurex clearing circular 002/15 Date: 6 January 2015 Recipients: All Clearing Members of Eurex Clearing AG and Vendors Authorized by: Thomas Laux Action required High priority Composition of GC Pooling® Equity Basket and acceptance of equity collaterals for margining by Eurex Clearing Related Eurex Clearing Circular: 179/14 Contact: Risk Control, T +49-69-211-1 24 52, [email protected] Content may be most important for: Attachment: Overview of composition of GC Pooling® Equity Basket Ü Middle + Backoffice and acceptance of equity collaterals for margining by Ü Auditing/Security Coordination Eurex Clearing, effective 15 January 2015 Please find attached the list of admitted equities for collateralisation of trades in the GC Pooling® Equity Basket, effective 15 January 2015. At the same time, these equities will be admitted as collaterals for margining by Eurex Clearing. Additionally, all equities which are part of the DAX®, EURO STOXX 50® or SMI® remain eligible as collaterals. The attachment contains an overview of admissible equity collaterals and the concentration limit per ISIN for trades in the GC Pooling® Equity Basket. Eurex Clearing AG T +49-69-211-1 17 00 Chairman of the Executive Board: Aktiengesellschaft mit Mergenthalerallee 61 F +49-69-211-1 17 01 Supervisory Board: Thomas Book (CEO), Sitz in Frankfurt/Main 65760 Eschborn [email protected] Hugo Bänziger Heike Eckert, Matthias Graulich, HRB Nr. 44828 Mailing address: Internet: Thomas Laux, Erik Tim Müller USt-IdNr. 60485 Frankfurt/Main www.eurexclearing.com DE194821553 Germany Amtsgericht Attachment to Eurex Clearing Circular 002/15 Overview of composition of GC Pooling® Equity Basket and acceptance of equity collaterals for margining by Eurex Clearing, effective 15 January 2015 ISIN Instrument Name Nbr Of Eligible Shares DE000BAY0017 BAYER AG NA 2,556,389 DE0007100000 DAIMLER AG NA O.N.
  • CCP Instruments As of 2003 03 27 Engl

    CCP Instruments As of 2003 03 27 Engl

    First introduction sequence of CCP instruments as of March 27, 2003 CCP Instruments DAX Block Crossing DAX (Xetra XXL) + corresponding instruments 1 DE0008232125 LHA LUFTHANSA AG VNA O.N. 1 BC0008232125 BCLHA LUFTHANSA AG VNA O.N. 2 DE0007172009 SCH SCHERING AG O.N. 2 BC0007172009 BCSCH SCHERING AG O.N. CCP Instruments MDAX + corresponding instruments Block Crossing MDAX (Xetra XXL) 1 DE0002457561 HEIJ HEIDELBERGCEMENT O.N. NST 2 DE0005072102 BZL BERU AG O.N. 1 BC0005072102 BCBZL BERU AG 3 DE0005085906 AWD AWD HOLDING AG O.N. 2 BC0005085906 BCAWD AWD HOLDING AG O.N. 4 DE0005200000 BEI BEIERSDORF AG O.N. 3 BC0005200000 BCBEI BEIERSDORF AG O.N. 5 DE0005245500 BOS HUGO BOSS AG ST O.N. 6 DE0005245534 BOS3 HUGO BOSS AG VZO O.N. 4 BC0005245534 BBOS3 HUGO BOSS AG VZO O.N. 7 DE0005278006 BUD BUDERUS AG O.N. 5 BC0005278006 BCBUD BUDERUS AG O.N. 8 DE0005408116 ARL AAREAL BANK AG 6 BC0005408116 BCARL AAREAL BANK AG 9 DE0005408884 LEO LEONI AG NA O.N. 7 BC0005408884 BCLEO LEONI AG 10 DE0005421903 DGX DEGUSSA AG O.N. 8 BC0005421903 BCDGX DEGUSSA AG O.N. 11 DE0005439004 CON CONTINENTAL AG O.N. 9 BC0005439004 BCCON CONTINENTAL AG O.N. 12 DE0005471601 TNH TECHEM O.N. 10 BC0005471601 BCTNH TECHEM O.N. 13 DE0005591002 DYK DYCKERHOFF ST O.N. 14 DE0005591036 DYK3 DYCKERHOFF VZO O.N. 11 BC0005591036 BDYK3 DYCKERHOFF VZO O.N. 15 DE0005753008 CZZ CELANESE AG O.N. 12 BC0005753008 BCCZZ CELANESE AG O.N. 16 DE0005773303 FRA FRAPORT AG FFM.AIRPORT 13 BC0005773303 BCFRA FRAPORT AG 17 DE0005785604 FRE FRESENIUS AG O.N.
  • Brand Finance Germany 50 2017

    Brand Finance Germany 50 2017

    Germany 50 2017 The annual report on the most valuable German brands May 2017 Foreword. Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Executive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (EURm) 12 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (USDm) 13 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 14 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 16 By valuing brands, we provide a mutually intelligible Contact Details 17 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the significance of what they do and boards can use What is the purpose of a strong brand; to attract the information to chart a course that maximises customers, to build loyalty, to motivate staff? All profits. true, but for a commercial brand at least, the first Without knowing the precise, financial value of an answer must always be ‘to make money’. asset, how can you know if you are maximising your returns? If you are intending to license a brand, how Huge investments are made in the design, launch can you know you are getting a fair price? If you are and ongoing promotion of brands.
  • New Glass Review 10.Pdf

    New Glass Review 10.Pdf

    'New Glass Review 10J iGl eview 10 . The Corning Museum of Glass NewG lass Review 10 The Corning Museum of Glass Corning, New York 1989 Objects reproduced in this annual review Objekte, die in dieser jahrlich erscheinenden were chosen with the understanding Zeitschrift veroffentlicht werden, wurden unter that they were designed and made within der Voraussetzung ausgewahlt, dal3 sie the 1988 calendar year. innerhalb des Kalenderjahres 1988 entworfen und gefertigt wurden. For additional copies of New Glass Review, Zusatzliche Exemplare des New Glass Review please contact: konnen angefordert werden bei: The Corning Museum of Glass Sales Department One Museum Way Corning, New York 14830-2253 (607) 937-5371 All rights reserved, 1989 Alle Rechtevorbehalten, 1989 The Corning Museum of Glass The Corning Museum of Glass Corning, New York 14830-2253 Corning, New York 14830-2253 Printed in Dusseldorf FRG Gedruckt in Dusseldorf, Bundesrepublik Deutschland Standard Book Number 0-87290-119-X ISSN: 0275-469X Library of Congress Catalog Card Number Aufgefuhrt im Katalog der KongreB-Bucherei 81-641214 unter der Nummer 81-641214 Table of Contents/lnhalt Page/Seite Jury Statements/Statements der Jury 4 Artists and Objects/Kunstler und Objekte 10 Bibliography/Bibliographie 30 A Selective Index of Proper Names and Places/ Verzeichnis der Eigennamen und Orte 53 er Wunsch zu verallgemeinern scheint fast ebenso stark ausgepragt Jury Statements Dzu sein wie der Wunsch sich fortzupflanzen. Jeder mochte wissen, welchen Weg zeitgenossisches Glas geht, wie es in der Kunstwelt bewer- tet wird und welche Stile, Techniken und Lander maBgeblich oder im Ruckgang begriffen sind. Jedesmal, wenn ich mich hinsetze und einen Jurybericht fur New Glass Review schreibe (dies ist mein 13.), winden he desire to generalize must be almost as strong as the desire to und krummen sich meine Gedanken, um aus den tausend und mehr Dias, Tprocreate.
  • Von Oberotterbach Nach Erlenbach Bei Dahn

    Von Oberotterbach Nach Erlenbach Bei Dahn

    Von Oberotterbach nach Erlenbach bei Dahn Etappe 2 von 7 Diese Wanderung beschreibt die zweite Etappe der Mehrtagestour durch den deutschen Wasgau mit Start und Ende in Bad Bergzabern. Sie beginnt in Oberotterbach und führt uns entlang des sehenswerten Waldgeisterweges hinauf zur Burg Guttenberg mit tollen Aussichten. Weiter geht es hinauf zum Steinernen Tisch auf der Hohen Derst bevor wir hinab nach Reisdorf gehen. Von dort steigt der Weg wieder, umrundet den Krummen Ellenbogen und führt uns zur atemberaubenden Hirzeck-Aussicht. Anschließend geht es hinunter zum Seehofweiher und nach einem letzten Anstieg zu den Burgen Klein-Frankreich und Berwartstein und letztendlich nach Erlenbach bei Dahn. Praktische Informationen Interaktive Tourenkarte: http://umap.openstreetmap.fr/de/map/von-oberotterbach-nach- erlenbach-bei-dahn_205541#13/49.0884/7.9259 Wanderkarte: Bad Bergzaberner Land Startpunkt: Parkplatz im Ortskern an der Weinstraße in Oberotterbach. Koordinaten (Dezimalgrad - WGS 84): 49.070690° / 7.970556° oder mit Google Maps herkommen: https://goo.gl/maps/JCVGmeWrbHM2 Endpunkt: Erlenbach bei Dahn. Zurück zum Startpunkt mit dem Linienbus 545 oder 525 nach Bad Bergzabern und anschließend mit der Linie 543 Richtung Wissembourg. Alternativ vor der Tour zweiten PKW hier abstellen (wobei sich der Parkplatz der Burg Berwartstein anbietet). Hinweis: An Samstagen wird Erlenbach bei Dahn von der Buslinie 525 (Bad Bergzabern - Vorderweidenthal - Annweiler am Trifels) bedient. Kein Verkehr an Sonn- und Feiertagen von November bis April. An Sonn- und Feiertagen von Mai bis Oktober wird zusätzlich die Haltestelle Erlenbach bei Dahn (Burg Berwartstein) angefahren. Seite 1 von 8 – Stand: 17. Jun. 2019 http://www.wanderparadies-wasgau.de/wanderung-oberotterbach-erlenbach-bei-dahn.php Öffentliche Verkehrsmittel: Bus von Wissembourg oder Bad Bergzabern nach Oberotterbach, Ort auf der Strecke Bad Bergzabern - Wissembourg (Linie 543) (VRN).
  • FACTSHEET - AS of 28-Sep-2021 Solactive Mittelstand & Midcap Deutschland Index (TRN)

    FACTSHEET - AS of 28-Sep-2021 Solactive Mittelstand & Midcap Deutschland Index (TRN)

    FACTSHEET - AS OF 28-Sep-2021 Solactive Mittelstand & MidCap Deutschland Index (TRN) DESCRIPTION The Index reflects the net total return performance of 70 medium/smaller capitalisation companies incorporated in Germany. Weights are based on free float market capitalisation and are increased if significant holdings in a company can be attributed to currentmgmtor company founders. HISTORICAL PERFORMANCE 350 300 250 200 150 100 50 Jan-2010 Jan-2012 Jan-2014 Jan-2016 Jan-2018 Jan-2020 Jan-2022 Solactive Mittelstand & MidCap Deutschland Index (TRN) CHARACTERISTICS ISIN / WKN DE000SLA1MN9 / SLA1MN Base Value / Base Date 100 Points / 19.09.2008 Bloomberg / Reuters MTTLSTRN Index / .MTTLSTRN Last Price 342.52 Index Calculator Solactive AG Dividends Included (Performance Index) Index Type Equity Calculation 08:00am to 06:00pm (CET), every 15 seconds Index Currency EUR History Available daily back to 19.09.2008 Index Members 70 FACTSHEET - AS OF 28-Sep-2021 Solactive Mittelstand & MidCap Deutschland Index (TRN) STATISTICS 30D 90D 180D 360D YTD Since Inception Performance -3.69% 3.12% 7.26% 27.72% 12.73% 242.52% Performance (p.a.) - - - - - 9.91% Volatility (p.a.) 13.05% 12.12% 12.48% 13.60% 12.90% 21.43% High 357.49 357.49 357.49 357.49 357.49 357.49 Low 342.52 329.86 315.93 251.01 305.77 52.12 Sharpe Ratio -2.77 1.14 1.27 2.11 1.40 0.49 Max. Drawdown -4.19% -4.19% -4.19% -9.62% -5.56% -47.88% VaR 95 \ 99 -21.5% \ -35.8% -34.5% \ -64.0% CVaR 95 \ 99 -31.5% \ -46.8% -53.5% \ -89.0% COMPOSITION BY CURRENCIES COMPOSITION BY COUNTRIES EUR 100.0% DE