Sunday 12 April 2015

Coba annual report 2014

Coba, annual report, 2014, front page

Here in the end I simply downloaded the annual reports but forgot to take notice of what happened with the share price during the day. I guess the front picture as well as several pictures in the report brought up the marketing costs substantially. I do however like that Coba made advertisement also for a second company of mine namely, Adidas. In the report we could find that...

Click here for the full report and to find about what happened last quarter then please click on Commerzbank report Q3 2014 and for the previous annual report please go to Commerzbank annual report 2013 and to find out more about Coba then please visit analysis of Commerzbank 2014.

I doubt if I will ever become happy being a shareholder in a bank that has been caught with their fingers in the cookie jar and been forced to pay billions in litigation costs. Reading the chairman of the board in this letter to the shareholder explaining that the remunerations are all according to legal agreements is also a major turn off.

Anyway... below is the income statement and the revenue keep dropping year after year after year. It is indeed a miracle that they claim to have received a higher profit in 2014 compared to 2013. I no longer trust any reports from any bank and I am not good enough in bookkeeping to find out if they are indeed telling the truth or not.

Coba, annual, report, 2014, income statement

Here I would like to take a little look at the liability and equity because they were bragging far too much about how many new customers they have tied to themselves. To me it simply does not make sense. If you tie new customers to yourself then new bank account should be opened with the addition of money to those accounts. So... how can it then be that a bank that claim to have more customers are NOT having an increased liability to customers but instead a decreased liability? In my book that does not make sense.

Coba, annual, 2014, equity, liability

Conclusion: Coba had another bad year in 2014 and we now also know how much they were forced to pay in the US so we shall see how 2015 turns out to be. I have no high hopes for them making a good year result wise but that has on the other hand little correlation with the market behaviour during short terms.

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