Annual Report 2009 on Form 20-F (PDF) - Deutsche Bank Annual ...

Certain Key Ratios and Figures
<strong>2009</strong> 2008 2007
Share price at period-end € 49.42 € 27.83 € 89.40
Share price high € 58.29 € 89.80 € 118.51
Share price low € 15.38 € 18.59 € 81.33
Book value per basic share outstanding1 € 57.81 € 52.59 € 79.32
Return on average shareholders’ equity (post-tax)2 14.6 % (11.1)% 17.9 %
Pre-tax return on average shareholders’ equity3 15.3 % (16.5)% 24.1 %
Pre-tax return on average active equity4 15.1 % (17.7)% 29.0 %
Cost/income ratio5 72.0 % 134.3 % 69.6 %
Compensation ratio6 40.5 % 70.6 % 42.6 %
Noncompensation ratio7 Employees at period-end (full-time equivalent):
31.5 % 63.7 % 27.1 %
In Germany 27,321 27,942 27,779
Outside Germany
Branches at period-end:
49,732 52,514 50,512
In Germany 961 961 976
Outside Germany 1,003 989 887
1 Shareholders’ equity divided by the number of basic shares outstanding (both at period-end).
2 Net income (loss) attributable to our shareholders as a percentage of average shareholders’ equity.
3 Income (loss) before income taxes attributable to our shareholders as a percentage of average shareholders’ equity.
4 Income (loss) before income taxes attributable to our shareholders as a percentage of average active equity.
5 Total noninterest expenses as a percentage of net interest income before provision for credit losses, plus noninterest income.
6 Compensation and benefits as a percentage of total net interest income before provision for credit losses, plus noninterest income.
7 Noncompensation noninterest expenses, which is defined as total noninterest expenses less compensation and benefits, as a percentage of total net
interest income before provision for credit losses, plus noninterest income.
Dividends
The following table shows the dividend per share in euro and in U.S. dollars for the years ended December
31, <strong>2009</strong>, 2008 and 2007. We declare our dividends at our <strong>Annual</strong> General Meeting following each year.
Our dividends are based on the non-consolidated results of Deutsche Bank AG as prepared in accordance
with German accounting principles. Because we declare our dividends in euro, the amount an investor actually
receives in any other currency depends on the exchange rate between euro and that currency at the time
the euros are converted into that currency.
Effective January 1, <strong>2009</strong>, the German withholding tax applicable to dividends increased to 26.375 % (consist-
ing of a 25 % withholding tax and an effective 1.375 % surcharge) compared to 21.1 % applicable for the
years 2008 and 2007. For individual German tax residents, the withholding tax represents, generally, the full
and final income tax applicable to the dividends. Dividend recipients who are tax residents of countries that
have entered into a convention for avoiding double taxation may be eligible to receive a refund from the German
tax authorities of a portion of the amount withheld and in addition may be entitled to receive a tax credit
for the German withholding tax not refunded in accordance with their local tax law.
U.S. residents will be entitled to receive a refund equal to 11.375 % of the dividends received after Janu-
ary 1, <strong>2009</strong> (compared to an entitlement to a refund of 6.1 % of the dividends received in the years 2007 and
2008). For U.S. federal income tax purposes, the dividends we pay are not eligible for the dividends received
deduction generally allowed for dividends received by U.S. corporations from other U.S. corporations.
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