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

20-F Item 5: Operating and Financial Review and Prospects
The criterion for segmentation into divisions is our organizational structure as it existed at December 31,
<strong>2009</strong>. Segment results were prepared in accordance with our management reporting systems.
<strong>2009</strong> Corporate
in € m.
(unless stated otherwise)
and
Investment
Bank
N/M – Not meaningful
1 Includes a gain from the sale of industrial holdings (Daimler AG) of € 236 million, a reversal of impairment of intangible assets (Asset Management) of € 291 million (the related
impairment had been recorded in 2008), an impairment charge of € 278 million on industrial holdings and an impairment of intangible assets (Corporate Investments) of € 151 million
which are excluded from the Group’s target definition.
2 The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions, which are to be
eliminated on group division level. The same approach holds true for the sum of group divisions compared to ‘Total Consolidated’.
3 For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity is first allocated
to divisions according to goodwill and intangible assets; remaining average active equity is allocated to divisions in proportion to the economic capital calculated for them.
4 For the calculation of pre-tax return on average active equity please refer to Note [4]. For ‘Total consolidated’, pre-tax return on average shareholders’ equity is 15 %.
N/M – Not meaningful
1 Includes gains from the sale of industrial holdings (Daimler AG, Allianz SE and Linde AG) of € 1,228 million, a gain from the sale of the investment in Arcor AG & Co. KG of
€ 97 million and an impairment of intangible assets (Asset Management) of € 572 million, which are excluded from the Group’s target definition.
2 The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions, which are to be
eliminated on group division level. The same approach holds true for the sum of group divisions compared to ‘Total Consolidated’.
3 For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity is first allocated
to divisions according to goodwill and intangible assets; remaining average active equity is allocated to divisions in proportion to the economic capital calculated for them.
4 For the calculation of pre-tax return on average active equity please refer to Note [4]. For ‘Total consolidated’, pre-tax return on average shareholders’ equity is (17) %.
62
Private
Clients and
Asset
Management
Corporate
Investments
Total
Management
<strong>Report</strong>ing
Consolidation
&
Adjustments
Total
Consolidated
Net revenues 18,804 8,264 1,044 28,112 (159) 27,952
Provision for credit losses 1,816 806 8 2,630 (0) 2,630
Total noninterest expenses
therein:
12,678 6,804 581 20,063 57 20,120
Policyholder benefits and claims 541 – – 541 2 542
Impairment of intangible assets 5 (291) 151 (134) – (134)
Restructuring activities – – – – – –
Minority interest (2) (7) (1) (10) 10 –
Income (loss) before income taxes 4,312 660 456 5,428 (226) 5,202 1
Cost/income ratio 67 % 82 % 56 % 71 % N/M 72 %
Assets2 1,343,824 174,738 28,456 1,491,108 9,556 1,500,664
Average active equity3 19,041 8,408 4,323 31,772 2,840 34,613
Pre-tax return on average active equity4 23 % 8 % 11 % 17 % N/M 15 %
2008 Corporate
in € m.
(unless stated otherwise)
and
Investment
Bank
Private
Clients and
Asset
Management
Corporate
Investments
Total
Management
<strong>Report</strong>ing
Consolidation
&
Adjustments
Total
Consolidated
Net revenues 3,201 9,041 1,290 13,532 82 13,613
Provision for credit losses 408 668 (1) 1,075 1 1,076
Total noninterest expenses
therein:
10,213 7,972 95 18,279 (0) 18,278
Policyholder benefits and claims (273) 18 – (256) 4 (252)
Impairment of intangible assets 5 580 – 585 – 585
Restructuring activities – – – – – –
Minority interest (48) (20) 2 (66) 66 –
Income (loss) before income taxes (7,371) 420 1,194 (5,756) 15 (5,741) 1
Cost/income ratio N/M 88 % 7 % 135 % N/M 134 %
Assets2 2,047,181 188,785 18,297 2,189,313 13,110 2,202,423
Average active equity3 20,262 8,315 403 28,979 3,100 32,079
Pre-tax return on average active equity4 (36) % 5 % N/M (20) % N/M (18) %