SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Notes to the Consolidated Financial Statements F-58
Annual Report 2010 on Form 20-F 04 – Acquisitions and Dispositions
The following table provides information about financial assets that were acquired from ABN AMRO on April 1,
2010 and that the Group classified as loans of the acquisition date.
in € m.
Contractually required cash flows including interest (undiscounted) 11,503
Less: Best estimate at the acquisition date of such contractual cash flows not expected to be collected 245
Cash flows expected to be collected 1 11,258
1 Represents undiscounted expected principal and interest cash flows upon acquisition.
In respect of acquisition-related costs, € 15 million were recognized in general and administrative expenses in
the Group’s income statement for 2010, and € 8 million were incurred and recognized in 2009 and 2008.
Since the acquisition and excluding the above gain recognized from negative goodwill, the acquired businesses
contributed net revenues and net income after tax of € 405 million and € 35 million, respectively, to the Group’s
income statement. If the acquisition had been effective as of January 1, 2010, the effect on the Group’s net
revenues and net income after tax in 2010 (excluding the above mentioned gain from negative goodwill) would
have been € 501 million and € 77 million, respectively.
Sal. Oppenheim
On March 15, 2010, Deutsche Bank closed the acquisition of 100 % of the voting equity interests in Luxembourgbased
Sal. Oppenheim jr. & Cie. S.C.A. (“Sal. Oppenheim S.C.A.”), the holding company of the Sal. Oppenheim
Group, for a total purchase price of € 1,261 million paid in cash. Of the purchase price, € 275 million was paid
for BHF Asset Servicing GmbH (“BAS”), which, at the date of acquisition, had already been classified as asset
held for sale and therefore was treated as a separate transaction distinct from the remaining Sal. Oppenheim
Group. As all significant legal and regulatory approvals had been obtained by January 29, 2010, the date of
acquisition was set at that date and, accordingly, the Group commenced consolidation of Sal. Oppenheim in
the first quarter 2010. According to the framework agreement reached in the fourth quarter 2009, the former
shareholders of Sal. Oppenheim S.C.A. have the option of acquiring a long-term shareholding of up to 20 % in
the German subsidiary Sal. Oppenheim jr. & Cie. AG & Co. KGaA. As of the reporting date, the acquisition-date
fair value of the option is zero.
The acquisition enables the Group to strengthen its Asset and Wealth Management activities among high-networth
private clients, family offices and trusts in Europe and especially in Germany. Sal. Oppenheim Group’s
independent wealth management activities are being expanded under the established brand name of the
traditional private bank, while preserving its private bank character. Its integrated asset management concept
for private and institutional clients is to be retained.