SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Notes to the Consolidated Financial Statements F-61
Annual Report 2010 on Form 20-F 04 – Acquisitions and Dispositions
The following table provides information about financial assets that were acquired from Sal. Oppenheim and
that the Group classified as loans as of the acquisition date.
in € m.
Contractually required cash flows including interest (undiscounted) 6,940
Less: Best estimate at the acquisition date of such contractual cash flows not expected to be collected 1,187
Cash flows expected to be collected 1 5,753
1 Represents undiscounted expected principal and interest cash flows upon acquisition.
Following the acquisition but on the date of closing, Deutsche Bank made a capital injection of € 195 million
into the new subsidiary Sal. Oppenheim S.C.A. This amount does not form part of the purchase consideration
and accordingly is not included in the aforementioned goodwill calculation.
In respect of acquisition-related costs, € 2 million were recognized in general and administrative expenses in
the Group’s income statement for 2010. In addition, € 11 million were incurred and recognized in 2009.
Following the acquisition, the Sal. Oppenheim Group (excluding BAS) contributed net revenues and a net loss
after tax of € 568 million and € 308 million, respectively, to the Group’s income statement. If the acquisition had
been effective as of January 1, 2010, the contribution to the Group’s net revenues and net income in 2010 would
have been € 599 million and a loss of € 336 million, respectively.
Other Business Combinations completed in 2010
Other business combinations, not being individually material, which were finalized in 2010, included the stepacquisition
of an additional 47.5 % interest in an existing associate domiciled in the Philippines. The acquisition
resulted in a controlling ownership interest of 95 % and the consolidation of the investment in the first quarter
2010. The total consideration of € 6 million paid in cash was allocated to net assets acquired (including liabilities
assumed) of € 10 million, resulting in negative goodwill of € 4 million which was recognized in other income in
the Group’s income statement of the first quarter 2010. The investment was integrated into CB&S.
Also in 2010, the Group acquired 100 % of the voting rights of a U.S. based investment advisor company for a
total consideration of € 2 million which was fully allocated to goodwill. Consolidation of the company commenced
in the fourth quarter 2010. The investment was integrated into CB&S.