SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Notes to the Consolidated Financial Statements F-64
Annual Report 2010 on Form 20-F 04 – Acquisitions and Dispositions
In discontinuing the held for sale accounting for the investment at the end of the third quarter 2008, the assets
and liabilities of Maher Terminals were reclassified from the held for sale category, with the reacquisition
accounted for as a purchase transaction. The cost of this acquisition was allocated as goodwill of € 33 million
and net tangible assets of € 76 million. At acquisition, Maher Terminals was included in AWM. Following a
change in management responsibility, Maher Terminals was transferred to CI effective January 1, 2009.
As of the acquisition date, the impact on the Group’s balance sheet was as follows.
in € m.
Carrying value before
the acquisition and
included under
held-for-sale category
Reclassification from
held-for-sale category
and Adjustments to
fair value Fair value
Assets:
Interest-earning time deposits with banks – 30 30
Property and equipment – 169 169
Goodwill – 597 597
Other intangible assets – 770 770
All remaining assets 1,840 (1,656) 184
Total assets 1,840 (90) 1,750
Liabilities:
Long-term debt – 839 839
All remaining liabilities 983 (845) 138
Total liabilities 983 (6) 977
Net assets 857 (84) 773
Total liabilities and equity 1,840 (90) 1,750
Post-acquisition net revenues and net losses after tax related to Maher Terminals in 2008 amounted to negative
€ 7 million and € 256 million, respectively. The latter included a charge of € 175 million net of tax reflecting a
goodwill impairment loss recognized in the fourth quarter 2008.
DB HedgeWorks, LLC
On January 31, 2008, the Group acquired 100 % of HedgeWorks, LLC, a hedge fund administrator based in the
United States which it subsequently renamed DB HedgeWorks, LLC (“DB HedgeWorks”). The acquisition further
strengthened the Group’s service offering to the hedge fund industry. The cost of this business combination
consisted of a cash payment of € 19 million and another € 15 million subject to the acquiree exceeding certain
performance targets over the following three years. The purchase price was allocated as goodwill of € 28 million,
other intangible assets of € 5 million and net tangible assets of € 1 million. DB HedgeWorks is included in GTB.
The impact of this acquisition on the Group’s balance sheet was as follows.