SEC Form 20-F - Deutsche Bank Annual Report 2012

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Deutsche Bank Notes to the Consolidated Balance Sheet F-106 Annual Report 2010 on Form 20-F 17 – Equity Method Investments 17 – Equity Method Investments Investments in associates and jointly controlled entities are accounted for using the equity method of accounting. As of December 31, 2010 the following investees were significant, representing 75 % of the carrying value of equity method investments. Investment 1 Ownership percentage Actavis Equity S.à r.l., Luxembourg 2 0.00 % AKA Ausfuhrkredit-Gesellschaft mit beschränkter Haftung, Frankfurt 28.85 % BATS Global Markets, Inc., Wilmington 3 8.46 % BrisConnections Investment Trust, Kedron 35.59 % Challenger Infrastructure Fund, Sydney 20.21 % Compañía Logística de Hidrocarburos CLH, S.A., Madrid 3 5.00 % DMG & Partners Securities Pte Ltd, Singapore 49.00 % Gemeng International Energy Group Company Limited, Taiyuan 3 9.00 % Harvest Fund Management Company Limited, Shanghai 30.00 % HHG Private Capital Portfolio No.1 L.P., London 3 17.57 % Huamao Property Holdings Ltd., George Town 3 0.00 % K & N Kenanga Holdings Bhd, Kuala Lumpur 3 16.55 % Marblegate Special Opportunities Master Fund, L.P., George Town 44.62 % MFG Flughafen-Grundstücksverwaltungsgesellschaft mbH & Co. BETA KG, Gruenwald 29.58 % Nexus LLC, Wilmington 3 12.22 % Rongde Asset Management Company Limited, Beijing 40.70 % Spark Infrastructure Group, Sydney 3 2.28 % 1 All significant equity method investments are investments in associates. 2 Equity method accounting based on subordinated financing arrangement, for further information please see below. 3 The Group has significant influence over the investee through board seats or other measures. Actavis. On November 24, 2010, Deutsche Bank completed the restructuring of loans it held with the Icelandic generic pharmaceutical group Actavis Group hF. (“Actavis”). The restructuring resulted in Deutsche Bank continuing to provide both senior and subordinated debt financing to Actavis as well as a new Payment in Kind (“PIK”) financing arrangement. The terms of the subordinated financing arrangement resulted in Deutsche Bank having an equity method investment in Actavis Equity S.à r.l. (“Actavis Equity”), a 100 percent holding company of Actavis. The terms of the subordinated financing arrangement give Deutsche Bank certain noncontrolling rights, consents and vetoes over certain financial and operating decisions of Actavis Equity. In addition, the terms of the subordinated financing arrangement subordinate repayments of amounts owing where the borrower is unable to pay its debts or on the sale of Actavis Equity or its subsidiaries. The effect of these rights and restrictions resulted in the treatment of the subordinated financing arrangement as equity for accounting purposes. The terms of the PIK financing arrangement also provide for the subordination of amounts owed to Deutsche Bank (in the form of interest or repayment premium) under such arrangements where the borrower is unable to pay its debts or on the sale of Actavis Equity or its subsidiaries. The carrying value of Actavis, which reflects the subordinated financing arrangement, is based on its financial position to September 30, 2010 adjusted to take into account transactions after that date.
Deutsche Bank Notes to the Consolidated Balance Sheet F-107 Annual Report 2010 on Form 20-F 17 – Equity Method Investments Postbank. As of December 31, 2009, Deutsche Postbank AG, was the Group’s only significant equity method investment, representing approximately 75 % of the carrying value of equity method investments individually. On December 3, 2010, Deutsche Bank gained a controlling majority in Postbank shares and commenced consolidation of the Postbank Group as of that date. As a consequence the Group ceased equity method accounting for its investment in Postbank. For information on the Postbank acquisition please refer to Note 04 “Acquisitions and Dispositions”. Summarized aggregated financial information of significant equity method investees follows. in € m. Dec 31, 2010 Dec 31, 2009 Total assets 17,317 15,945 Total liabilities 12,393 11,415 Revenues 3,145 3,385 Net income (loss) 428 378 The following are the components of the net income (loss) from all equity method investments. in € m. 2010 2009 Net income (loss) from equity method investments: Pro-rata share of investees’ net income (loss) 457 189 Net gains (losses) on disposal of equity method investments 14 21 Impairments (2,475) (151) Total net income (loss) from equity method investments (2,004) 59 In 2010 a charge of approximately € 2.3 billion attributable to the equity method investment in Deutsche Postbank AG prior to consolidation is included. For further detail please see Note 04 “Acquisitions and Dispositions”. There was no unrecognized share of losses of an investee, neither for the period, nor cumulatively. Equity method investments for which there were published price quotations had a carrying value of € 280 million and a fair value of € 561 million as of December 31, 2010, and a carrying value of € 6.1 billion and a fair value of € 3.8 billion as of December 31, 2009. The investees have no significant contingent liabilities to which the Group is exposed. Except as otherwise noted, in 2010 and 2009, none of the Group’s investees experienced any significant restrictions to transfer funds in the form of cash dividends, or repayment of loans or advances.
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2011 April 28, 2011 Interim Report
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SEC Form 20-F - Deutsche Bank Annual Report 2012

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