SEC Form 20-F - Deutsche Bank Annual Report 2012

More documents

Recommendations

Info

Deutsche Bank Notes to the Consolidated Balance Sheet F-118 Annual Report 2010 on Form 20-F 24 – Goodwill and Other Intangible Assets The DCF model uses earnings projections and respective capitalization assumptions based on financial plans agreed by management which, for purposes of the goodwill impairment test, are extrapolated to a five-year period and are discounted to their present value. Estimating future earnings and capital requirements involves judgment, considering past and actual performance as well as expected developments in the respective markets, in the overall macroeconomic and regulatory environment. Earnings projections beyond the initial five-year period are, where applicable, adjusted to derive a sustainable level and assumed to increase by or converging towards a constant long-term growth rate of 3.7 %, which is based on expectations for the development of gross domestic product and inflation, and are captured in the terminal value. Key Assumptions and Sensitivities Key Assumptions: The value in use of a cash-generating unit is sensitive to the earnings projections, to the discount rate applied and, to a much lesser extent, to the long-term growth rate. The discount rates applied have been determined based on the capital asset pricing model which is comprised of a risk-free interest rate, a market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk-free interest rate, the market risk premium and the beta factors are determined using external sources of information. Business-specific beta factors are determined based on a respective group of peer companies. Variations in all of these components might impact the calculation of the discount rates. The following table summarizes descriptions of key assumptions underlying the projected future earnings, management’s approach to determining the values assigned to key assumptions as well as the uncertainty associated with the key assumption and potential events and circumstances that could have a negative effect for the Group’s primary cash-generating units.
Deutsche Bank Notes to the Consolidated Balance Sheet F-119 Annual Report 2010 on Form 20-F 24 – Goodwill and Other Intangible Assets Primary cashgenerating unit Description of key assumptions Corporate Banking & Securities Global Transaction Banking Asset Management - Cost savings in light of Group-wide infrastructure efficiency increase and Complexity Reduction Program - Successful integration of the investment bank - Robust, possibly increasing trading volumes and margins - Focus on flow products and benefiting from leading client market shares - Increased focus on EM Debt, commodities and electronic trading - Corporate Finance fee pools continue to recover - Cost savings in light of Group-wide infrastructure efficiency increase and Complexity Reduction Program - Capitalize on synergies resulting from CIB integration - Stable macroeconomic environment - Interest rate levels - Recovery in international trade volumes, cross-border payments and corporate actions - Deepening relationships with Complex Corporates and Institutional Clients in existing regions while pushing further growth in Asia - Successful integration of parts of ABN AMRO’s corporate and commercial banking activities in the Netherlands - Cost savings in light of Group-wide infrastructure efficiency increase and Complexity Reduction Program as well as re-engineered AM platform - Market appetite to regain prior year losses stimulating alternative assets investments - Growing allocations into alternative assets - Continuing recovery in equity and real estate markets - Ongoing growing wealth in emerging economies and Sovereign Wealth Funds - Ongoing shift from state pension to private retirement funding and benefiting from product innovation - Outsourcing of investment management mandates by insurance companies - Increased interest and appetite for Climate Change investments Management’s approach to determining the values assigned to key assumptions - The key assumptions have been based on a combination of internal and external studies (consulting firms, research) - Management estimates concerning CIB integration and cost reduction program are also based on progress made to date across various initiatives - The key assumptions have been based on a combination of internal and external sources - Macroeconomic trends are supported by studies while internal growth plans and impact from efficiency initiatives have been based on management/high level business case assumptions - Equity Markets growth assumptions are based on internal studies from DB Research - Other business growth and efficiency assumptions are based on business management input validated by internal independent function - Platform cost reductions are derived from analysis of competitors and trend analyses within PCAM Uncertainty associated with key assumption and potential events/circumstances that could have a negative effect - Uncertainty around regulation and its potential implications not yet anticipated - Unforeseen macroeconomic environment leading to slowdown in activity - Attrition and loss of key talent in certain sectors and resurgence of competition - Cost savings are not achieved to the extent planned - Unexpected weak recovery of the world economy and its impact on trade volumes, interest rate and foreign exchange rates - Delay in implementation of efficiency measures - Uncertainty around regulation and its potential implications not yet anticipated - Reoccurrence of market volatility - Investors continue to retreat to cash or simpler, lower fee products - Cost savings are not achieved to the extent planned
Page 1:
Deutsche Bank Annual Report 2010 on
Page 4 and 5:
Page 6 and 7:
Page 8 and 9:
Page 11 and 12:
Deutsche Bank Item 3: Key Informati
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Deutsche Bank Item 15: Controls and
Page 203 and 204:
Deutsche Bank Item 16A: Audit Commi
Page 205 and 206:
Deutsche Bank Item 16C: Principal A
Page 207 and 208:
Deutsche Bank Item 16E: Purchases o
Page 209 and 210:
Deutsche Bank Item 16G: Corporate G
Page 211 and 212:
Deutsche Bank Item 16G: Corporate G
Page 213 and 214:
Deutsche Bank Item 19: Exhibits 203
Page 215 and 216:
Deutsche Bank Aktiengesellschaft Co
Page 217 and 218:
Deutsche Bank Deutsche Bank Aktieng
Page 219 and 220:
Deutsche Bank Consolidated Financia
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Deutsche Bank Notes to the Consolid
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 259 and 260:
Page 261 and 262:
Page 263 and 264:
Page 265 and 266:
Page 267 and 268:
Page 269 and 270:
Page 271 and 272:
Page 273 and 274:
Page 275 and 276:
Page 277 and 278:
Page 279 and 280:
Page 281 and 282: Deutsche Bank Notes to the Consolid
Page 331: Deutsche Bank Notes to the Consolid
Page 351 and 352: Deutsche Bank Additional Notes F-13
Page 383 and 384:
Deutsche Bank Additional Notes F-16
Page 385 and 386:
Page 387 and 388:
Page 389 and 390:
Page 391 and 392:
Page 393 and 394:
Page 395 and 396:
Deutsche Bank Supplemental Financia
Page 397 and 398:
Page 399 and 400:
Page 401 and 402:
Page 403 and 404:
Page 405 and 406:
Page 407 and 408:
Page 409 and 410:
Page 411 and 412:
Page 413 and 414:
Page 416:
2011 April 28, 2011 Interim Report
show all

SEC Form 20-F - Deutsche Bank Annual Report 2012

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?