SEC Form 20-F - Deutsche Bank Annual Report 2012

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Deutsche Bank Notes to the Consolidated Balance Sheet F-120 Annual Report 2010 on Form 20-F 24 – Goodwill and Other Intangible Assets Primary cashgenerating unit Description of key assumptions Private Wealth Management Private & Business Clients - Cost savings in light of Group-wide infrastructure efficiency increase and Complexity Reduction Program - Market appetite to regain prior year losses stimulating alternative assets investments - Continuing recovery in equity and real estate markets - Growing wealth pools in mature and emerging markets - Market share increases in fragmented competitive environment - Asset gathering and allocation shifts - Benefiting from home market leadership - Positive results from Sal. Oppenheim integration - Organic growth in Asia/Pacific with hiring and intensified cooperation with CIB - Complexity reductions and efficiency improvements by enforcing a global PWM platform - Cost savings in light of Group-wide infrastructure efficiency increase and Complexity Reduction Program - Leading position in home market, Germany, strong position in other European markets and growth options in key Asian countries - Achievement of synergies between Deutsche Bank and Postbank on revenue and cost side - Market share gains in Germany via customer and volume gains using the strong advisory proposition - Benefiting from branch network expansion in India and stake increase in Hua Xia Bank in China Management’s approach to determining the values assigned to key assumptions - Complexity Reduction expectations based on internal input - Macroeconomic data and market data (e.g. asset classes recovery) based on DB Research input - Growth potential across markets based on external sources (strategy consultancies) and historical performance - Sal. Oppenheim targets based on separate integration analyses and strategy - All assumptions regarding PBC’s future development are backed with respective projects and initiatives - All initiatives were based on a business case developed by management validated by internal and external data Uncertainty associated with key assumption and potential events/circumstances that could have a negative effect - Unfavorable fiscal policy for off-shore banking - Uncertainties in Euro and USD zone and overall unstable foreign exchange environment - Volatility in emerging markets - Sharp drop in economic growth - Continued low interest rates - Risk that synergies related to Postbank acquisition do not realize or realize later than foreseen - Costs to achieve the synergies are higher than foreseen Pre-tax discount rates applied to determine the value in use of the primary cash-generating units in 2010 and 2009 are as follows.
Deutsche Bank Notes to the Consolidated Balance Sheet F-121 Annual Report 2010 on Form 20-F 24 – Goodwill and Other Intangible Assets Primary cash generating units Discount rate (pre-tax) 2010 2009 Corporate & Investment Bank Corporate Banking & Securities 13.9 % N/A 1 Global Transaction Banking Private Clients and Asset Management 11.7 % 12.5 % Asset Management 12.5 % 13.5 % Private Wealth Management 12.2 % 13.2 % Private & Business Clients 13.1 % 13.1 % N/A – Not applicable 1 Respective pre-tax discount rates in 2009 were 14.7 % for Global Markets and 14.5 % for Corporate Finance. Sensitivities: In validating the value in use determined for the cash-generating units, the major value drivers of each cash-generating unit are reviewed annually. In addition, key assumptions used in the DCF model (for example, the discount rate and the earnings projections) are sensitized to test the resilience of value in use. The recoverable amounts of all primary cash-generating units were substantially in excess of their respective carrying amounts. On this basis, management believes that reasonably possible changes in key assumptions used to determine the recoverable amount of the Group’s primary cash-generating units would not result in an impairment. However, certain global risks for the banking industry such as an unexpected weak recovery of the world economy, a potential sovereign default and overly costly and internationally fragmented new regulation may negatively impact the performance forecasts of certain of the Group’s cash-generating units and, thus, could result in an impairment of goodwill in the future. Other Intangible Assets Other intangible assets are separated into purchased and internally-generated intangible assets. While purchased intangible assets are further split into unamortized and amortized other intangible assets, internally- generated intangible assets consist only of internally-generated software. The changes of other intangible assets by asset class for the years ended December 31, 2010, and 2009, are as follows.
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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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