SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Notes to the Consolidated Balance Sheet F-126
Annual Report 2010 on Form 20-F 25 – Assets Held for Sale
25 –
Assets Held for Sale
Assets Held for Sale as of December 31, 2010
As of the balance sheet date, total assets held for sale amounted to € 13,468 million. They were reported in
other assets. The Group valued the non-current assets and disposal groups classified as held for sale at the
lower of their carrying amount and fair value less costs to sell. Financial instruments were measured following
the general provisions of IAS 39.
BHF-BANK
On December 23, 2010, Deutsche Bank announced that it had agreed with Liechtenstein’s LGT Group on
important aspects of the sale of BHF-BANK AG (“BHF-BANK”) and to conduct exclusive negotiations with LGT
Group concerning the contemplated sale of BHF-BANK. The negotiations to finalize the contractual details are
expected to be completed during the first quarter of 2011 and the Group expects BHF-BANK to be sold within
one year. Accordingly and as of December 31, 2010, the Group classified BHF-BANK as a disposal group held
for sale. BHF-BANK was previously acquired as a part of the acquisition of the Sal. Oppenheim Group and is
allocated to the Corporate Division Asset and Wealth Management (AWM). The reclassification to the held-forsale
category triggered an impairment loss of € 62 million before tax which was recorded in other income of the
Group’s income statement of the fourth quarter 2010. Regarding this impairment there has been a release of
€ 16 million of deferred taxes.
The following are the principal components of BHF-BANK’s assets and liabilities which the Group classified as
held for sale as of December 31, 2010.
in € m. Dec 31, 2010
Cash, due and deposits from banks, Central bank funds sold and securities purchased under resale agreements 1,109
Trading assets, Derivatives, Financial assets designated at fair value through P&L 3,653
Financial assets available for sale 4,253
Loans 1,763
Other assets 1,501
Total assets classified as held for sale 12,280
Deposits, Central bank funds purchased and securities sold under repurchase agreements 7,534
Trading liabilities (excl. derivatives), Derivatives, Financial liabilities designated at fair value through P&L 2,650
Other liabilities 608
Long-term debt 981
Total liabilities classified as held for sale 11,773
Relating to BHF-BANK’s available-for-sale portfolio, unrealized net losses of € 27 million were recognized
directly in accumulated other comprehensive income (net of applicable tax). These unrealized net losses will
remain in equity until such time as the investment in BHF-BANK is sold, at which time the losses shall be
reclassified from equity to profit or loss.