SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank Notes to the Consolidated Balance Sheet F-129
Annual Report 2010 on Form 20-F 25 – Assets Held for Sale
Assets Held for Sale as of December 31, 2009
As of December 31, 2009, the Group classified several disposal groups (comprising nineteen subsidiaries),
three investments in associates, a loan and several real estate assets allocated to the Corporate Division
Corporate Banking & Securities (CB&S) as held for sale. The Group reported these items in other assets and
other liabilities and valued them at the lower of their carrying amount or fair value less costs to sell resulting in
an impairment loss of € 10 million relating to the disposal groups which was recorded in other income in CB&S.
The disposal groups, the three investments in associates and the loan related to a series of renewable energy
development projects. The real estate assets included commercial and residential property in North America
owned through foreclosure. In 2010, these items were no longer classified as held for sale due to the current
market conditions that made the timing of the ultimate disposal of these investments uncertain.
Assets Held for Sale as of December 31, 2008
As of December 31, 2008, the Group classified several real estate assets as held for sale. The Group reported
these items in other assets and valued them at the lower of their carrying amount or fair value less costs to sell,
which did not lead to an impairment loss in 2008. The real estate assets included commercial and residential
property in Germany and North America owned by CB&S through foreclosure. The real estate assets in Germany
and most of the items in North America were sold in 2009.
As of December 31, 2007, the Group classified three disposal groups (two subsidiaries and a consolidated
fund) and several non-current assets as held for sale. The Group reported these items in other assets and
other liabilities, and valued them at the lower of their carrying amount or fair value less costs to sell, resulting
in an impairment loss of € 2 million in 2007, which was recorded in income before income taxes of the Group
Division Corporate Investments (CI).
The three disposal groups included two in the Corporate Division Asset and Wealth Management (AWM). One
was an Italian life insurance company for which a disposal contract was signed in December 2007 and which
was sold in the first half of 2008, and a second related to a real estate fund in North America, which ceased to
be classified as held for sale as of December 31, 2008. The expenses which were not to be recognized during
the held for sale period, were recognized at the date of reclassification. This resulted in an increase of other
expenses of € 13 million in AWM in 2008. This amount included expenses of € 3 million which related to 2007.
Due to the market conditions the timing of the ultimate disposal of this investment was uncertain. The last disposal
group, a subsidiary in CI, was classified as held for sale at year-end 2006 but, due to circumstances arising in
2007 that were previously considered unlikely, was not sold in 2007. In 2008, the Group changed its plans to
sell the subsidiary because the envisaged sales transaction did not materialize due to the lack of interest of the
designated buyer. In the light of the weak market environment there were no sales activities regarding this
subsidiary. The reclassification did not lead to any impact on revenues and expenses.