SEC Form 20-F - Deutsche Bank Annual Report 2012

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Deutsche Bank Additional Notes F-174 Annual Report 2010 on Form 20-F 42 – Condensed Consolidating Financial Information The following table presents the Parent Company’s long-term debt by remaining maturities. By remaining maturities Due in 2011 Due in 2012 Due in 2013 Due in 2014 Due in 2015 Due after 2015 Total Dec 31, 2010 Total Dec 31, 2009 in € m. Senior debt: Bonds and notes: Fixed rate 12,794 12,397 8,143 7,132 15,041 24,640 80,147 79,735 Floating rate 10,242 10,586 6,012 1,981 3,724 16,685 49,230 48,323 Subordinated debt Bonds and notes: Fixed rate 2,786 1,546 2,273 501 1,600 6,275 14,981 13,317 Floating rate 3,025 657 224 233 84 291 4,514 4,231 Total long-term debt 28,847 25,186 16,652 9,847 20,449 47,891 148,872 145,606 42 – Condensed Consolidating Financial Information On June 4, 1999, Deutsche Bank, acting through a subsidiary, acquired all outstanding shares of Deutsche Bank Trust Corporation (formerly Bankers Trust Corporation), a bank holding company headquartered in New York. Deutsche Bank conducts some of its activities in the United States through Deutsche Bank Trust Corporation and its subsidiaries (“DBTC”). On July 10, 2002, Deutsche Bank issued full and unconditional guarantees of DBTC’s outstanding SEC-registered obligations. DBTC is a wholly-owned subsidiary of Deutsche Bank. Set forth below is condensed consolidating financial information regarding the Parent, DBTC and other subsidiaries of Deutsche Bank on a combined basis. Deutsche Bank AG has, via several subsidiaries, issued “trust preferred” securities that are listed on the New York Stock Exchange. In each such transaction, an indirect wholly-owned subsidiary of Deutsche Bank AG organized in the form of a Delaware business trust (the “Trust”) issues trust preferred securities (the “Trust Preferred Securities”) in a public offering in the United States. All the proceeds from the sale of the Trust Preferred Securities are invested by the Trust in the Class B Preferred Securities (the “Class B Preferred Securities”) of a second wholly-owned subsidiary of Deutsche Bank AG organized in the form of a limited liability company (the “LLC”). The LLC uses all the proceeds from the sale of the Class B Preferred Securities to the Trust to purchase a debt obligation from Deutsche Bank AG (the “Debt Obligation”). The distributions on the Class B Preferred Securities match those of the Trust Preferred Securities. The Trust Preferred Securities and the Class B Preferred Securities pay distributions quarterly in arrears and are redeemable only upon the occurrence of certain events specified in the documents governing the terms of those securities. Subject to limited exceptions, the Class B Preferred Securities generally cannot be redeemed until at least five or ten years after their issuance. The Trust Preferred Securities and the Class B Preferred Securities are each subject to a full and unconditional subordinated guarantee of Deutsche Bank AG. These subordinated guarantees are general and unsecured obligations of Deutsche Bank AG and rank, both as to payment and in liquidation of Deutsche Bank AG, junior in priority of payment to all current and future indebtedness of Deutsche Bank AG and on parity in priority of payment with the most senior preference shares, if any, of Deutsche Bank AG. The Group treats the Class B Preferred Securities of the LLC as Tier 1 or Upper Tier 2 regulatory capital on a consolidated basis. In the following 2010 condensed consolidating balance sheet, a total of € 5.1 billion of the long-term debt of the Parent and Deutsche Bank AG Consolidated represents the Debt Obligations issued by Deutsche Bank AG to the LLC in these transactions.
Deutsche Bank Additional Notes F-175 Annual Report 2010 on Form 20-F 42 – Condensed Consolidating Financial Information Each such issuance of Trust Preferred Securities is described in the table below. Trust LLC Issuance Date Earliest Redemption Date Parent Long-term Debt 1 Deutsche Bank Capital Funding Trust VIII Deutsche Bank Capital Funding LLC VIII October 18, 2006 October 18, 2011 € 452 million Deutsche Bank Contingent Capital Trust II Deutsche Bank Contingent Capital LLC II May 23, 2007 May 23, 2017 € 602 million Deutsche Bank Capital Funding Trust IX Deutsche Bank Capital Funding LLC IX July 20, 2007 August 20, 2012 € 866 million Deutsche Bank Capital Funding Trust X Deutsche Bank Capital Funding LLC X November 15, 2007 December 15, 2012 € 606 million Deutsche Bank Contingent Capital Trust III Deutsche Bank Contingent Capital LLC III February 20, 2008 February 20, 2018 € 1,487 million Deutsche Bank Contingent Capital Trust V Deutsche Bank Contingent Capital LLC V May 9, 2008 2 June 30, 2018 € 1,043 million 1 Amount of long-term debt of the Parent and Deutsche Bank AG Consolidated represented by the Debt Obligations issued by Deutsche Bank AG to the applicable LLC, as of December 31, 2010. 2 On March 30, 2010, Deutsche Bank AG additionally issued an amount of U.S.$ 120 million. Condensed Consolidating Statement of Income 2010 in € m. Net interest income: Parent DBTC Other subsidiaries Consolidating entries Deutsche Bank AG consolidated Interest income, including dividends from subsidiaries 17,664 627 23,571 (13,083) 28,779 Interest expense 10,432 125 12,559 (9,920) 13,196 Net interest and dividend income 7,232 502 11,012 (3,163) 15,583 Provision for credit losses 395 58 992 (171) 1,274 Net interest and dividend income after provision for credit losses 6,837 444 10,020 (2,992) 14,309 Noninterest income: Commissions and fee income 3,528 725 6,416 – 10,669 Net gains (losses) on financial assets/liabilities at fair value through profit or loss 3,278 (211) (712) 999 3,354 Net gains (losses) on financial assets available for sale 11 (2) 41 151 201 Other income (581) 18 (1,133) 456 (1,240) Total noninterest income 6,236 530 4,612 1,606 12,984 Noninterest expenses: Compensation and benefits 5,954 450 6,267 – 12,671 Other expenses 4,540 238 6,522 (653) 10,647 Total noninterest expenses 10,494 688 12,789 (653) 23,318 Income (loss) before income taxes 2,579 286 1,843 (733) 3,975 Income tax expense (benefit) 592 (59) 525 587 1,645 Net income (loss) 1,987 345 1,318 (1,320) 2,330 Net income (loss) attributable to noncontrolling interests – 2 (2) 20 20 Net income (loss) attributable to Deutsche Bank shareholders 1,987 343 1,320 (1,340) 2,310
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Page 416: 2011 April 28, 2011 Interim Report
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SEC Form 20-F - Deutsche Bank Annual Report 2012

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