SEC Form 20-F - Deutsche Bank Annual Report 2012

Deutsche Bank
Annual Report 2010 on Form 20-F
Item 5: Operating and Financial Review and Prospects 79
€ 75 million on The Cosmopolitan of Las Vegas property. Net revenues in 2008 included net gains of € 1.3 billion
from the sale of industrial holdings (mainly related to Daimler AG, Allianz SE and Linde AG), a gain of € 96 million
from the disposal of our investment in Arcor AG & Co. KG, dividend income of € 114 million, as well as markdowns,
including the impact from our option to increase our share in Hua Xia Bank Co. Ltd.
Total noninterest expenses were € 581 million, an increase of € 487 million compared to 2008. This increase
was mainly related to our investment in Maher Terminals (for which management responsibility changed from
AWM to CI in the first quarter 2009), including a goodwill impairment charge of € 151 million.
At year end 2009, the alternative assets portfolio of CI had a carrying value of € 2.1 billion compared to
€ 434 million at year end 2008. This increase was mainly related to the change in management responsibilities
for certain assets from AWM and CB&S to CI.
Liquidity and Capital Resources
For a detailed discussion of our liquidity risk management, see “Item 11: Quantitative and Qualitative Disclosures
about Credit, Market and Other Risk – Liquidity Risk.” For a detailed discussion of our capital management,
see “Item 11: Quantitative and Qualitative Disclosures about Credit, Market and Other Risk – Liquidity
Risk – Capital Management” and Note 36 “Regulatory Capital” to the consolidated financial statements.
Post-Employment Benefit Plans
We sponsor a number of post-employment benefit plans on behalf of our employees, both defined contribution
plans and defined benefit plans.
Defined benefit plans with a benefit obligation exceeding € 2 million are included in our globally coordinated
accounting process. Reviewed by our global actuary, the plans in each country are evaluated by locally
appointed actuaries.
By applying our global principles for determining the financial and demographic assumptions we ensure that
the assumptions are unbiased and mutually compatible and that they follow the best estimate and ongoing
plan principles.
For a further discussion on our employee benefit plans see Note 33 “Employee Benefits” to our consolidated
financial statements.