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 88
Real Estate Leasing Funds
We provide guarantees to SPEs that hold real estate assets (commercial and residential land and buildings and
infrastructure assets located in Germany) that are financed by third parties and leased to our clients. These
guarantees are only drawn upon in the event that the asset is destroyed and the insurance company does not
pay for the loss. If the guarantee is drawn we hold a claim against the insurance company. We also write put
options to closed-end real estate funds set up by us, which purchase commercial or infrastructure assets located
in Germany and which are then leased to third parties. The put option allows the shareholders to sell the asset
to us at a fixed price at the end of the lease. As at December 31, 2010 and December 31, 2009 the notional
amount of the guarantees was € 514 million and € 525 million respectively, and the notional of the put options
was € 246 million and € 246 million respectively. The guarantees and the put options have an immaterial fair value.
We do not consolidate these SPEs as we do not hold the majority of their risks and rewards.
Tabular Disclosure of Contractual Obligations
The table below shows the cash payment requirements from contractual obligations outstanding as of December
31, 2010.
Contractual obligations Payment due by period
in € m. Total
Less than
1 year 1–3 years 3–5 years
More than
5 years
Long-term debt obligations 169,660 28,870 44,296 35,703 60,791
Trust preferred securities 12,250 1,334 2,736 1,745 6,435
Long-term financial liabilities designated at fair
value through profit or loss 1 16,383 3,675 4,711 3,040 4,957
Finance lease obligations 155 17 29 36 73
Operating lease obligations 5,221 831 1,341 975 2,074
Purchase obligations 2,643 578 1,407 585 73
Long-term deposits 58,729 – 22,461 12,969 23,299
Other long-term liabilities 13,298 662 732 1,044 10,860
Total 278,339 35,967 77,713 56,097 108,562
1 Mainly long-term debt and long-term deposits designated at fair value through profit or loss.
Figures above do not include the benefit of noncancelable sublease rentals of € 248 million on operating leases.
Purchase obligations for goods and services include future payments for, among other things, processing,
information technology and custodian services. Some figures above for purchase obligations represent minimum
contractual payments and actual future payments may be higher. Long-term deposits exclude contracts with a
remaining maturity of less than one year. Under certain conditions future payments for some long-term financial
liabilities designated at fair value through profit or loss may occur earlier. See the following notes to the consolidated
financial statements for further information: Note 12 “Financial Assets/Liabilities at Fair Value through
Profit or Loss”, Note 23 “Leases”, Note 27 “Deposits” and Note 30 “Long-Term Debt and Trust Preferred
Securities”.
Research and Development, Patents and Licenses
Not applicable.