entire - Deutsche Bank Annual Report 2012

Deutsche Bank 02 – Consolidated Financial Statements 259
Financial Report 2010 Notes to the Consolidated Balance Sheet
17 – Equity Method Investments
The carrying value of Actavis, which reflects the subordinated financing arrangement, is based on its financial
position to September 30, 2010 adjusted to take into account transactions after that date.
Postbank. As of December 31, 2009, Deutsche Postbank AG, was the Group’s only significant equity method
investment, representing approximately 75 % of the carrying value of equity method investments individually.
On December 3, 2010, Deutsche Bank gained a controlling majority in Postbank shares and commenced
consolidation of the Postbank Group as of that date. As a consequence the Group ceased equity method
accounting for its investment in Postbank. For information on the Postbank acquisition please refer to Note 04
“Acquisitions and Dispositions”.
Summarized aggregated financial information of significant equity method investees follows.
in € m. Dec 31, 2010 Dec 31, 2009
Total assets 17,317 15,945
Total liabilities 12,393 11,415
Revenues 3,145 3,385
Net income (loss) 428 378
The following are the components of the net income (loss) from all equity method investments.
in € m. 2010 2009
Net income (loss) from equity method investments:
Pro-rata share of investees’ net income (loss) 457 189
Net gains (losses) on disposal of equity method investments 14 21
Impairments (2,475) (151)
Total net income (loss) from equity method investments (2,004) 59
In 2010 a charge of approximately € 2.3 billion attributable to the equity method investment in Deutsche
Postbank AG prior to consolidation is included. For further detail please see Note 04 “Acquisitions and
Dispositions”.
There was no unrecognized share of losses of an investee, neither for the period, nor cumulatively.
Equity method investments for which there were published price quotations had a carrying value of € 280 million
and a fair value of € 561 million as of December 31, 2010, and a carrying value of € 6.1 billion and a fair value
of € 3.8 billion as of December 31, 2009.
The investees have no significant contingent liabilities to which the Group is exposed.
Except as otherwise noted, in 2010 and 2009, none of the Group’s investees experienced any significant
restrictions to transfer funds in the form of cash dividends, or repayment of loans or advances.