entire - Deutsche Bank Annual Report 2012

Deutsche Bank 01 – Management Report 16
Financial Report 2010 Operating and Financial Review
Segment Results of Operations
The following is a discussion of the results of our business segments. See Note 05 “Business Segments and
Related Information” to the consolidated financial statements for information regarding
— our organizational structure;
— effects of significant acquisitions and divestitures on segmental results;
— changes in the format of our segment disclosure;
— the framework of our management reporting systems;
— consolidating and other adjustments to the total results of operations of our business segments, and
— definitions of non-GAAP financial measures that are used with respect to each segment.
The criterion for segmentation into divisions is our organizational structure as it existed at December 31, 2010.
Segment results were prepared in accordance with our management reporting systems.
2010
in € m.
(unless stated otherwise)
Corporate &
Investment
Bank
Private
Clients and
Asset
Management
Corporate
Investments
Total
Management
Reporting
Consolidation
&
Adjustments
Total
Consolidated
Net revenues 20,929 1 10,043 (2,020) 2
28,953 (386) 28,567
Provision for credit losses 488 789 (4) 1,273 0 1,274
Total noninterest expenses
therein:
14,422 8,258 637 23,318 1 23,318
Policyholder benefits and claims 486 0 – 486 – 485
Impairment of intangible assets 29 – – 29 – 29
Restructuring activities – – – – – –
Noncontrolling interests 20 6 (2) 24 (24) –
Income (loss) before income taxes 5,999 989 (2,649) 4,339 (363) 3,975
Cost/income ratio 69 % 82 % N/M 81 % N/M 82 %
Assets 3 1,519,983 412,477 17,766 1,894,282 11,348 1,905,630
Average active equity 4 18,644 10,635 4,168 33,446 7,907 41,353
Pre-tax return on average active equity 5 N/M – Not meaningful
32 % 9 % (64) % 13 % N/M 10 %
1 Includes a gain from the recognition of negative goodwill related to the acquisition of the commercial banking activities of ABN AMRO in the Netherlands of
€ 208 million as reported in the second quarter 2010 which is excluded from the Group’s target definition.
2 Includes a charge related to the investment in Deutsche Postbank AG of € 2,338 million, which is excluded from the Group’s target definition.
3 The sum of corporate divisions does not necessarily equal the total of the corresponding group division because of consolidation items between corporate divisions,
which are to be eliminated on group division level. The same approach holds true for the sum of group divisions compared to ‘Total Consolidated’.
4 For management reporting purposes goodwill and other intangible assets with indefinite lives are explicitly assigned to the respective divisions. Average active equity
is first allocated to divisions according to goodwill and intangible assets; remaining average active equity is allocated to divisions in proportion to the economic capital
calculated for them.
5 For the calculation of pre-tax return on average active equity please refer to Note 05 “Business Segments and Related Information”. For ‘Total consolidated’, pre-tax
return on average shareholders’ equity is 10 %.