The following table sets forth the results of our Corporate Investments Group Division for the years ended December 31, 2003 and 2002, in accordance with our management reporting systems:
| 2003 increase (decrease) from 2002 | ||||
| in € m. (except where indicated) | 2003 | 2002 | in € | in % |
| Net revenues | (916) | 3,000 | (3,916) | (131) |
| Therein: Net interest and trading revenues | (6) | (29) | 23 | 79 |
| Provision for loan losses | 36 | 155 | (119) | (77) |
| Provision for off-balance sheet positions | (2) | (11) | 9 | 84 |
| Total provision for credit losses | 35 | 144 | (110) | (76) |
| Operating cost base | 681 | 1,228 | (547) | (45) |
| Minority interest | (31) | 3 | (34) | N/M |
| Restructuring activities | – | 1 | (1) | (100) |
| Goodwill impairment | 114 | 62 | 52 | 84 |
| Total noninterest expenses1 | 763 | 1,293 | (530) | (41) |
| Therein: Severance payments | 20 | 19 | 1 | 4 |
| Income (loss) before income taxes | (1,714) | 1,563 | (3,277) | N/M |
| Add (deduct) | ||||
| Net (gains)/losses from businesses sold/held for sale | 141 | (18) | 159 | N/M |
| Significant equity pick-ups/net (gains)/losses from investments | 938 | 1,197 | (259) | (22) |
| Net (gains)/losses on securities available for sale /industrial holdings incl. hedging | 184 | (3,659) | 3,844 | 105 |
| Net (gains)/losses on the sale of premises | 107 | – | 107 | N/M |
| Restructuring activities | – | 1 | (1) | (100) |
| Goodwill impairment | 114 | 62 | 52 | 84 |
| Underlying pre-tax loss | (232) | (855) | 623 | 73 |
| Cost/income ratio in % | N/M | 43% | N/M | N/M |
| Underlying cost/income ratio in % | 150% | N/M | N/M | N/M |
| Assets | 18,987 | 26,536 | (7,549) | (28) |
| Risk-weighted positions (BIS risk positions) | 13,019 | 19,219 | (6,200) | (32) |
| Average active equity2 | 5,236 | 6,522 | (1,286) | (20) |
| Return on average active equity in % | (33%) | 24% | (57) ppt | N/M |
| Underlying return on average active equity in % | (4%) | (13%) | 9 ppt | 66 |
| N/M – Not meaningful | |
| ppt – percentage points | |
| 1 | Excludes provision for off-balance sheet positions (reclassified to provision for credit losses). |
| 2 | See Note [28] to the consolidated financial statements for a description of how average active equity is allocated to the divisions. |
Our Corporate Investments Group Division reported a loss before income taxes of € 1.7 billion for the year ended December 31, 2003, compared to income before income taxes of € 1.6 billion in the year ended December 31, 2002. The decrease was primarily attributable to lower gains from the sale of industrial holdings.