The Group's pro-rata share of the investees' income or loss determined on a U.S. GAAP basis was a profit of € 42 million and a loss of € 753 million for the years ended December 31, 2003 and 2002, respectively. In addition, write-offs for other-than-temporary impairments of € 617 million and € 305 million for the years ended December 31, 2003 and 2002, respectively, were included in net loss from equity method investments.
Loans to equity method investees, trading assets related to these investees as well as debt securities available for sale issued by these investees amounted to € 5,085 million and € 5,971 million at December 31, 2003 and 2002, respectively. At December 31, 2003, loans totaling € 115 million to three equity method investees were on nonaccrual status. At December 31, 2002, loans totaling € 117 million to two equity method investees were on nonaccrual status.
At December 31, 2003, the following investees were significant representing 75% of the carrying value of equity method investments:
| Investment | Ownership |
| Atradius N.V., Amsterdam1 | 38.36% |
| Blackrock US Low Duration Bond Fund, Drinagh | 21.40% |
| Cassa di Risparmio di Asti S.p.A., Asti | 20.00% |
| Debra International Finance Coöperatieve U.A., Amsterdam | 25.00% |
| Deutsche European Partners IV, London | 24.46% |
| Deutsche Interhotel Holding GmbH & Co. KG, Berlin | 45.51% |
| EUROHYPO AG, Frankfurt am Main | 37.72% |
| Fondo Piramide Globale, Milan | 39.88% |
| MidOcean Partners, LP, New York | 20.00% |
| MLA Funding Limited, London2 | 94.34% |
| Santorini Investments Limited Partnership, Edinburgh2 | 51.00% |
| 1 | Formerly, Gerling NCM Credit and Finance AG, Köln. |
| 2 | The Group does not have a controlling financial interest in these investees. |
The following table provides a summary of the aggregated statement of income (on a U.S. GAAP basis) of the Group's aforementioned significant investees (excluding EUROHYPO AG, which is considered on an individual basis below).
| in € m. | 2003 | 2002 | 2001 |
| Interest revenues, and commissions and fees, net | 137 | 125 | 105 |
| Trading revenues , net | 282 | (493) | (4) |
| Gross profits on sales and net income from insurance business | 82 | 32 | 77 |
| Income from other investments and gains on securities available for sale, net | (126) | (6) | 10 |
| Other revenues | 64 | 40 | 144 |
| Total revenues | 439 | (302) | 332 |
| Provision for loan losses | 8 | 7 | 8 |
| Compensation and benefits | 23 | 21 | 24 |
| Other expenses | 119 | 146 | 251 |
| Total expenses | 150 | 174 | 283 |
| Income (loss) before income tax expense | 289 | (476) | 49 |
| Income tax expense | 48 | 16 | 27 |
| Net income (loss) | 241 | (492) | 22 |
The following table provides a summary of the aggregated balance sheet (on a U.S. GAAP basis) of the Group's aforementioned significant investees (excluding EUROHYPO AG, which is considered on an individual basis below).
| in € m. | Dec 31, 2003 | Dec 31, 2002 |
| Assets | ||
| Cash, deposits with banks and receivables | 1,847 | 2,632 |
| Trading assets | 380 | 463 |
| Securities available for sale and other investments | 2,792 | 1,706 |
| Loans, net | 4,022 | 951 |
| Property, plant, equipment and inventories | 822 | 754 |
| Goodwill and other intangible assets | 70 | 80 |
| Other assets | 274 | 1,069 |
| Total assets | 10,207 | 7,655 |
| Liabilities and equity | ||
| Notes payable to banks | 528 | 581 |
| Deposits received from customers | 1,263 | 1,248 |
| Long-term liabilities | 2,487 | 1,148 |
| Other liabilities and provisions | 1,862 | 2,649 |
| Minority interest | 2 | 2 |
| Capital and reserves | 3,812 | 2,557 |
| Accumulated other comprehensive income (loss) | 12 | (38) |
| Profit (loss) of the reporting period | 241 | (492) |
| Total liabilities and equity | 10,207 | 7,655 |