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Target definition excludes significant gains (such as gains from the sale of industrial holdings or businesses) or charges (such as charges from restructuring, 
goodwill impairment or litigation) if they are not indicative of the future performance of our core businesses. All our targets will be tracked on this basis.
Pre-tax return on average active equity (target definition)
|
|
Three months ended |
Change | |
|---|---|---|---|
|
in € m. |
Mar 31, 2007 |
Mar 31, 2006 | |
|
Reported income before income taxes (IBIT) |
3,163 |
2,601 |
22 % |
|
Less minority interest |
(11) |
(13) |
(16)% |
|
IBIT attributable to Deutsche Bank shareholders |
3,153 |
2,587 |
22 % |
|
Add (deduct): |
|
|
|
|
Significant gains (net of related expenses) |
(252)1 |
(131)2 |
92 % |
|
Significant charges |
– |
– |
N/M |
|
IBIT attributable to the Deutsche Bank shareholders (target definition) |
2,901 |
2,456 |
18 % |
|
| |||
|
Average shareholders’ equity |
34,194 |
28,981 |
18 % |
|
Add (deduct): |
|
|
|
|
Average unrealized gains on financial assets available for sale/average |
(3,435) |
(2,839) |
21 % |
|
Average dividend accruals |
(2,500) |
(1,605) |
56 % |
|
Average active equity |
28,259 |
24,537 |
15 % |
|
| |||
|
Pre-tax return on average shareholders’ equity |
36.9 % |
35.7 % |
1.2 ppt |
|
Pre-tax return on average active equity |
44.6 % |
42.2 % |
2.4 ppt |
|
Pre-tax return on average active equity (target definition) |
41.1 % |
40.0 % |
1.1 ppt |
|
N/M – Not meaningful | |
|
1 |
Gains from the sale of industrial holdings (Fiat S.p.A.) of € 128 million and income from |
|
2 |
Gain from the sale of the bank’s remaining holding in EUROHYPO of € 131 million. |
AVERAGE ACTIVE EQUITY: We calculate active equity to make it easier to compare us to our competitors and we refer to active equity for several ratios. However, active equity is not a measure provided for in IFRS and you should not compare our ratios based on average active equity to other companies’ ratios without considering the differences in the calculation. The items for which we adjust the average shareholders’ equity are average unrealized net gains on assets available for sale, average fair value adjustments on cash flow hedges (both components net of applicable taxes), as well as average dividends, for which a proposal is accrued on a quarterly basis and for which payments occur once a year following the approval by the general shareholders’ meeting.
PRE-TAX RETURN ON AVERAGE SHAREHOLDERS’ EQUITY: Income before income tax expense attributable to Deutsche Bank shareholders (annualized), which is defined as IBIT less minority interest, as a percentage of average shareholders’ equity.
PRE-TAX RETURN ON AVERAGE ACTIVE EQUITY: Income before income tax expense attributable to Deutsche Bank shareholders (annualized), which is defined as IBIT less minority interest, as a percentage of average active equity.
PRE-TAX RETURN ON AVERAGE ACTIVE EQUITY (TARGET DEFINITION): Income before income tax expense attributable to Deutsche Bank shareholders according to target definition (annualized), which is defined as pre-tax income less significant gains and charges, as a percentage of average active equity.
Diluted earnings per share (target definition)
|
|
Three months ended |
Change | |
|---|---|---|---|
|
in € m. |
Mar 31, 2007 |
Mar 31, 2006 | |
|
Net income attributable to Deutsche Bank shareholders |
2,121 |
1,636 |
30 % |
|
Add (deduct): |
|
|
|
|
Post-tax effect of significant gains/charges |
(197)1 |
(131)2 |
50 % |
|
Significant tax effects |
– |
– |
N/M |
|
Net income attributable to Deutsche Bank shareholders |
1,924 |
1,505 |
28 % |
|
| |||
|
Diluted earnings per share |
€ 4.28 |
€ 3.11 |
38 % |
|
Diluted earnings per share (target definition) |
€ 3.88 |
€ 2.87 |
35 % |
|
N/M – Not meaningful | |
|
1 |
Gains from the sale of industrial holdings (Fiat S.p.A.) of € 126 million and income from equity method investments (Deutsche Interhotel Holding GmbH & Co. KG) of € 125 million, net of related goodwill impairment charge of € 54 million. |
|
2 |
Gain from the sale of the bank’s remaining holding in EUROHYPO of € 131 million. |
DILUTED EARNINGS PER SHARE: Net income (loss) attributable to Deutsche Bank shareholders, which is defined as net income less minority interest, after assumed conversions, divided by weighted average of diluted shares outstanding.
DILUTED EARNINGS PER SHARE (TARGET DEFINITION): Net income (loss) attributable to Deutsche Bank shareholders (basis for target definition EPS), which is defined as net income less minority interest, post-tax effect of significant gains/charges and significant tax effects, after assumed conversions, divided by weighted average of diluted shares outstanding.
