Part of the Consolidated Financial Statements as of 31 December 2009; audited by KPMG AG Wirtschaftsprüfungsgesellschaft.

Management Report


The following discussion and analysis should be read in conjunction with the consolidated financial statements and the related notes to them. Our consolidated financial statements for the years ended December 31, 2009 and 2008 have been audited by KPMG AG Wirtschaftsprüfungsgesellschaft that issued an unqualified opinion.

Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

The Group at a Glance

 

 

 

2009

2008

1

We calculate this adjusted measure of our return on average shareholders' equity to make it easier to compare us to our competitors. We refer to this adjusted measure as our “Pre-tax return on average active equity”. However, this is not a measure of performance under IFRS and you should not compare our ratio to other companies’ ratios without considering the difference in calculation of the ratios. The item for which we adjust the average shareholders’ equity of € 34,016 million for 2009 and € 34,442 million for 2008 are the average unrealized net gains (losses) on assets available for sale/average fair value adjustment on cash flow hedges, net of applicable tax of € (884) million for 2009 and € 619 million for 2008 and the average dividend accruals of € 287 million for 2009 and € 1,743 million for 2008. The dividend payment is paid once a year following its approval by the general shareholders’ meeting.

2

Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).

3

Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.

4

Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income.

5

Noncompensation noninterest expenses which is defined as total noninterest expenses less compensation and benefits, as a percentage of total net interest income before provision for credit losses plus noninterest income.

6

The Tier 1 capital ratio excludes transitional items pursuant to Section 64h (3) German Banking Act.

Share price at period end

€ 49.42

€ 27.83

Share price high

€ 58.29

€ 89.80

Share price low

€ 15.38

€ 18.59

Basic earnings per share

€ 7.92

€ (7.61)

Diluted earnings per share

€ 7.59

€ (7.61)

Average shares outstanding, in m., basic

628

504

Average shares outstanding, in m., diluted

655

504

Return on average shareholders’ equity (post-tax)

14.6 %

(11.1)%

Pre-tax return on average shareholders’ equity

15.3 %

(16.5)%

Pre-tax return on average active equity1

15.1 %

(17.7)%

Book value per basic share outstanding2

€ 57.81

€ 52.59

Cost/income ratio3

72.0 %

134.3 %

Compensation ratio4

40.5 %

70.6 %

Noncompensation ratio5

31.5 %

63.7 %

 

in € m.

in € m.

Total net revenues

27,952

13,613

Provision for credit losses

2,630

1,076

Total noninterest expenses

20,120

18,278

Income (loss) before income taxes

5,202

(5,741)

Net income (loss)

4,958

(3,896)

 

Dec 31, 2009

Dec 31, 2008

 

in € bn.

in € bn.

Total assets

1,501

2,202

Shareholders’ equity

36.6

30.7

Tier 1 capital ratio6

12.6 %

10.1 %

 

Number

Number

Branches

1,964

1,950

thereof in Germany

961

961

Employees (full-time equivalent)

77,053

80,456

thereof in Germany

27,321

27,942

Long-term rating

 

 

Moody’s Investors Service

Aa1

Aa1

Standard & Poor’s

A+

A+

Fitch Ratings

AA–

AA–

Service Functions

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