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

Key Assumptions

The value in use of a cash-generating unit is sensitive to the earnings projections, to the discount rate applied and, to a much lesser extent, to the long-term growth rate. The discount rates applied have been determined based on the capital asset pricing model which is comprised of a risk-free interest rate, a market risk premium and a factor covering the systematic market risk (beta factor). The values for the risk-free interest rate, the market risk premium and the beta factors are determined using external sources of information. Business-specific beta factors are determined based on a respective group of peer companies. Variations in all of these components might impact the calculation of the discount rates. Pre-tax discount rates applied to determine the value in use of the cash-generating units in 2009 and 2008 are as follows.

Primary cash-generating units

Discount rate (pre-tax)



Corporate and Investment Bank



Global Markets

14.7 %

13.1 %

Corporate Finance

14.5 %

13.4 %

Global Transaction Banking

12.5 %

12.9 %

Private Clients and Asset Management



Asset Management

13.5 %

14.1 %

Private Wealth Management

13.2 %

14.1 %

Private & Business Clients

13.1 %

13.2 %

Service Functions

Download PDF (Notes to the Consolidated Financial Statements, 997 kB) Download XLS (Primary Cash Generating Units, 16 kB)

Download pdf

Download xls

Add file



Key Figures Comparison

Compare keyfigures of the last four years [more]