Business Combinations completed in 2011


In 2011, the Group completed several acquisitions that were accounted for as business combinations. Of these transactions none were individually significant and they are therefore presented as an aggregate in the following table.

Fair Value of Assets Acquired and Liabilities Assumed as of the Acquisition Date

in € m.

 

1

By major class of assets acquired and liabilities assumed.

Cash consideration transferred

13

Fair value of call option held to acquire outstanding interests

10

Fair value of contingent consideration

3

Fair value of pre-existing stakes

12

Total purchase consideration, including fair value of the Group’s equity interest held before the business combination

38

 

 

Recognized amounts of identifiable assets acquired and liabilities assumed:1

 

Cash and cash equivalents

1

Interest-earning time deposits with banks

2

Financial assets at fair value through profit or loss

2

All other assets

21

Long-term debt

10

All other liabilities

2

Total identifiable net assets

14

Goodwill

25

Negative goodwill

1

Total identifiable net assets and goodwill acquired, less negative goodwill

38

Among these transactions was the step-acquisition of the outstanding interests in Deutsche UFG Capital Management (“DUCM”), one of Russia’s largest independent asset management companies. The transaction closed on November 11, 2011, following the exercise of a purchase option on the remaining 60 % stake. DUCM was allocated to Asset & Wealth Management (AWM).

Since acquisition, the aggregated contribution in 2011 to the Group’s net revenues and net profit or loss after tax related to these businesses amounted to € 2 million and less than € (1) million, respectively. Had these acquisitions all been effective on January 1, 2011, their impact on the Group’s net revenues and net profit or loss after tax for 2011 would have amounted to € 4 million and less than € (1) million, respectively.