26 – Non-Current Assets and Disposal Groups Held for Sale

Within the balance sheet, non-current assets and disposal groups held for sale are included in other assets and other liabilities.

in € m.

Dec 31, 2014

Dec 31, 2013

Cash, due and deposits from banks, Central bank funds sold and securities purchased under resale agreements

0

574

Trading assets, Derivatives, Financial assets designated at fair value through P&L

0

525

Financial assets available for sale

0

2,917

Loans

0

2,032

Property and equipment

142

212

Other assets

38

411

Total assets classified as held for sale

180

6,670

 

 

 

Deposits, Central bank funds purchased and securities sold under resale agreements

0

4,425

Trading liabilities, Derivatives, Financial liabilities designated at fair value through P&L

0

439

Long-term debt

0

856

Other liabilities

0

544

Total liabilities classified as held for sale

0

6,264

As of December 31, 2014 and December 31, 2013, unrealized net gains of € 0 million and € 2 million, respectively, relating to non-current assets and disposal groups classified as held for sale were recognized directly in accumulated other comprehensive income (loss) (net of tax).

Non-Current Assets and Disposal Groups Held for Sale as of December 31, 2014

As part of the OpEx program and in an effort to outsource parts of its wholesale information technology (IT) infrastructure services, the Group had reclassified mainly IT related fixed assets as a disposal group held for sale. The assets, which mainly comprise property and equipment, are initially included in the Infrastructure area, and are expected to be sold within one year. The reclassification of the disposal group to the held for sale category resulted in an impairment loss of € 11 million, which was recorded in other income.

In the first quarter 2014, the Group had classified a real estate foreclosure portfolio as held for sale within the Corporate Division NCOU. The portfolio has since been sold. Its classification as held for sale did not result in an impairment loss.

Also during 2014, the Group classified within CB&S several disposal groups consisting of foreclosures as held for sale. All assets are expected to be sold within one year. Their classification as held for sale did not result in an impairment loss. The respective assets have been measured at fair value less costs to sell on a non-recurring basis, with fair value measurement categorized as level 3 in the fair value hierarchy.

Disposals in 2014

Disposals in 2014

Division

Disposal

Financial impact1

Date of the disposal

1

Impairment losses and reversals of impairment losses are included in Other income.

Non-Core Operations Unit

Sale of Nevada Property 1 LLC, a wholly owned subsidiary and owner of The Cosmopolitan of Las Vegas (“The Cosmopolitan”), a leading resort and casino, to Blackstone. Under the transaction, Blackstone acquired 100 % of The Cosmopolitan for a cash consideration of approximately € 1.4 billion (U.S.$ 1.73 billion).

An impairment loss of € 9 million recorded in the fourth quarter 2014.

Fourth quarter 2014

Deutsche Asset & Wealth Management

Sale of part of the Group’s Wealth Management business in the UK.

An impairment loss of € 9 million recorded in the first quarter 2014.

Third quarter 2014

Private & Business Clients

Office building previously held as property and equipment.

None.

Second quarter 2014

Non-Core Operations Unit

Sale of the Group’s subsidiary BHF-BANK AG to Kleinwort Benson Group and RHJ International (“RHJI”), following receipt of outstanding regulatory approvals. The Group received total consideration subject to closing purchase price adjustments of € 340 million, comprised of € 309 million in cash and € 31 million in RHJI shares issued at par value.

None.

First quarter 2014

Non-Core Operations Unit

Sale of office buildings previously held as investment property within other assets.

None.

First quarter 2014

Non-Current Assets and Disposal Groups Held for Sale as of December 31, 2013

Non-Current Assets and Disposal Groups Held for Sale as of December 31, 2013

Division

Non-current assets and disposal groups held for sale

Financial impact1

Additional information

1

Impairment losses and reversals of impairment losses are included in Other income.

Non-Core Operations Unit

Disposal of the Group’s subsidiary BHF-BANK

An impairment loss of € 183 million recorded in the fourth quarter 2013.

Disposal in first quarter 2014

Non-Core Operations Unit/Private & Business Clients

Several office buildings held as either property and equipment or investment property.

An impairment loss of € 4 million (PBC) recorded in the fourth quarter 2013.

Disposals in 2014

Corporate Banking & Securities

Several disposal groups, consisting of foreclosure assets.

None.

Disposals in 2014

Deutsche Asset & Wealth Management

Part of the Group’s Wealth Management business in the UK

An impairment loss of € 5 million recorded in the fourth quarter 2013.

Disposal in the third quarter 2014

Disposals in 2013

Disposals in 2013

Division

Disposal

Financial impact1

Date of the disposal

1

Impairment losses and reversals of impairment losses are included in Other income.

Non-Core Operations Unit

Building held as property and equipment.

None.

Fourth quarter 2013

Deutsche Asset & Wealth Management

Building held as property and equipment.

None.

Third quarter 2013

Global Transaction Banking

A wholly owned subsidiary, providing merchant acquiring services to multi-national clients.

None.

Second quarter 2013

Deutsche Asset & Wealth Management

Disposal group mainly consisting of real estate fund units.

None.

First quarter 2013


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