Facts and Figures
| The Group at a Glance | 2008 | 2007 |
| Share price at period end | € 27.83 | € 89.40 |
| Share price high | € 89.80 | € 118.51 |
| Share price low | € 18.59 | € 81.33 |
| Basic earnings per share | € (7.61) | € 13.65 |
| Diluted earnings per share1 | € (7.61) | € 13.05 |
| Average shares outstanding, in m., basic | 504 | 474 |
| Average shares outstanding, in m., diluted | 504 | 496 |
| Return on average shareholders’ equity (post tax) | (11.1) % | 17.9 % |
| Pre-tax return on average shareholders’ equity | (16.5) % | 24.1 % |
| Pre-tax return on average active equity2 | (17.7) % | 29.0 % |
| Book value per basic share outstanding(basic)3 | € 52.59 | € 79.32 |
| Cost/income ratio4 | 134.6 % | 69.6 % |
| Compensation ratio5 | 71.2 % | 42.7 % |
| Noncompensation ratio6 | 63.4 % | 26.9 % |
| in € m. | in € m. | |
| Total net revenues | 13,490 | 30,745 |
| Provision for credit losses | 1,076 | 612 |
| Total noninterest expenses | 18,155 | 21,384 |
| Income (loss) before income taxes | (5,741) | 8,749 |
| Net income (loss) | (3,896) | 6,510 |
|
Dec 31, 2008 in € bn. |
Dec 31, 2007 in € bn. |
|
| Total assets | 2,202 | 1,925 |
| Shareholders’ equity | 30.7 | 37.9 |
| Tier 1 capital ratio7 | 10.1 % | 8.6 % |
| Number | Number | |
| Branches | 1,981 | 1,889 |
| thereof in Germany | 981 | 989 |
| Employees (full-time equivalent) | 80,456 | 78,291 |
| thereof in Germany | 27,942 | 27,779 |
| Long-term rating | ||
| Moody’s Investors Service | Aa1 | Aa1 |
| Standard & Poor’s | A+ | AA |
| Fitch Ratings | AA- | AA- |
1Including numerator effect of assumed conversions.
2We 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 € 34,442 million for 2008 and € 36,134 million for 2007 are the average unrealized net gains on assets available for sale/average fair value adjustment on cash flow hedges, net of applicable tax of € 619 million for 2008 and € 3,841 million for 2007 and the average dividend accruals of € 1,743 million for 2008 and € 2,200 million for 2007. The dividend payment is paid once a year following its approval by the general shareholders’ meeting.
3Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).
4Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.
5Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income.
6Noncompensation 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.
7The Tier 1 capital ratio shown for 2008 is pursuant to the German Banking Act (“KWG”) and the Solvency Regulation (“Solvabilitätsverordnung”) which adopted the revised capital framework presented by the Basel Committee in 2004 (“Basel II”) into German law, while the ratio presented for 2007 is based on the Basel I framework. Basel II Tier 1 capital excludes transitional items pursuant to KWG section 64h (3).
2We 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 € 34,442 million for 2008 and € 36,134 million for 2007 are the average unrealized net gains on assets available for sale/average fair value adjustment on cash flow hedges, net of applicable tax of € 619 million for 2008 and € 3,841 million for 2007 and the average dividend accruals of € 1,743 million for 2008 and € 2,200 million for 2007. The dividend payment is paid once a year following its approval by the general shareholders’ meeting.
3Book value per basic share outstanding is defined as shareholders’ equity divided by the number of basic shares outstanding (both at period end).
4Total noninterest expenses as a percentage of total net interest income before provision for credit losses plus noninterest income.
5Compensation and benefits as a percentage of total net interest income before provision for credit losses plus noninterest income.
6Noncompensation 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.
7The Tier 1 capital ratio shown for 2008 is pursuant to the German Banking Act (“KWG”) and the Solvency Regulation (“Solvabilitätsverordnung”) which adopted the revised capital framework presented by the Basel Committee in 2004 (“Basel II”) into German law, while the ratio presented for 2007 is based on the Basel I framework. Basel II Tier 1 capital excludes transitional items pursuant to KWG section 64h (3).
Annual Report 2008
Interim Report as of September 30, 2009
