Available Distributable Items (ADI)
The following table sets forth the items derived from our latest unconsolidated Deutsche Bank AG income statement and balance sheet for the respective financial years as well as from the notes to the balance sheet of the respective audited financial statements that affect the calculation of our Available Distributable Items as well as interest expenses on Tier 1 Instruments:
Available Distributable Items
Available Distributable Items are determined on the basis of our audited unconsolidated financial statements prepared in accordance with German GAAP and other applicable German law then in effect. German GAAP differs in certain respects from IFRS, in accordance with which Deutsche Bank Group prepares its consolidated financial statements. Available Distributable Items in respect of any financial year include, in addition to annual profits, transfers made by us, in our discretion, of amounts denoted below as “Other revenue reserves after net income attribution (Andere Gewinnrücklagen (nach Einstellungen in Gewinnrücklagen)).” In addition, in determining the Available Distributable Items for any financial year, the amounts shown below as “Profit carried forward from previous year (Gewinnvortrag aus dem Vorjahr)” may be transferred in our discretion to offset any losses which may be incurred by us.
In order to determine whether we would be permitted, pursuant to the terms of the Notes, to make an Interest Payment on the Notes on any Interest Payment Date, we will first determine our Available Distributable Items in accordance with the terms of the Notes by determining:
- our profit (Gewinn) as of the end of the financial year immediately preceding the relevant Interest Payment Date on the basis of our relevant unconsolidated financial statements for such financial year;
- plus, as applicable, any profits carried forward and distributable reserves (ausschüttungsfähige Rücklagen) on the basis of our unconsolidated financial statements for our financial year immediately preceding the relevant Interest Payment Date; and
- minus, as applicable, any losses carried forward and any profits which are nondistributable pursuant to applicable law or our Articles of Association and any amounts allocated to the non-distributable reserves, each as determined on the basis of our unconsolidated financial statements for our financial year immediately preceding the relevant Interest Payment Date.