Deutsche Bank (XETRA: DBKGn.DE / NYSE: DB) today published its Annual Report for the financial year 2007. The Annual Report consists of the Annual Review and the Financial Report. The Annual Review provides information about Deutsche Bank’s structure, core businesses, capital market performance, human resources and social responsibility activities. The Financial Report contains the audited consolidated financial statements for the financial year 2007, which for the first time have been prepared according to International Financial Reporting Standards (IFRS). Deutsche Bank is also publishing its Form 20-F, which will be filed with the U.S. Securities and Exchange Commission (SEC) later today.
Josef Ackermann, Chairman of the Management Board, said: "In our 2007 Annual Report, we provide a comprehensive view of Deutsche Bank's business, our financial performance and our exposures in key areas affected by current market conditions. This underlines our commitment to provide transparency for all those who have a stake in Deutsche Bank's success: our shareholders, our clients, our people, and the wider communities in which we operate."
The Financial Report includes detailed information on financial instruments according to IFRS 7 requirements. This encompasses risks arising from financial instruments (Note 37, pages 212 – 227) as well as information on how the fair value of financial instruments is determined (Note 12, pages 155 – 162). Note 12 includes information on those instruments which are valued using valuation techniques with unobservable parameters, frequently referred to as “level 3” assets.
Deutsche Bank also provides added transparency on those of its risk positions that have been principally affected by the crisis in the credit markets, including its exposures to subprime CDOs, other US mortgage businesses, monoline insurers, commercial real estate and leveraged finance (pages 17 – 20). The Group also provides a detailed description of its off-balance sheet exposures arising from arrangements with unconsoli-dated special purpose entities (SPEs, pages 27 – 35). This includes information on exposures to Group-sponsored and third-party asset-backed commercial paper (ABCP) conduits.
The Financial Report also contains a Compensation Report (pages 44 – 50). In 2007 the total compensation paid to the Management Board was EUR 33.18 million (2006: EUR 32.90 million). Total compensation paid to Josef Ackermann, Chairman of the Management Board, was EUR 13.98 million (2006: EUR 13.21 million).
A detailed outlook is published on pages 53 – 58.
The Annual Review, the Financial Report, the Form 20-F and additional publications, such as a list of shareholdings and a list of mandates, can be retrieved from Deutsche Bank's website at www.deutsche-bank.com/07. Also available on this website is the final version of the 4Q2007 Financial Data Supplement. Hard copies of the complete audited Annual Report and of the Form 20-F will be available upon request by mid April free of charge.