Deutsche Bank Ag · XETR:DBK
Deutsche Bank — Non-Deal Roadshow (July 2008)
23 slides from Deutsche Bank's roadshow presentation, Jul 15, 2008
Slide 1: Deutsche Bank
Deutsche Bank Dr. Josef Ackermann Chairman of the Management Board San Francisco / San Diego / Denver / Chicago 10 - 15 July 2008
Slide 2: Agenda
Agenda 1 Solid performance in challenging times 2 Strategy: Staying the course Investor Relations 07/08 · 2
Slide 3: Relatively robust profitability through the downturn
Relatively robust profitability through the downturn … Aggregate IBIT, 3Q2007/4Q2007/1Q2008, reported, in EUR bn 8.7 8.1 2.6 2.2 (0.8) (0.8) (14.6) (15.6) (15.9) Note: For peers IBIT reflects IBIT attributable to the shareholders of the parent Investor Relations 07/08 · 3
Slide 4: … and the more so, when compared on a 'like-for-like' basis
… and the more so, when compared on a ‘like-for-like’ basis Aggregate IBIT, 3Q2007/4Q2007/1Q2008, adjusted for FV on own debt, in EUR bn 7.7 7.5 2.5 0.8 (2.0) (2.3) (16.8) (17.3) (20.1) Fair value gains on own debt Note: Based on FY2007 and 1Q2008 fair value gains on own debt and fair value gains on
Slide 5: Deutsche Bank results: 1Q2008 Highlights
Deutsche Bank results: 1Q2008 Highlights Loss before income taxes of EUR 0.3 bn, after tax EUR 0.1 bn In CB&S loss before income taxes of EUR 1.6 bn, reflecting mark-downs of EUR 2.7 bn in Leveraged Finance, Commercial Real Estate, Residential Mortgage Backed Securities (Alt-A) Gain from application
Slide 6: Deutsche Bank results: 1Q2008 Summary
Deutsche Bank results: 1Q2008 Summary In EUR bn 1Q2008 1Q2008 vs. vs. 1Q2008 1Q2007 4Q2007 1Q2007 4Q2007 Net revenues 4.6 9.6 7.3 (52)% (37)% Provision for credit losses (0.1) (0.1) (0.3) 16 % (65)% Noninterest expenses (4.8) (6.3) (5.5) (25)% (14)% Income before income taxes (0.3) 3.2 1.4 Net incom
Slide 7: Pre-tax results by segment
Pre-tax results by segment Income before income taxes, in EUR m CB&S GTB CI 2,181 17% 123% 679 214 250 305 (1,604) 1Q2007 1Q2008 1Q2007 1Q2008 1Q2007 1Q2008 AWM PBC C&A 0% 4% 293 304 188 188 (17) (72) 1Q2007 1Q2008 1Q2007 1Q2008 1Q2007 1Q2008 Investor Relations 07/08 · 7
Slide 8: Inflows of net new money continued
Inflows of net new money continued PCAM invested assets, in EUR bn Net new money 952 4 896 4 (42) 2 (20) (5) EUR 11 bn 31 Dec Perfor- FX effect Other AM PWM PBC 31 Mar 2007 mance 2008 Note: Figures may not add up due to rounding differences Investor Relations 07/08 · 8
Slide 9: Tier I ratio is strong
Tier I ratio is strong Basel I Basel II 8.7 8.8 9.2 9.2 9% 8.4 8.6 Target range 8% 329 308 311 303 285 Tier I ratio, in % RWA, in EUR bn 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 2007 2008 Investor Relations 07/08 · 9
Slide 10: Markets appreciate Deutsche Bank's credit
Markets appreciate Deutsche Bank's credit 5-year senior CDS, in bps 1 July 2007 30 June 2008 280 262 185 136 139 110 119 97 104 35 35 35 37 14 19 18 10 12 DB JPMorgan Credit UBS Goldman Citi Morgan Merrill Lehman Chase Suisse Sachs Stanley Lynch Brothers Source: Bloomberg, DB Investor Relations 07/0
Slide 11: Agenda
Agenda 1 Solid performance in challenging times 2 Strategy: Staying the course Investor Relations 07/08 · 11
Slide 12: Five years of continued profit growth
Five years of continued profit growth In EUR bn Income before income taxes Net income 33% p.a. 48% p.a. 8.7 6.5 8.3 6.1 6.1 3.5 4.0 2.5 2.8 1.4 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Note: 2003 – 2005 based on US GAAP; 2006 onwards based on IFRS Investor Relations 07/08 · 12
Slide 13: Performance against key targets
Performance against key targets Reported Target definition Pre-tax RoE Diluted EPS In % In EUR 33 29 54% p.a. 13.05 26 11.48 24 10.79 25% 16 6.95 10 4.53 2.31 2003 2004 2005 2006 2007 2003 2004 2005 2006 2007 Note: 2003-2005 based on U.S. GAAP, 2006 onwards based on IFRS Investor Relations 07/08 · 1
Slide 14: Maintaining an attractive dividend policy
Maintaining an attractive dividend policy Dividend per share, in EUR 3x 4.50 4.00 2.50 1.70 1.50 2003 2004 2005 2006 2007 Investor Relations 07/08 · 14
Slide 15: Maintaining market leadership positions
Maintaining market leadership positions In EUR bn Investment Banking Asset Management Revenues CB&S(1), FY 2007 PCAM Invested Assets, as of 31 Dec 2007 GS(2) UBS 16.5 MER(3) JPM 952 CS CS LEH(2) MS MS(2) JPM(4) Citi GS(5) UBS Citi(4) MER LEH Sales & Trading Asset Management Origination & Advisory Pr
Slide 16: The aftermath of the crisis
The aftermath of the crisis Challenges Challenges Opportunities Opportunities Lower Lower leverage leverage (and (and more more efficient efficient Expanded Expanded opportunities opportunities for (-) balance balance sheet sheet usage) usage) (+) profitable profitable liquidity for liquidity provis
Slide 17: Leveraging our global platform for accelerated growth …
Leveraging our global platform for accelerated growth … Capital, liquidity and Investment Banking 'Stable' businesses exposures Market conditions impact GTB: Further momentum Continue to focus on reducing structured credit exposures in critical areas Share gains in 'flow' products PBC: Ret
Slide 18: … while longer-term trends continue to favour Deutsche Bank
… while longer-term trends continue to favour Deutsche Bank Trend Features Deutsche Bank strengths Regional business diversification Growth of emerging markets Global network Globalisation Geographical boundaries disappear Global capital market access Global players act locally Local p
Slide 19: Additional information
financial Additional information A Passion to Perform. Deutsche Bank
Slide 20: Commercial Real Estate: Summary of traded whole loans
Commercial Real Estate: Summary of traded whole loans Composition of traded whole loans and loan commitments(1) In EUR bn 31 Dec 2007 total loans and loan commitments 17.2 15.5 FX (0.6) Other Sales (0.2) 2.0 Europe 31 Mar 2008 total loans and loan commitments 16.4 Gross mark-downs(2) 6.5 Germany (5.
Slide 21: Leveraged Finance exposure: Current status
Leveraged Finance exposure: Current status Composition of current loans and loan commitments In EUR bn 31 Dec 2007 total loans and loan commitments 36.2 16.6 FX (2.7) 30.2 Sales (0.4) 1.7 Loans held (2.9) Restructured (0.5) New Commitments 0.6 31 Mar 2008 total loans and loan commitments 33.1 16.5 G
Slide 22: Our numbers represent a 'true and fair view' of the performance of our businesses
Our numbers represent a ‘true and fair view’ of the performance of our businesses Disclosed P&L benefit from fair value option on own debt, in EUR m * 400 3,761 4,161 1,377 1,375 2,752 675 859 1,534 951 403 1,354 643 621 1,264 615 569 1,184 328 837 1,166 158 201 359 77 95 FY2007 1Q2008 * Also reflec
Slide 23: Cautionary statements
Cautionary statements This presentation contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and pro