EX-7.1 3 d469779dex71.htm EX-7.1 EX-7.1

Exhibit 7.1

The following table sets forth Deutsche Bank AG’s ratio of earnings to fixed charges for the periods:

 

in € millions, except ratios    Year Ended
Dec 31, 2012
     Year Ended
Dec 31, 2011
    Year Ended
Dec 31, 2010
    Year Ended
Dec 31, 2009
     Year Ended
Dec 31, 2008
 

Earnings:

            

1. Income (loss) before income tax expense

     784         5,390        3,975        5,202         -5,741   

2. Add: Fixed charges excluding capitalized interest (Line 10)

     16,634         17,719        13,493        14,762         42,350   

3. Less: Net income (loss) from equity method investments

     159         (264     (2,004     59         46   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

4. Earnings including interest on deposits

     17,259         23,373        19,472        19,905         36,563   

5. Less: Interest on deposits

     5,725         6,779        3,800        5,119         13,015   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

6. Earnings excluding interest on deposits

     11,534         16,594        15,672        14,786         23,548   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Fixed Charges:

            

7. Interest Expense

     16,351         17,433        13,196        14,494         42,096   

8. Estimated interest component of net rental expense

     283         286        297        268         254   

9. Amortization of debt issuance expense

     —           —          —          —           —     
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

10. Total fixed charges including interest on deposits and excluding capitalized interest

     16,634         17,719        13,493        14,762         42,350   

11. Add: Capitalized interest

     —           —          —          —           —     
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

12. Total fixed charges

     16,634         17,719        13,493        14,762         42,350   

13. Less: Interest on deposits (Line 5)

     5,725         6,779        3,800        5,119         13,015   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

14. Fixed charges excluding interest on deposits

     10,909         10,940        9,693        9,642         29,335   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Consolidated Ratios of Earnings to Fixed Charges:

            

Including interest on deposits (Line 4/Line 12)

     1.04         1.32        1.44        1.35         0.86   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Excluding interest on deposits (Line 6/Line 14)

     1.06         1.52        1.62        1.53         0.80   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income (loss) before income tax expense, less net income (loss) from equity method investments plus fixed charges. Fixed charges for these purposes consist of interest expense and a portion of rentals, reflecting one-third of net rental expense, deemed representative of the interest component of the rental expense. These ratios are presented both including and excluding interest on deposits.

For the year ended December 31, 2008, earnings did not cover fixed charges by € 5,787 million, both including and excluding interest on deposits, as a result of a loss before income tax expense recorded during the year.