EX-12.1 12 u50845exv12w1.htm EX-12.1 EX-12.1
 

Exhibit 12.1
The following table sets forth Deutsche Bank AG’s ratio of earnings to fixed charges for the periods ended:
                                                 
    June 30,   Year Ended December 31,
    2006   2005   2004   2003   2002   2001
Earnings:
                                                
1. Income before income taxes and cumulative effect of accounting changes
     4,472       6,112       4,029       2,756       3,549       1,803  
2. Add: Minority Interest
     24       55       3       (3 )     45       85  
3. Add: Fixed charges excluding capitalized interest (Line 11)
     24,601       35,954       23,074       21,993       28,892       45,280  
4. Less: Net income (loss) from equity method investments
     322       418       388       (422 )     (887 )     (365 )
             
5. Earnings including interest on deposits
     28,775       41,703       26,718       25,168       33,373       47,533  
6. Less: Interest on deposits
     6,818       10,262       7,127       6,580       9,319       15,724  
             
7. Earnings excluding interest on deposits
     21,957       31,441       19,591       18,588       24,054       31,809  
             
 
                                                
Fixed Charges:
                                                
8. Interest Expense
     24,504       35,707       22,841       21,736       28,595       45,019  
9. Estimated interest component of net rental expense
     97       247       233       257       297       261  
10. Amortization of debt issuance expense
     —       —       —       —       —       —  
             
11. Total fixed charges including interest on deposits and excluding capitalized interest
     24,601       35,954       23,074       21,993       28,892       45,280  
12. Add: Capitalized interest
     —       —       —       —       —       —  
             
13. Total fixed charges
     24,601       35,954       23,074       21,993       28,892       45,280  
14. Less: Interest on deposits (Line 6)
     6,818       10,262       7,127       6,580       9,319       15,724  
             
15. Fixed charges excluding interest on deposits
     17,783       25,692       15,947       15,413       19,573       29,556  
             
 
                                                
Consolidated Ratios of Earnings to Fixed Charges:
                                                
Including interest on deposits (Line 5/Line 13)
     1.17       1.16       1.16       1.14       1.16       1.05  
             
 
                                                
Excluding interest on deposits (Line 7/Line 15)
     1.23       1.22       1.23       1.21       1.23       1.08  
             
For purposes of calculating the ratio of earnings to fixed charges, earnings consist of income before taxes, cumulative effect of accounting changes and minority interests 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.