Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 581

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 581
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 2024 |     | Dec 31, 2023 |     | Dec 31, 2022 |
|:------------------------------------------------------------|:----|-------------:|:----|-------------:|:----|-------------:|
| Reported in Equity1                                         |     |           36 |     |           44 |     |         -790 |
| thereof relates to terminated programs                      |     |            0 |     |            0 |     |            0 |
| Gains (losses) posted to equity for the year ended          |     |         -242 |     |          436 |     |         -819 |
| Gains (losses) removed from equity for the year ended       |     |          234 |     |          398 |     |           71 |
| thereof relates to terminated programs                      |     |            0 |     |            0 |     |            0 |
| Changes of hedged item's value used for hedge effectiveness |     |         -212 |     |          434 |     |         -899 |
| Ineffectiveness recorded within P&L                         |     |           13 |     |          101 |     |           16 |

1 Reported in equity refers to accumulated other comprehensive income as presented in the Consolidated Balance Sheet.

In accordance with IAS 39.96 the gains and losses posted to equity in a cash flow hedge relationship is the lesser of cumulative gain or loss on the hedging instrument from the inception of the hedge and the cumulative change in fair value of the expected future cash flows on the hedged item from inception of the hedge. As a result, changes of the hedged item’s value used for hedge effectiveness are not fully recorded in equity if it exceeds the hedging instrument’s fair value changes used for hedge effectiveness. Consequently, hedge ineffectiveness recorded within P&L does not always reconcile to the difference between the changes of the hedged item’s value used for hedge effectiveness and the hedging instrument’s fair value changes used for hedge effectiveness.

During the current period, increases in the designated benchmark interest rates resulted in negative fair value changes on the associated hedging instruments, mainly related to cash flow hedge relationship on USD denominated financial asset. In addition, the carrying value of these hedging derivatives changed into a net financial liability which therefore aligns to the fair value change shown in the table above.

In the FX CFH, ineffectiveness is not expected considering FX forward point risk is not a component