Company: ADZCF
Filing Date: 2025-03-13
Form Type: 20-F
Source: 0001159508-25-000020
Chunk: 513

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-03-13
Form: 20-F
Chunk 513
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 and branches under long-term rental agreements. Most of the lease contracts are made under usual terms and conditions, which means they include options to extend the lease by a defined amount of time, price adjustment clauses and escalation clauses in line with general office rental market conditions. However, the lease agreements do not include any clauses that impose any restriction on the Group’s ability to pay dividends, engage in debt financing transactions or enter into further lease agreements.As of December 31, 2024 (December 31, 2023), the Group recorded right-of-use assets on its balance sheet with a carrying amount of €3.9billion (€4.0billion), which are included in Property and equipment. The right-of-use assets predominantly represented leased properties of €3.9billion (€4.0billion) and vehicle leases of €19million (€13million). For more information on the year-to-date development of right-of-use assets, please refer to Note 21 “Property and Equipment”.Corresponding to the recognition of the right-of-use assets, as of December 31, 2024 (December 31, 2023), the Group recorded lease liabilities on its balance sheet with a carrying amount of €4.5billion (€4.5billion), which are included in Other liabilities. As of December 31, 2024, the lease liabilities included the discounted value of future lease payments of €440million for the Group headquarters in Frankfurt am Main that was sold and leased back on December 1, 2011. The lease has a fixed term through to the end of 2036, with options to extend the lease for two additional five-year periods to the end of 2046.During 2024 and 2023, interest expenses recorded from the compounding of the lease liabilities amounted to €127million and €113million, respectively. The contractual maturities for the undiscounted cash flows from these liabilities are shown in Note 31 “Maturity Analysis of the earliest contractual undiscounted cash flows of Financial Liabilities”.Expenses recognized in 2024 (2023) relating to short-term leases and leases of low-value assets, for which the Group decided to apply the recognition exemption under IFRS 16 (and thus not to record right-of-use assets and corresponding lease liabilities on the balance sheet), amounted to €2million (€1million) and €0million (€0million), respectively.Income recorded in 2024 (2023