DWS GmbH : Q1 Veröffentlichung - Financial Data Supplement

Financial Data Supplement

Q1 2024

25th April 2024

Financial Data Supplement - Q1 2024

Profit and Loss Statement and Key Performance Indicators, in € m. (unless stated otherwise)

									Q1 2024 vs.		Q1 2024 vs.
	FY 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023	Q1 2024		Q4 2023		Q1 2023
Management fees and other recurring revenues	2,456	571	580	593	572	2,315	592	3 %	4 %
Performance, transaction fees and other non-recurring revenues	125	11	47	29	41	128	17	(58)%	56 %
Other revenues	131	42	41	44	44	171	44	1 %	4 %
Total net revenues	2,712	624	668	666	657	2,614	653	(1)%	5 %
Revenue adjustments	(30)	(14)	0	0	2	(12)	0	(100)%	(100)%
Adjusted revenues	2,683	610	668	666	659	2,603	653	(1)%	7 %
Adjusted compensation and benefits	813	207	212	213	193	825	222	15 %	7 %
Adjusted general and administrative expenses	813	197	196	207	240	840	200	(16)%	2 %
Adjusted costs	1,625	404	408	420	433	1,665	423	(2)%	5 %
Severance and restructuring	37	6	10	5	13	34	3	(74)%	(41)%
Impairment of goodwill and other intangible assets	68	0	0	0	0	0	0		N/M		N/M
Transformational charges	58	18	25	26	31	99	17	(45)%	(2)%
Other cost adjustments	58	(1)	25	3	11	38	1	(93)%	(188)%
Total noninterest expenses	1,847	427	467	454	489	1,837	444	(9)%	4 %
Profit before tax	866	197	201	211	168	777	209	24 %	6 %
Adjusted profit before tax	1,057	206	260	246	226	937	231	2 %	12 %
Income tax expenses	271	59	56	64	45	224	63	39 %	7 %
Net income	595	138	145	147	123	553	146	19 %	6 %
Resources
Employees (full-time equivalent, at period end)	3,657	4,280	4,296	4,329	4,378	4,378	4,414	1 %	3 %
Assets (at period end)1	11,412	11,546	11,304	11,626	11,683	11,683	12,051	3 %	4 %
Management fee margin (in bps)	28.1	27.7	27.4	27.2	26.0	27.1	26.0		(0.1)bps		(1.8)bps
Long-term management fee margin (in bps)	31.1	31.1	30.6	30.3	29.4	30.3	28.9		(0.5)bps		(2.1)bps
Assets under management (at period end, in € bn.)	821	841	859	860	896	896	941	5 %	12 %
Long-term assets under management (at period end, in € bn.)	719	737	756	754	783	783	827	6 %	12 %
Net flows (in € bn.)	(19.9)	5.7	9.3	2.3	11.0	28.3	7.8		N/M		N/M
Long-term net flows (in € bn.)	(11.7)	3.5	9.8	2.1	1.0	16.5	7.9		N/M		N/M
Efficiency Ratios
Cost-income ratio	68.1 %	68.4 %	69.9 %	68.2 %	74.4 %	70.3 %	68.0 %		(6.4)ppt		(0.4)ppt
Adjusted cost-income ratio	60.6 %	66.3 %	61.0 %	63.1 %	65.7 %	64.0 %	64.7 %		(1.0)ppt		(1.6)ppt

Footnotes and definitions of additional performance measures are provided on page 4

Financial Data Supplement - Q1 2024

Net flows and assets under management, in € bn.

	FY 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023	Q1 2024
Net flows by asset class
Active Equity	0.4	0.3	(0.7)	(1.5)	(0.5)	(2.3)	(1.8)
Active Multi Asset	5.9	0.3	(0.1)	(0.9)	(1.1)	(1.7)	(0.5)
Active SQI2	(0.3)	(0.8)	0.4	(0.6)	(0.5)	(1.5)	1.5
Active Fixed Income	(12.0)	0.6	0.0	0.2	(0.2)	0.6	1.7
Passive	(6.3)	4.4	6.2	6.2	4.4	21.2	9.3
Alternatives	0.6	(1.4)	3.9	(1.3)	(1.0)	0.2	(2.2)
Total Long-term	(11.7)	3.5	9.8	2.1	1.0	16.5	7.9
Cash	(6.0)	(3.1)	(1.1)	0.6	9.3	5.7	(1.5)
Advisory Services	(2.2)	5.3	0.6	(0.5)	0.8	6.2	1.4
DWS Group	(19.9)	5.7	9.3	2.3	11.0	28.3	7.8
Net flows by region
Americas	(13.1)	(3.8)	6.6	2.7	5.5	11.0	(0.9)
EMEA excl. Germany	(9.6)	1.1	(3.9)	(1.0)	4.5	0.7	1.3
Germany	6.1	8.9	5.0	(0.4)	0.8	14.3	6.7
Asia Pacific	(3.4)	(0.5)	1.7	1.0	0.1	2.3	0.7
DWS Group	(19.9)	5.7	9.3	2.3	11.0	28.3	7.8
Net flows by client channel
Retail	0.0	3.1	1.1	4.6	2.5	11.3	9.8
Institutional	(19.9)	2.6	8.2	(2.3)	8.6	17.0	(2.0)
DWS Group	(19.9)	5.7	9.3	2.3	11.0	28.3	7.8
Change in AuM
Total net flows	(19.9)	5.7	9.3	2.3	11.0	28.3	7.8
FX	21.9	(6.6)	(1.9)	10.6	(14.4)	(12.2)	7.2
Markets	(108.2)	18.8	11.2	(12.6)	40.1	57.5	29.6
Other	0.1	1.2	0.1	(0.0)	(0.2)	1.1	0.5
Total change in AuM	(106.1)	19.1	18.7	0.3	36.5	74.6	45.2

	FY 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	FY 2023	Q1 2024
AuM by asset class
Active Equity	95	99	102	99	103	103	109
Active Multi Asset	54	56	56	56	56	56	58
Active SQI2	64	64	66	63	66	66	70
Active Fixed Income	192	194	194	195	202	202	205
Passive	199	212	224	229	246	246	275
Alternatives	116	112	114	112	109	109	109
Total Long-term	719	737	756	754	783	783	827
Cash	80	77	76	78	85	85	85
Advisory Services	22	27	28	27	28	28	29
DWS Group	821	841	859	860	896	896	941
AuM by region
Americas	209	204	209	214	218	218	225
EMEA excl. Germany	204	210	210	209	222	222	235
Germany	368	385	398	393	411	411	435
Asia Pacific	41	41	42	43	45	45	47
DWS Group	821	841	859	860	896	896	941
AuM by client channel
Retail	367	381	388	390	407	407	441
Institutional	454	460	471	470	489	489	500
DWS Group	821	841	859	860	896	896	941

Footnotes and definitions of additional performance measures are provided on page 4

Financial Data Supplement - Q1 2024

Appendix

Footnotes

1 IFRS reported balance sheet assets

2 Systematic and quantitative investments

3 Figures may not add up due to rounding differences

Definition of additional performance measures

Adjusted revenues

Adjusted revenues present net interest and non-interest income excluding material non-recurring income items that are clearly identifiable one-off items, such as disposal gains. We use this metric to show revenues on a continuing operating basis, in order to enhance comparability against other periods.

Adjusted cost base

Adjusted costs are an expense measure we use to better distinguish between total costs (non-interest expenses) and our ongoing operating costs. This measure is adjusted for litigation, restructuring, severance costs, impairment of goodwill and impairment (impairment reversal) of other intangible assets as well as for transformational charges in relation to our multi-year transformation program and other material non-recurring expenses that are clearly identifiable one-off items.

Management fee margin

The management fee margin is calculated by taking the management fees and other recurring revenues for a period, divided by average AuM for the same period. Annual average AuM are calculated using AuM at the beginning of the year and the end of each calendar month (i. e. 13 reference points for a full year).

Assets under management

Assets under management means assets (a) we manage on a discretionary or non-discretionary advisory basis; including where we are the management company and portfolio management is outsourced to a third party; or (b) a third party holds or manages and on which we provide, on the basis of contract, advice of an ongoing nature including regular or periodic assessment, monitoring and / or review. AuM represent both collective investments (including mutual funds and exchange-traded funds) and separate client mandates. AuM are measured at current market value based on the local regulatory rules for asset managers at each reporting date, which might differ from the fair value rules applicable under IFRS. Measurable levels are available daily for most retail products but may only update monthly, quarterly or even yearly for some products. While AuM do not include our investments accounted for under the equity method, they do include seed capital and any committed capital on which we earn management fees.

Net flows

Net flows represent assets acquired or withdrawn by clients within a specified period, except when a third party holds or manages the assets on which we provide, on the basis of contract, advice of an ongoing nature including regular or periodic assessment, monitoring and / or review in which case we include the difference in the value of such assets within the specified period which may include currency effects, market performance and other effects. Net flows are one of the major drivers of changes in AuM.

Cost-income ratio

Cost-income ratio (CIR) is the ratio of non-interest expenses to net interest and non-interest income.

Adjusted cost-income ratio

Adjusted cost-income ratio is the ratio of adjusted costs to adjusted revenues.

Long-term

Long-term represents assets and flows from the Active, Passive and Alternatives areas that are comparatively more long-term oriented than Cash and Advisory Services, which are reflected separately. Advisory Services are assets hold or managed by a third party on which we provide, on the basis of contract, advice of an ongoing nature including regular or periodic assessment, monitoring and/or review. Advisory Services flows are the relevant change in the value of such assets which may include currency effects, market performance and other effects.