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Dws-Group-Gmbh-Co-Kgaa 2019.Pdf 2019 Content Letter from the Chairman 2. Consolidated Financial Statements ............................. 67 of the Executive Board ........................................... II Consolidated Statement of Income ............................. 67 Executive Board .................................................... IV Consolidated Statement of Comprehensive Income ... 68 Report of the Supervisory Board ........................... V Consolidated Balance Sheet ....................................... 69 Supervisory Board ............................................... XII Consolidated Changes in Equity ................................. 70 Report of the Joint Committee ............................ XIV Consolidated Statement of Cash Flows ...................... 71 Notes to the Consolidated Financial Statements ........ 74 Joint Committee .................................................. XV Notes to the Consolidated Income Statement ............. 91 Our Strategy ...................................................... XVI Notes to the Consolidated Balance Sheet ................... 94 Our Shares ........................................................ XIX Additional Notes ........................................................ 117 Confirmations ............................................................ 143 1. Summarized Management Report ................................ 2 3. Corporate Governance Statement / Introduction to DWS Group .......................................... 2 Corporate Governance Report .................................. 152 Operating and Financial Review .................................. 9 Corporate Bodies ..................................................... 152 Supplementary Information on DWS Group Standing Committees of the Supervisory Board ....... 160 GmbH & Co. KGaA according to German Commercial Code (HGB) ........................................... 17 Joint Committee of DWS ........................................... 164 Outlook ...................................................................... 21 Share Plans / Related Party Transactions / Audit Committee Financial Expert / Values and Risks and Opportunities ............................................. 24 Leadership Principles of DWS Group / Principle Risk Report ................................................................ 27 Accountant Fees and Services .................................. 164 Compensation Report ................................................ 46 Compliance with the German Corporate Non-Financial Report ................................................. 59 Governance Code ..................................................... 165 Internal Control System for the Financial Statement on the Suggestions of the Reporting Process ..................................................... 60 German Corporate Governance Code ...................... 167 Information pursuant to Sections 315a and Targets for the Proportion of Woman in 289a of the German Commercial Code and Management Positions / Gender Quota .................... 167 Explanatory Report .................................................... 62 Corporate Governance Statement pursuant Glossary ............................................................. 171 to Sections 315d and 289f of the German Imprint ................................................................ 173 Commercial Code ....................................................... 65 DWS Letter from the Chairman of the Executive Board Annual Report 2019 Letter from the Chairman of the Executive Board Frankfurt/Main, March 2020 2019 was a strong year for DWS. We completed a substantial turnaround, achieved all our targets and returned our firm to a positive trajectory. Net inflows increased four quarters in a row, resulting in impressive full year net new assets of € 26.1 billion. This is the highest annual net inflow number since 2014 and represents a swing of more than € 48 billion of flows between 2018 and 2019. This turnaround was driven by continued inflows into targeted asset classes, made possible by improved investment performance and supported by our diversified business across Active, Passive and Alternatives and our strategic partnerships. As a result of our efforts, our financial performance improved substantially. Throughout 2019, we accelerated our cost measures so we can operate more efficiently going forward. We achieved the high-end of our medium-term cost savings objective one year early. These cost actions were complemented by a healthy revenue top-line, which was driven by market performance and strong net new assets. Consequently, the adjusted Cost-Income Ratio improved to 67.6 percent for 2019, outperforming our full-year target of approximately 70 percent. Our adjusted profit before tax increased by almost a quarter to € 774 million in 2019 as we recorded higher revenues. After tax, we achieved a net profit of € 512 million, an increase of more than 30 percent from 2018. The Executive Board of DWS has therefore decided to propose to the Annual General Meeting a dividend of € 1.67 per share for the financial year 2019. This is an increase of more than 20 percent from 2018 and in line with our targeted dividend payout ratio. Strategically, we made important progress in 2019. We strengthened our firm to adapt more flexibly and quickly to the changing asset management industry and the challenges ahead. We further optimized our organizational set-up and improved our global real estate footprint with our new location strategy, helping us to reduce our cost base for the future. Furthermore, we followed through on strengthening our ESG and digital capabilities as committed at our first Annual General Meeting in 2019. We acquired a 24.9 percent stake in Arabesque AI, a company that focuses on Artificial Intelligence (AI) in portfolio management and finance. The associated strategic partnership marks the next step towards the digitalization of DWS as it will strengthen our digital capabilities and, in particular, our AI know-how. In addition, we will jointly develop innovative investment products and services. Earlier in 2019, we invested in a minority stake in Arabesque S-Ray, an ESG data provider, and entered into a strategic partnership for the development of new ESG data products and services. ESG will be our license to operate in the future, which is why we will embed ESG in our culture, making it core to everything we do. As part of these efforts, we will introduce a Group Sustainability Office for DWS to ensure we have an efficient and holistic approach in meeting both client and regulatory needs and expectations with regards to ESG. Our ambition to be a leader in the ESG market continues to be recognized externally. For the second year in a row, we have been named “Responsible Investor of the Year” at the Insurance Asset Risk Awards and we continued to score well in the UN’s Principles for Responsible Investments (PRI) annual assessment. In 2019, we were able to improve our scores while maintaining the highest possible rating for Strategy & Governance. In 2019, all of our three core business areas of Active, Passive and Alternatives saw improved performance. In our Active business, we intensified our focus on investment outperformance, which was crucial for the improved flow performance last year. In particular, Multi Asset recorded strong inflows. 73 percent of our Active Retail investment funds outperformed their benchmark on a three year basis, and 89 percent on a five year basis. This led to positive external recognition, reflected in 193 funds now being rated 4 or 5 stars by Morningstar. Passive was a key driver for net new assets in 2019, with € 19.1 billion of net inflows, more than double the flows reported in 2018. Exchange-traded funds and commodities (ETPs) accounted for the majority of inflows, reflecting our number two position in the European ETP market. Last year, institutional mandates also contributed significantly to full year passive inflows. Alternatives have been and will continue to be a key growth area for DWS. Inflows in the asset class reached € 10.2 billion last year, up significantly from 2018. Annual inflows were driven by illiquid alternative products, mainly from real estate and infrastructure funds, which continued to attract investor interest in the low yield environment. Our flagship real estate fund family DWS Grundbesitz also continued to sustain strong demand in 2019. The strong flow performance of 2019 is a testament to the strength and depth of our global and diversified platform. Overall, we attracted net inflows across all regions, and in Germany, we retained our dominant position in our domestic retail market. Last year, our strategic partnerships were also key contributors to our success, accounting for a quarter of annual inflows. And we are gaining more and more traction with our product innovations and ESG-related products, as we are increasingly being recognized for our capabilities, product quality and performance as a stand-alone fiduciary asset manager. This traction was also reflected in our institutional business, where we saw very good inflows, in particular from insurance clients. II DWS Letter from the Chairman of the Executive Board Annual Report 2019 By achieving all our targets and returning DWS back to a positive path, we were able to lay the groundwork for our success in the future. And that is exactly the path we will stay on. With last year’s improvement, we are firmly on track to reach our target for the adjusted Cost-Income Ratio of below
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