Landeskreditbank Baden-Württemberg - L-Bank

Notes to the annual financial statements for
the financial year ended December 31, 2004
Individual material items:
Other assets
Dec. 31, 2004 Dec. 31, 2003
EUR ’000 EUR ’000
– Premiums on interest rate options ................................... 4,077 6,396
– Objets d’art ..................................................... 13,739 13,715
– Real estate and buildings in the current asset portfolio ................... 14,229 15,544
Other liabilities
– Adjustment item arising on foreign currency translation ................. 1,105,328 1,108,223
– Liabilities arising from contributions to state highway construction project . . — 15,339
– One-off payments on swaps due at maturity ........................... 22,174 11,321
– Liabilities relating to outstanding premiums on interest rate options ........ 4,637 6,956
– Trade payables .................................................. 1,686 3,040
– Taxes to pay .................................................... 2,408 2,434
Deferred items on the liability side
– Prepaid interest subsidies received from third parties .................... 765,435 907,619
– One-off payments on swaps due at maturity ........................... 43,135 38,899
Contingency reserves
– Under other reserves: reserves for L-Bank interest subsidies .............. 538,792 560,589
Commission expenses
– Commissions paid for administration of loans in a fiduciary capacity ....... 7,354 7,698
Other operating income
– Rental income ................................................... 8,669 7,155
– Income from services to third parties ................................. 16,411 17,546
Depreciation and accumulated amortization on equity investments in nonaffiliated
companies, affiliated companies and securities treated as fixed assets
– Unscheduled depreciation ..................................... 8,046 17,705
Other operating expenses
– Expenses relating to grants and subsidies provided under development
programs managed on behalf of the state of Baden-Württemberg ...... 18,407 18,407
Total value of assets and debts denominated in foreign currencies
– Assets ..................................................... 537,865 678,508
– Debts ..................................................... 4,957,078 4,612,033
The risk of exchange rate fluctuations arising from balance sheet items denominated in foreign currencies
is essentially covered by off-balance-sheet hedging transactions.
F-13