Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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Notes to the annual financial statements for the financial year ended December 31, 2004 Statement on tax liability Under § 5 para. 1 no. 2 of the Corporation Tax Act (Körperschaftssteuergesetz [KStG]) and § 3 no. 2 of the Trade Tax Act (Gewerbesteuergesetz [GewStG]), Landeskreditbank Baden-Württemberg – Förderbank – is exempt from corporation tax and trade tax. L-Bank’s equity holdings pursuant to § 285 no. 11 HGB No. Name/Registered office Holding Equity capital (*) Net income/loss (*) in % (direct) in EUR ’000 in EUR ’000 1. Industriepark Gottmadingen AG, Gottmadingen ............... 100.00 24,377 -1,436 2. Technologieparks Tübingen-Reutlingen, Tübingen ............ 100.00 11,768 -922 3. Technologiepark Karlsruhe GmbH, Karlsruhe ................ 96.00 16,908 -834 4. StEP Stuttgarter EngineeringPark GmbH, Stuttgart ............ 100.00 52,854 -461 5. PT German Centre Indonesia, Bumi Serpong Damai, Indonesia . . 83.67 -4,264 (**) -372 (**) 6. MBG Mittelständische Beteiligungsgesellschaft Baden- Württemberg GmbH, Stuttgart ............................ 26.80 16,882 706 7. Austria Beteiligungsgesellschaft mbH, Stuttgart ............... 33.34 35,586 796 8. Baden-Württemberg International – Gesellschaft für internationale wirtschaftliche und wissenschaftliche Zusammenarbeit mbH, Stuttgart .............................................. 24.00 2,874 -2,693 9. detectis GmbH, Freiburg ................................. 49.70 -926 -923 10. Elexxion GmbH, Radolfzell ............................... 39.91 291 -301 11. Greenovation GmbH .................................... 33.82 187 -1,551 12. Sympore GmbH, Reutlingen .............................. 27.95 (***) (***) 13. Complexio GmbH, Freiburg .............................. 37.55 110 -353 14. Seleon GmbH, Freiburg .................................. 22.00 268 0 15. Flyon GmbH, Tübingen .................................. 28.60 -1,211 -1,981 (*) For last available financial year in each case (**) Exchange rate as at Dec. 31, 2004: 1 euro = 12,716 rupiah (***) No financial statements were prepared for 2003 due to insolvency F-16
Notes to the annual financial statements for the financial year ended December 31, 2004 Fixed assets analysis EUR ’000 Fixed assets – balance sheet items – Historical cost Jan. 1, 2004 Additions Retirements Transfers Write-ups Write-offs and cumulative depreciation Book value Dec. 31, 2004 Write-offs and depreciation in 2004 Notes and other interest-bearing securities .......... 8,110,173 8,755,735 0 Shares and other noninterest –bearing securities .......... 0 Net adjustment in compliance with § 34, para. 3, subpara. 2 RechKredV: EUR 575,618,000 0 0 Equity investments in non-affiliated companies ......... 213,162 170,292 -8,046 Equity investments in affiliated companies ......... 122,582 95,508 0 Intangible assets ...... 0 0 0 1,251 0 -551 700 -408 Tangible assets ....... 182,282 3,362 -184 -1,251 0 -68,925 115,284 -9,603 Other assets ......... 13,737 24 0 0 0 -22 13,739 0 Landeskreditbank Baden-Württemberg – Förderbank – hedging account for mortgage bonds at December 31, 2004 based on the Directive on the net present value of mortgage-backed bonds issued on December 19, 2003. Dec. 31, 2004 Dec. 31, 2004 Dec. 31, 2004 Current valuation EUR million Stress test 1 +250 BP EUR million Stress test 2 ./. 250 BP EUR million Target cover – Bearer instruments ................................... 456,436 438,326 475,840 – Registered mortgage-backed instruments .................. 871,351 842,485 901,952 1,327,787 1,280,811 1,377,792 Actual cover ............................................ 1,718,602 1,589,387 1,870,895 Surplus cover ........................................... 390,815 308,576 493,103 Total emoluments paid out to authorities and administrative bodies of Landeskreditbank Baden- Württemberg - Förderbank - in 2004 Dec. 31, 2004 Dec. 31, 2003 EUR ’000 EUR ’000 – Board of Governors ................................................. 155 160 – Board of Management ............................................... 1,516 1,585 – Former members of the Board of Management or their dependents ........... 914 1,048 – Advisory Council (incl. travel expenses) ................................ 138 214 – Pension reserves for former members of the Board of Management and their dependents ........................................................ 11,198 11,271 F-17
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INTERNATIONAL PROSPECTUS SUPPLEMENT
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ISSUER Landeskreditbank Baden-Würt
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TABLE OF CONTENTS Use of Proceeds .
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EXCHANGE RATE INFORMATION The follo
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Maturity, Repurchase Maturity. The
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the rules of such stock exchange pe
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THE CLEARING SYSTEMS DTC DTC is a l
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Cross-market transfers between pers
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For the purposes of this provision,
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These activities by the managers or
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You should rely only on the informa
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PROSPECTUS SUMMARY The following su
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APPLICATION OF PROCEEDS As may be m
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(4) Loans to customers (i.e., non-c
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transferred to independent subsidia
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Our housing-related activities are
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(1) Holdings in companies for strat
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Loan Portfolio Risks We maintain a
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securities portfolio. In accordance
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The following table shows our borro
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authorized limits. A daily risk and
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MANAGEMENT INFORMATION Introduction
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credit institutions increased by 10
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To control the risks of unhedged po
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RECENT DEVELOPMENTS Development of
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MANAGEMENT Board of Management Our
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Wirtsch.-Ing. Bernd Bechtold Presid
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REGULATION AND SUPERVISION OF L-BAN
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non-banking corporations if the use
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Covering Market Risk Positions Mark
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ank, and the aggregate nominal valu
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may at any time change the reserve
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The Entschädigungseinrichtung GmbH
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ECONOMY General Germany The economy
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Industrial Structure General Positi
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The following table shows the amoun
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The Euro-zone follows a mutual mone
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Revenue Equalization While the Germ
Page 78 and 79: For more detailed information regar
Page 80 and 81: Outstanding Principal Maturity Amou
Page 82 and 83: DESCRIPTION OF THE DEBT SECURITIES
Page 84 and 85: (iv) a waiver by the holders of the
Page 86 and 87: CURRENCY CONVERSION RATES The follo
Page 88 and 89: TAXATION UNITED STATES FEDERAL INCO
Page 90 and 91: number of complete years to maturit
Page 92 and 93: will equal such U.S. Holder’s ini
Page 94 and 95: using the constant yield method des
Page 96 and 97: We have included the federal income
Page 98 and 99: Capital gains resulting from the di
Page 100 and 101: SUMMARY OF CERTAIN DIFFERENCES BETW
Page 102 and 103: The credit risk of the loan and sec
Page 104 and 105: Under U.S. GAAP, repurchased debt s
Page 106 and 107: LIMITATIONS ON ACTIONS AGAINST THE
Page 108 and 109: GLOSSARY This glossary describes ce
Page 110 and 111: Administrative loans, which are loa
Page 112 and 113: Depreciation and accumulated amorti
Page 114 and 115: Landeskreditbank Baden-Württemberg
Page 116 and 117: Balance sheet as at December 31, 20
Page 118 and 119: Statement of income for the period
Page 120 and 121: Notes to the annual financial state
Page 132 and 133: Authorities of Landeskreditbank Bad
Page 134 and 135: Proposal of the Board of Management
Page 136 and 137: FINANCIAL STATEMENTS OF L-BANK AS O
Page 140 and 141: Landeskreditbank Baden - Württembe
Page 154 and 155: Directorships held by members of th
Page 156 and 157: State government deputy representat
Page 158 and 159: Independent Auditors’ opinion We
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Directorships held by members of th
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Authorities of Landeskreditbank Bad
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Proposal of the Board of Management
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Debt of L-Bank at December 31, 2004
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Debt Securities
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Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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