Landeskreditbank Baden-Württemberg - L-Bank
Landeskreditbank Baden-Württemberg - L-Bank
Landeskreditbank Baden-Württemberg - L-Bank
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Independent Auditors’ Opinion<br />
We have audited the annual financial statements of <strong>Landeskreditbank</strong> <strong>Baden</strong>-Württemberg-Forderbank (“L-<br />
<strong>Bank</strong>” or “the <strong>Bank</strong>”), based in Karlsruhe, for the financial year ending December 31, 2004. The accounting and<br />
preparation of the financial statements and of the management report of the <strong>Bank</strong> in accordance with German<br />
commercial law are the responsibility of the Board of Management of L-<strong>Bank</strong>. Our responsibility is to express an<br />
opinion based on our audit of the financial statements and the management report of the <strong>Bank</strong>.<br />
We conducted our audit of the financial statements in accordance with § 317 HGB (the German<br />
Commercial Code) and the generally accepted German standards for the audit of financial statements<br />
promulgated by the “Institut der Wirtschaftsprufer” (IDW, the German Institute of Certified Public Accountants).<br />
Those standards require that we plan and perform the audit in such a way as to obtain reasonable reassurance<br />
regarding the extent to which the presentation of the net assets, financial position and operational results of the<br />
<strong>Bank</strong>, both in the financial statements drawn up in accordance with the generally accepted German accounting<br />
principles, and in the management report of the <strong>Bank</strong>, are free of material misstatement. Knowledge of the<br />
business activities and the economic and legal environment of the <strong>Bank</strong>, as well as evaluations of possible<br />
misstatements, are all taken into account in determining the scope of the audit procedures. The effectiveness of<br />
the accounting-related internal controls and the evidence supporting the disclosures in the books of account and<br />
records, financial statements and management report of the <strong>Bank</strong>, are primarily examined on a test basis within<br />
the framework of the audit. The audit of the financial statements includes an assessment of the accounting<br />
principles applied and of significant estimates made by the Board of Management of L-<strong>Bank</strong>, as well as an<br />
evaluation of the overall presentation of the financial statements and management report of the <strong>Bank</strong>. We believe<br />
that our audit provides a reasonable basis for our opinion.<br />
Our audit did not lead to any objections.<br />
In our opinion, the financial statements give a true and fair view of the net assets, financial position and<br />
operational results of the <strong>Bank</strong> in accordance with the generally accepted German accounting principles. Overall,<br />
the management report of the <strong>Bank</strong> is an accurate representation of the position of the <strong>Bank</strong> and accurately<br />
reflects the risks entailed in its future development.<br />
Stuttgart, March 1, 2005<br />
PwC Deutsche Revision<br />
Aktiengesellschaft<br />
Wirtschaftsprüfungsgesellschaft<br />
(Schuldt) ......................................................................<br />
Auditor .......................................................................<br />
(ppa. Dr. Russ)<br />
Auditor<br />
F-23