Landeskreditbank Baden-WÃ¼rttemberg - L-Bank

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ECONOMY General Germany The economy of Baden-Württemberg, as a state of Germany, must be considered in the context of the German economy as a whole. Germany’s economic system has developed since 1945 into what has come to be called the soziale Marktwirtschaft, generally understood to mean a socially-conscious market economy, combining the free initiative of the individual with social principles. The German Constitution guaranties freedom of private enterprise and private property. The state mainly has an administrative function in the market economy, setting the general framework of conditions within which market processes take place. In Germany, there is almost no state intervention in price and wage competition. The German economy is one of the largest in the world. Compared with its international rank as an industrialized nation, Germany is relatively poor in raw material resources. It depends largely on imports for its raw material needs. This foreign dependence is particularly significant in minerals such as copper, bauxite, manganese, titanium, rock phosphate, tungsten and tin. Germany currently imports nearly two-thirds of its energy requirements, including virtually all of its oil and a significant portion of its natural gas, as well as all of the enriched uranium needed for nuclear energy. Exports and imports of goods and services contributing to the GDP (at current prices) since 2001 have developed as follows: Contribution of Exports and Imports of Goods and Services to GDP* in Germany 2004 2003 2002 2001 (in %) Exports/GDP .......................................................... 39.7 37.3 36.6 35.2 Imports/GDP .......................................................... 34.0 32.7 31.4 31.9 * Date of computation of GDP: August 2004 and January 2005. Source: Own calculations, based on: German Central Bank, Monthly Report, November 2004, Table IX. 1 and February 2005, Table IX. 1. Baden-Württemberg Baden-Württemberg is one of the most highly industrialized states in Germany and has one of the strongest economies of all the German states. In terms of GDP and employment, approximately one-half of Baden- Württemberg’s economy is based on the activities of small and medium-sized commercial enterprises, many of which are involved in manufacturing and focused on technology, and the other half consists of large industry. Several well-known companies are located in Baden-Württemberg, such as DaimlerChrysler AG, Porsche AG, Robert Bosch GmbH, IBM Germany, Asea Brown Boveri Germany and Hewlett-Packard Germany. This strong concentration of manufacturing activity exposes the economy of Baden-Württemberg to a degree of cyclical pressure. In addition to manufacturing enterprises, many universities and research institutions also support the Baden-Württemberg economy. 49
The real growth rates of Baden-Württemberg’s and Germany’s GDP (at 1995 prices) since 2000 have developed as follows: Real Growth Rates* 2004 2003 2002 2001 (in %) Baden-Württemberg ..................................................... 1.6 (0.1) (0.9) 2.5 Germany .............................................................. 1.6 (0.1) 0.1 0.8 * Date of computation: August 2004/February 2005. Source: State Statistical Office Baden-Württemberg and Federal Statistical Office, data on economy and prices, available at www.statistik.baden-wuerttemberg.de/VolkswPreise/ArbeitskreisVGR/tab02.asp. Gross Domestic Product The following table shows the GDP of Baden-Württemberg in comparison to the GDP of Germany for each of the years indicated: Development of GDP* 2004 2003 2002 2001 (in billions of EUR) At current prices for the year indicated: ........................ Baden-Württemberg’s GDP .................................... 319.4 312.3 309.1 305.5 Germany’s GDP ............................................. 2,177.0 2,128.2 2,107.3 2.074.0 At constant 1995 prices: ....................................... Baden-Württemberg’s GDP .................................... 292.3 287.6 287.8 290.5 Germany’s GDP ............................................. 2,016.1 1,985.2 1,987.6 1,986.0 * Date of computation: August 2004/February 2005. Source: State Statistical Office Baden-Württemberg and Federal Statistical Office, data on economy and prices, available at www.statistik.baden-wuerttemberg.de/VolkswPreise/ArbeitskreisVGR/tab01.asp and …/ tab02.asp. The following table shows the per capita GDP of Baden-Württemberg in comparison to the per capita GDP of Germany for each of the years indicated: Per Capita GDP in Baden-Württemberg and Germany* 2004 2003 2002 2001 (in thousands of EUR) At current prices for the year indicated: .................................. Baden-Württemberg ................................................ 29.8 29.2 29.1 28.9 Germany ......................................................... 26.4 25.8 25.6 25.2 * Date of computation: August 2004/February 2005. Source: State Statistical Office Baden-Württemberg and Federal Statistical Office, data on economy and prices, available at www.statistik.baden-wuerttemberg.de/VolkswPreise/ArbeitskreisVGR/tab01.asp. 50
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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
Page 17 and 18: For the purposes of this provision,
Page 19 and 20: These activities by the managers or
Page 21 and 22: You should rely only on the informa
Page 23 and 24: PROSPECTUS SUMMARY The following su
Page 25 and 26: APPLICATION OF PROCEEDS As may be m
Page 27 and 28: (4) Loans to customers (i.e., non-c
Page 29 and 30: transferred to independent subsidia
Page 31 and 32: Our housing-related activities are
Page 33 and 34: (1) Holdings in companies for strat
Page 35 and 36: Loan Portfolio Risks We maintain a
Page 37 and 38: securities portfolio. In accordance
Page 39 and 40: The following table shows our borro
Page 41 and 42: authorized limits. A daily risk and
Page 43 and 44: MANAGEMENT INFORMATION Introduction
Page 45 and 46: credit institutions increased by 10
Page 47 and 48: To control the risks of unhedged po
Page 49 and 50: RECENT DEVELOPMENTS Development of
Page 51 and 52: MANAGEMENT Board of Management Our
Page 53 and 54: Wirtsch.-Ing. Bernd Bechtold Presid
Page 55 and 56: REGULATION AND SUPERVISION OF L-BAN
Page 57 and 58: non-banking corporations if the use
Page 59 and 60: Covering Market Risk Positions Mark
Page 61 and 62: ank, and the aggregate nominal valu
Page 63 and 64: may at any time change the reserve
Page 65: The Entschädigungseinrichtung GmbH
Page 70 and 71: Industrial Structure General Positi
Page 72 and 73: The following table shows the amoun
Page 74 and 75: The Euro-zone follows a mutual mone
Page 76 and 77: 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
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Statement of income for the period
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Notes to the annual financial state
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Authorities of Landeskreditbank Bad
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Proposal of the Board of Management
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FINANCIAL STATEMENTS OF L-BANK AS O
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Landeskreditbank Baden-Württemberg
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Landeskreditbank Baden - Württembe
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Directorships held by members of th
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State government deputy representat
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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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