A4 für Copyshop GB.indd - Bayerische Landesbank

Report by the Board of Administration, accounts of BayernLB and the BayernLB Group and notes to the accounts
by PwC Deutsche Revision Aktiengesellschaft Wirtschaftsprüfungsgesellschaft. The
independence of the auditors was duly verified before we requested their approval by
the General Meeting. Unqualified audit certificates were granted upon completion of
the auditing process. The auditors’ reports were discussed thoroughly in today’s meet-
ing of the Board of Administration, and by the derivative Financial Statements Audit
Committee in its meeting of 25 April 2005. Both meetings were attended in person by
the auditors, who explained the important findings of the audit and answered ques-
tions thereupon.
We approve the outcome of the external audits following the final outcome of our
internal audits, and upon the recommendation of the Financial Statements Audit
Committee. In today’s meeting, we adopted the annual accounts of the Bank as sub-
mitted by the Board of Management. We further approved the Board of Management’s
report on the Bank and the Group as well as the consolidated accounts. We then rec-
ommended to the General Meeting that the disclosed profit available for distribution
in the amount of EUR 63,400,193.28 be transferred to BayernLB Holding AG, which
holds 100 percent of the nominal capital of the Bank. This represents a return of 4 per-
cent on the paid-in capital of the Bank.
This result reinforces our opinion that the Bank has successfully completed its turna-
round, and that the transformation of its business model is right on track. We are con-
fident that once the guarantee mechanisms have been abolished, the Bank will achieve
its targeted rating of at least A+ in the medium term.
We also proposed to the General Meeting that the Board of Management be dis-
charged. The General Meeting today gave its approval to these proposals.
Our thanks to the Board of Management and staff
We would like to express our appreciation of the immense commitment of the Board
of Management and the employees of BayernLB, particularly in these challenging
times. This applies both to the day-to-day business of the Bank and to the implemen-
tation of strategic realignment, which has demanded a great deal of all those involved.
In the future, the Board of Administration will continue to be heavily involved in the
sustained enhancement of the earnings profile, and will do its utmost to support the
Bank in this aim. We wish the Board of Management and all of the Bank’s employees
continued success in the future.
Munich, 2 May 2005
The Board of Administration
Prof. Dr. Kurt Faltlhauser
Chairman
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