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THE BANK FOR CORPORATES 68 Audit report Audit report according to IAS and audit certificate according to § 245a Austrian Commercial Code. We have audited the accompanying Consolidated Financial Statements of Investkredit Bank <strong>AG</strong>, Vienna, which comprise the Balance Sheets as at 31 December 2001 and 31 December 2000, and the Income Statements, the Cash flow Statements, the Statements of Changes in Equity and the Notes for the financial years from 1 January 2001 to 31 December 2001 and from 1 January 2000 to 31 December 2000. These consolidated financial statements are the responsibility of the management. Our responsibility is to express an opinion on these Consolidated Financial Statements based on our audit. We have conducted our audit in conformity with accounting principles applicable in Austria. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Consolidated Financial Statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Consolidated Financial Statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the Consolidated Financial Statements give a true and fair view in all material respects of the financial position of Investkredit Bank <strong>AG</strong>, Vienna, and its subsidiaries as at 31 December 2001 and 31 December 2000 and of the results of its operations and its cash flows for the financial years 1 January 2001 to 31 December 2001 and 1 January 2000 to 31 December 2000 in accordance with the International Accounting Standards (IAS). Under Austrian law, an audit of the Consolidated Management Report has to be conducted and it has to be certified whether the legal requirements for the exemption from the preparation of consolidated accounts according to Austrian law are met. We confirm that the Management Report is consistent with the Consolidated Financial Statements and that the legal requirements for exemption from the presentation of consolidated accounts according to Austrian law are met. KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft Wilhelm Kovsca Martin Wagner Chartered Accountants and Tax Consultants Vienna, 21 February 2002
REPORT OF THE SUPERVISORY BOARD. In the year 2001, the Supervisory Board and its Committees performed the duties entrusted to them under the law and the Statutes. The Board of Management informed the Supervisory Board regularly on the progress of business and the situation of the Bank. The resolutions submitted for adoption and important principles and individual questions were discussed in detail at six meetings of the Supervisory Board, six meetings of the Loans Committee and one meeting of the Accounts Review Committee in preparation for approval of the annual financial statements. The accompanying annual financial statements and the management discussion have been examined by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The final result of the audit gave no cause for objection, so that the auditor has issued an unqualified opinion. The financial statements 2001 including the Notes, in keeping with International Accounting Standards (IAS), and the management discussion have been examined by KPMG Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft, Vienna. The audit gave no cause for objection and the legal requirements were fully met. In the opinion of the auditors, the financial statements give a true and fair view in all material respects of the financial position of Investkredit and its subsidiaries as of 31 December 2001 and 31 December 2000 and of the profit or loss and cash flows in the financial years 2001 and 2000, in conformity with the International Accounting Standards. The auditors confirm that the consolidated financial statements meet the legal requirements for exemption from the obligation to present a consolidated financial statement under Austrian law. The representatives of the auditors took part in the Supervisory Board meeting of 20 March 2002 that was convened for approval of the financial statements and were available to answer questions from members of the Supervisory Board. The Supervisory Board has noted and given its assent to the results of the audit, has endorsed the 2001 financial statements, the management discussion and the proposal for the distribution of the profit and has thus given its approval pursuant to § 125 (2) of the Austrian Stock Corporation Act. The Supervisory Board has also noted and given its assent to the result of the audit of the consolidated financial statements. In the course of its meeting of 18 September 2001, the Supervisory Board took notice of the wish expressed by the CEO, Alfred Reiter, to retire at year-end after 26 years of meritorious service with the bank. At the meeting of 27 September 2001, Wilfried Stadler who has heretofore been successfully active as a member of the Board of Management, was unanimously elected Chairman of the Board of Management. At the same meeting, Klaus Gugglberger was selected from the circle of suitably qualified departmental managers to membership and appointed to the Board of Management. The Supervisory Board Geiserich E. Tichy Chairman Vienna, 20 March 2002 Report of the Supervisory Board THE BANK FOR CORPORATES 69
Page 1 and 2:
THE BANK FOR CORPORATES. Annual Rep
Page 3 and 4:
CONTENTS. Investkredit at a glance.
Page 5 and 6:
INCOME DEVELOPMENT OF THE INVESTKRE
Page 7 and 8:
LETTER FROM THE BOARD OF MANAGEMENT
Page 9 and 10:
Letter from the Board of Management
Page 11 and 12:
Board of Management. ALFRED REITER
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INVESTKREDIT SHARES. Investkredit s
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MANAGEMENT DISCUSSION. The members
Page 17 and 18:
Management style allows for quick d
Page 19 and 20: Increase in business volume and ear
Page 21 and 22: Significantly improved capital rati
Page 23 and 24: Ensuring liquidity for corporate cu
Page 25 and 26: A euro financial market is emerging
Page 27 and 28: Deal structuring in the context of
Page 29 and 30: Competent consulting on aid-related
Page 31 and 32: Assistance in the acquisition and d
Page 33 and 34: Issuing focus on strengthening equi
Page 35 and 36: 60% of Austrian local authorities a
Page 37 and 38: Benefiting from advantages of Centr
Page 39 and 40: FINANCIAL STATEMENTS OF THE INVESTK
Page 41 and 42: STATEMENT OF CHANGES IN EQUITY. For
Page 43 and 44: Notes to the financial statements o
Page 45 and 46: (5) LOANS AND ADVANCES. Loans and a
Page 47 and 48: a fluctuation rate of 0% and assume
Page 49 and 50: (23) GENERAL ADMINISTRATIVE EXPENSE
Page 51 and 52: (32) RISK PROVISIONS. Risk provisio
Page 53 and 54: BWG- Investment Extent of investmen
Page 55 and 56: (36) PROPERTY AND EQUIPMENT. in EUR
Page 57 and 58: (42) PROVISIONS. in EUR m 31.12.200
Page 59 and 60: Expenses related to all subordinate
Page 61 and 62: Local go- Real Disclosure in EUR m
Page 63 and 64: (51) SUBORDINATED ASSETS. The asset
Page 65 and 66: (58) FAIR VALUE BALANCE SHEET. Fair
Page 67 and 68: (65) INFORMATION ON EMOLUMENTS OF A
Page 69: Equity capital. Equity held by outs
Page 73 and 74: Cost-income ratio. Index of the cos
Page 75 and 76: Own funds to be taken into account.
Page 77 and 78: INVESTOR RELATIONS. Margot Binder P
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