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Report on the annual financial statements
I have audited the attached annual financial statements of
Raiffeisen-Landesbank Tirol AG, Innsbruck for the financial year
from 1 January to 31 December 2010, taking into consideration
the accounting. These annual financial statements comprise the
balance sheet as at 31 December 2010, the income statement for
the financial year ending on 31 December 2010 and the Notes to
the annual financial statements.
Responsibility of the legal representatives
for the annual financial statements and ac-
counting
The cooperative's legal representatives are responsible for
the accounting and for preparation and content of the annual
financial statements, which present a true and fair view of the
assets, financial position and income situation of the cooperative
in accordance with Austrian requirements under company law
and banking regulations. This responsibility includes: designing,
implementing and maintaining an internal control system, insofar
as this is important for preparing the annual financial statements
and presenting a true and fair view of the assets, financial position
and income situation of the cooperative, in order that they are free
from material misstatement, whether due to intentional or uninten-
tional errors; selecting and applying appropriate accounting poli-
cies and valuation methods; and making accounting estimates
that are reasonable in the circumstances.
Responsibility of the Auditor and descrip-
tion of nature and scope of the statutory
audit
My responsibility is to express an opinion on these financial state-
ments based on my audit. My audit was conducted in accordance
with the applicable Austrian legal regulations and professional
standards. These standards require that I comply with the Rules
of Conduct and that the audit be planned and conducted in
such a manner that reasonable assurance can be obtained as
to whether the financial statements are free of material misstate-
ment.
An audit involves performing procedures to obtain audit evidence
about the amounts and other disclosures in the financial state-
ments. The audit procedures selected depend on the judgement
of the Auditor, including his assessment of the risk of material
misstatement, whether due to intentional or unintentional errors.
When conducting this risk assessment, the Auditor takes into ac-
count the internal control system, insofar as this is important for
preparing the annual financial statements and presenting a true
and fair view of the assets, financial position and income situation
of the cooperative. Taking general conditions into consideration,
the purpose is to stipulate appropriate audit procedures, although
not to issue an audit opinion on the effectiveness of the coopera-
tive's internal controls. The audit also includes an assessment of
the appropriateness of the accounting principles and valuation
methods used and significant estimates made by the legal repre-
sentatives of the company, as well as an evaluation of the overall
presentation of the annual financial statements.
I believe that the audit evidence I have obtained is sufficient and
appropriate to provide my audit with a reasonable basis for our
audit opinion.
Audit opinion
My audit has not led to any reservations. On the basis of the
knowledge gained during the audit, in my judgement the financial
statements comply with the legal regulations, and present a true
and fair view of the assets and financial position of the coopera-
tive as at 31 December 2010, as well as the income situation of
the cooperative for the financial year from 1 January to 31 Decem-
ber 2010, in accordance with Austrian accounting regulations.
Statements on the Management Report
The Management Report is examined on the basis of legal
requirements to establish whether it corresponds to the an-
nual financial statements and whether the other disclosures in
the Management Report do not present a false picture of the
cooperative's situation. The Audit Certificate must also include a
statement on whether the Management Report corresponds to
the annual financial statements and whether the information is
accurate in accordance with Section 243a UGB (Austrian Com-
mercial Code).
In my view the Management Report corresponds to the annual
financial statements. The information in accordance with Section
243a UGB (Austrian Commercial Code) is accurate.
Vienna, 28 February 2011
Robert Eiweck
Senior Auditor
Audit Certificate
Report by the Supervisory Board
Board proposal for the distribution of profits
in accordance with Section 96 AktG
(Austrian Stock Corporation Act)
Dr Hannes Schmid
Chairman of the Board
of Managing Directors
Reinhard Mayr
Director
Gobert Sternbach
Director
Dr Hans Unterdorfer
Director
A net profit for the 2010 financial year of EUR 7,649,396.86 was reported. The Board of Managing Directors proposes that for the 2010
financial year, a dividend of EUR 90 per share be paid on the share capital of 84,950 shares, and that the remainder be carried forward
to a new account.
During the 2010 financial year, the Supervisory Board carried out the duties allocated to it by law and the Articles of Association at its
meetings and was regularly informed concerning important business matters and the development of the bank by the Board of
Managing Directors.
The Supervisory Board examined the annual financial statements and found that these conformed with the properly maintained books
and accounting documents. The Management Report presented by the Board of Managing Directors corresponds to the annual finan-
cial statements. These examinations have given no cause for objections.
In addition, the Supervisory Board agrees with the proposal for the distribution of profits presented by the Board of Managing Directors.
Director Josef Graber
Chairman of the Supervisory Board
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