English Translation

As regards the closing of the accounts for the financial year 1941, it should be noted that the operating accounts comprise all the income arising from the operation of the company BMB, including the share of transport taxes left to the company and the total expenditure required for the management of the business. The expenditure side also includes the depreciation of fixed assets and the amounts necessary to cover the delayed departures of the private railways in the BMB's operations. In 1941, the operating accounts closed with a surplus of K 107 091-006.70. Profit and loss account In the profit and loss accounts, interest and price gains in the amount of K 12 418 337.35 were available as profits of the company's operating surplus (after deduction of loss of auxiliary and ancillary enterprises) at K 107 091 006.70 and also as financial gain. The resulting total amount was sufficient to cover the interest on the building debt, which appears to be a nominal item, with K 119 509 344.05. The profit and loss account is thus balanced. Balance sheet The company's fixed assets (new value) amount to K 21 003 366 851.35, taking account of access to K 464 310 937.95 on balance sheet date. On the other hand, the value adjustment account for railway installations is shown on the side of liabilities with K 7 242 335 834.— The difference between the two items shows the fair value of the installations on 31 December 1941. The holdings appear in the balance sheet with K 2427 850.—; the amount is by K 9591 150.— lower than in the previous year. The BMB has transferred its holdings in two commercial enterprises to the Reich: new acquisitions of small shares in two power plant cooperatives as deposits for electricity supplies. At the end of the year, the value of stocks of materials and equipment was K 478 824 187.20; it has increased by approximately 72 million K compared with the previous year. The increase is partly due to an increase in stocks, partly to value adjustments from price increases. Of working capital: Cash stocks K 115 117 252.65, Bank assets K 4 617 359.45. Claims arising from the settlement of traffic revenues with foreign railways K 553 767 332.40. Other short-term claims K 340 583 537.30. The transitional assets limiting the economic result of the financial year amount to K 114 855 195.90. The outstanding items representing foreign assets acquired in the company's cash registers amount toK 14 966 810.72. They are shown on both sides of the balance sheet in the same amount. 7