ING Direct 2004 Annual Report Download - page 116
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114 ING Group Annual Report 2004
PRO FORMA RESULT IF STOCK OPTIONS WOULD HAVE BEEN RECOGNISED IN THE PROFIT AND LOSS ACCOUNT(1)
As Pro As Pro As Pro
reported forma reported forma reported forma
2004 2003 2002
Net profit (in millions of euros) 5,968 5,923 4,043 3,974 4,500 4,386
Basic profit per share (in euros) 2.80 2.79 2.00 1.97 2.32 2.27
Diluted profit per share (in euros) 2.80 2.79 2.00 1.97 2.32 2.27
(1) The amounts in the pro forma columns reflect the figures if the fair value of the stock options at the time they were granted would have been recognised in the
profit and loss account.
The fair values have been determined by using an option-pricing model. This model takes the risk free interest rate into
account, as well as the expected life of the options granted, the expected volatility of the certificates of ING Group shares and
the expected dividends.
26 ADDITIONS TO THE PROVISION FOR INVESTMENT LOSSES
ADDITIONS TO THE PROVISION FOR INVESTMENT LOSSES
2004 2003 2002
Fixed-interest securities 32 163 663
Participating interests 1
32 163 664
As from 2003, Additions to the provision for investment losses from the insurance operations are reported on a separate line
within Total expenditure. Previously these additions were reported as an element of Income from investments of the insurance
operations and Other expenses. The comparative figures have been adjusted accordingly.
27 OTHER EXPENSES
OTHER EXPENSES
Insurance Banking
operations operations Total
2004 2003 2002 2004 2003 2002 2004 2003 2002
Depreciation of tangible fixed assets 100 119 141 308 340 361 408 459 502
Computer costs 211 214 217 663 699 584 874 913 801
Office equipment and
accommodation 633 671 727 647 675 727 1,280 1,346 1,454
Travel and accommodation expenses 91 96 115 116 110 130 207 206 245
Advertising and public relations 128 152 167 557 418 324 685 570 491
External advisory fees 435 345 369 273 233 289 708 578 658
Other 476 565 703 1,113 1,015 1,096 1,589 1,580 1,799
2,074 2,162 2,439 3,677 3,490 3,511 5,751 5,652 5,950
As from 2003 all office related expenses (including accommodation costs) are reported on one line. The comparative figures
have been adjusted accordingly.
NOTES TO THE CONSOLIDATED PROFIT
AND LOSS ACCOUNT OF ING GROUP (continued)
2.1
ANNUAL ACCOUNTS