ING Direct 2004 Annual Report Download - page 117
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ING Group Annual Report 2004 115
28 TAXATION
TAXATION BY TYPE
Nether- Inter- Nether- Inter- Nether- Inter-
lands national Total lands national Total lands national Total
2004 2003 2002
Current taxation 568 808 1,376 280 836 1,116 436 262 698
Deferred taxation 236 157 393 304 70 374 50 341 391
804 965 1,769 584 906 1,490 486 603 1,089
RECONCILIATION OF THE STATUTORY INCOME TAX RATE TO ING GROUP’S EFFECTIVE INCOME TAX RATE
2004 2003 2002
Profit before tax 8,009 5,877 5,921
Statutory tax rate 34.5% 34.5% 34.5%
Statutory tax amount 2,763 2,028 2,043
Participating interests exemption -507 -305 -905
Differences caused by different
foreign tax rates -120 -51 -99
Other -367 -182 50
Effective tax amount 1,769 1,490 1,089
Effective tax rate 22.1% 25.4% 18.4%
29 NET PROFIT PER SHARE
Basic net profit per ordinary share is calculated on the basis of the weighted average number of ordinary shares in issue.
The following has been taken into consideration in calculating the weighted average number of ordinary shares in issue:
– own shares held by group companies are deducted from the total number of ordinary shares in issue;
– the computation is based on daily averages;
– in calculating the increase in the weighted average number of shares resulting from interim and final stock dividends,
the day on which the dividend is payable is taken into consideration;
– in case of exercised warrants, the day of exercise is taken into consideration.
Diluted profit per share data are computed as if the stock options and warrants outstanding at year-end were exercised at the
beginning of the period. It is also assumed that ING Group uses the cash thus received for stock options and warrants exercised
to buy its own shares against the average market price in the financial year. The net increase in the number of shares resulting
from the exercise of warrants and stock options is added to the average number of shares used for the calculation of diluted
net profit per share.
NET PROFIT PER SHARE
Weighted average number of
ordinary shares outstanding
Net profit during the period Net profit per share
(in millions of euros) (in millions) (in euros)
2004 2003 2002 2004 2003 2002 2004 2003 2002
Net profit 5,968 4,043 4,500
Dividend on preference shares -14 -21 -21
Basic profit 5,954 4,022 4,479 2,125.3 2,014.4 1,928.0 2.80 2.00 2.32
Due to the absence of dilutive effects, the basic profit equals the diluted profit.