ING Direct 2004 Annual Report Download - page 119

ING Group Annual Report 2004 117
RESULT FROM INVESTMENTS IN SHARES AND CONVERTIBLE DEBENTURES AND LAND AND BUILDINGS
Realised and
unrealised Operating
Direct revaluations and Investment
investment and exchange management Before After result
income differences expenses(1) taxation taxation in %(2)
SHARES AND CONVERTIBLE DEBENTURES
2004 442 598 1,040 822 8.1
2003 507 73 -3 577 480 4.4
2002 646 -4,404 -12 -3,770 -2,341 -12.9
2001 707 -3,351 -14 -2,658 -2,241 -9.9
2000 717 480 -27 1,170 960 3.8
1999 698 2,973 -1 3,670 3,194 12.9
1998 500 3,918 -2 4,416 4,305 23.4
1997 436 4,405 -1 4,840 4,467 35.6
Average 582 586 -8 1,160 1,206 6.7
LAND AND BUILDINGS
2004 678 42 -174 546 360 3.8
2003 736 142 -230 648 435 4.3
2002 820 -19 -181 620 401 3.3
2001 770 453 -146 1,077 718 7.2
2000 782 1,007 -160 1,629 1,075 12.2
1999 623 314 -107 830 545 7.7
1998 579 98 -141 536 355 6.1
1997 520 114 -128 506 335 6.4
Average 688 269 -158 799 528 6.2
TOTAL
2004 1,120 640 -174 1,586 1,182 6.0
2003 1,243 215 -233 1,225 915 4.3
2002 1,466 -4,423 -193 -3,150 -1,940 -6.4
2001 1,477 -2,898 -160 -1,581 -1,523 -4.7
2000 1,499 1,487 -187 2,799 2,035 6.0
1999 1,321 3,287 -108 4,500 3,739 11.7
1998 1,079 4,016 -143 4,952 4,660 19.2
1997 956 4,519 -129 5,346 4,802 27.0
Average 1,270 855 -166 1,959 1,734 6.6
(1) In the profit and loss account, operating costs relating to investments in land and buildings are netted off against the income from these investments.
(2) Investment result after tax as a percentage of the average amount invested.
The result from investments in shares and convertible debentures and land and buildings (excluding investments for risk of
policyholders) includes all the income and expenses associated with this category of investments except financing charges.
In the annual accounts these income and expenses are partly included in the profit and loss account (dividends, interest, rental
income, realised revaluations and exchange differences, operating and management expenses) and partly reflected directly
as changes in Shareholders’ equity (unrealised revaluations and exchange differences). Taxation is allocated on the basis of
the standard rate, making allowance for tax exemptions.
Segment reporting
ING Group evaluates the results of its segments using financial performance measures called operating profit before tax and
operating (net) profit. Operating (net) profit is defined as (net) profit excluding:
– capital gains and losses on equity securities;
– the impact of the negative revaluation reserve on equity securities; and
– realised gains on divestments that are made with the purpose of using the proceeds to finance acquisitions.
ADDITIONAL INFORMATION RELATING TO THE
CONSOLIDATED PROFIT AND LOSS ACCOUNT OF ING GROUP
amounts in millions of euros, unless stated otherwise