ING Direct 2004 Annual Report Download - page 120
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118 ING Group Annual Report 2004
While these excluded items are significant components in understanding and assessing the Group’s consolidated financial
performance, ING Group believes that the presentation of operating results enhances the understanding and comparability
of its performance by highlighting net income attributable to ongoing operations and the underlying profitability of
the businesses. Trends in the underlying profitability of ING Group’s businesses can be more clearly identified without the
fluctuating effects of realised capital gains and losses on equity securities and the impact of the negative revaluation reserve
on equity securities. These results are largely dependent on market cycles and can vary across periods. The timing of sales that
would result in gains or losses is largely at the discretion of the company. The realised gains on divestments that are made with
the purpose of using the proceeds related to the divestments to finance acquisitions are excluded because the timing of these
gains is largely subject to the company’s discretion, influenced by market opportunities and ING Group does not believe that
they are indicative of future results. Operating profit before tax and operating net profit are not a substitute for profit before
tax and net profit. ING Group’s definition of operating profit before tax and operating net profit may differ from those used by
other companies and may change over time.
RECONCILIATION OF NET PROFIT TO OPERATING NET PROFIT
Insurance Banking
operations operations Total
2004 2003 2002 2004 2003 2002 2004 2003 2002
Net profit 3,564 2,498 3,605 2,404 1,545 895 5,968 4,043 4,500
Taxation 912 891 756 857 599 333 1,769 1,490 1,089
Third parties 119 117 92 153 227 240 272 344 332
Profit before tax 4,595 3,506 4,453 3,414 2,371 1,468 8,009 5,877 5,921
Realised capital gains(losses) on shares 590 20 1,003 590 20 1,003
Gain on divestments to finance
acquisitions 280 280
Operating profit before tax 4,005 3,486 3,170 3,414 2,371 1,468 7,419 5,857 4,638
Taxation 901 861 540 857 599 333 1,758 1,460 873
Third parties 119 117 92 153 227 240 272 344 332
Operating net profit 2,985 2,508 2,538 2,404 1,545 895 5,389 4,053 3,433
ADDITIONAL INFORMATION RELATING TO THE
CONSOLIDATED PROFIT AND LOSS ACCOUNT OF
ING GROUP (continued)
2.1
ANNUAL ACCOUNTS