ING Direct 2004 Annual Report Download - page 147
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ING Group Annual Report 2004 145
The following statement provides a reconciliation of the shareholders’ equity and net profit on the basis of ING Group
accounting principles to US GAAP.
RECONCILIATION OF THE SHAREHOLDERS’ EQUITY AND NET PROFIT ON THE BASIS OF
ING GROUP ACCOUNTING PRINCIPLES TO US GAAP
Shareholders’ equity Net profit
2004 2003 2004 2003 2002
Amounts in accordance with ING Group accounting principles 25,866 21,331 5,968 4,043 4,500
Purchase accounting and goodwill and other intangible assets 4,191 4,315 -164 -125 -29
Valuation of Land and buildings -2,589 -3,017 -91 53 -58
Valuation of Fixed-interest securities 13,075 9,579 533 -6 195
Realised gains/losses on disposal of Fixed-interest securities -1,419 -936 -327 590 483
Valuation of equity securities 148 335 -1,085
Derivatives -101 -530 425 -87 -472
Deferred acquisition costs of new insurance business -341 -418 -79 -154 25
Pension liabilities and other staff-related liabilities -922 -910 43 42 19
Provision for life policy liabilities -448 -650 280 5 -51
Catastrophe and other insurance provision 17 21 2-96 -172
Valuation and profit recognition of equity investments -138 115 525 8
Restructuring provision 60 60
Subtotal 11,385 7,569 835 582 -1,137
Taxation of the adjustments 2,503 1,207 141 129 -99
Minority interest in adjustments (after tax) 346 314 26 16 14
Adjustments after tax 9,228 6,676 720 469 -1,024
Amounts in accordance with US GAAP accounting principles
(excluding effects of changes in accounting principles) 35,094 28,007 6,688 4,512 3,476
Cumulative effects of changes in accounting principles -91 -13,103
Amounts in accordance with US GAAP accounting principles 35,094 28,007 6,597 4,512 -9,627
Diluted per share (in euros) in accordance with US GAAP accounting principles 16.00 13.27 3.10 2.23 -5.00
This information has been included in the Annual Report on Form 20-F, which is to be filed with the American Securities and Exchange Commission in connection
with admission to listing on the New York Stock Exchange.
SHAREHOLDERS’ EQUITY AND NET PROFIT ON THE BASIS OF US GAAP
amounts in millions of euros, except for amounts per share