ING Direct 2011 Annual Report Download - page 201

Notes to the consolidated annual accounts of ING Group continued
Earnings per ordinary share from discontinued operations
Amount
(in millions of euros)
Weighted average
number of ordinary shares outstanding
during the period (in millions)
Per ordinary share
(in euros)
2011 2010 2009 2011 2010 2009 2011 2010 2009
Net result from discontinued
operations 109 209 93
Net result from disposal of
discontinued operations 995
Total net result from discontinued
operations 1,104 209 93 3,783.7 3,781.5 2,686.0
Basic earnings from discontinued
operations 1,104 209 93 3,783.7 3,781.5 2,686.0 0.29 0.06 0.04
Effect of dilutive instruments:
Stock option and share plans 5.4 6.6 5.7
5.4 6.6 5.7
Diluted earnings from discontinued
operations 1,104 209 93 3,789.1 3,788.1 2,691.7 0.29 0.06 0.04
50 DIVIDEND PER ORDINARY SHARE
In 2011, 2010 and 2009 no dividend was declared, therefore the dividend per ordinary share was nil. The Executive Board, with the
approval of the Supervisory Board, has proposed, subject to the ratification by the General Meeting of Shareholders, not to pay a cash
dividend for the year 2011.
In 2009 a coupon to the Dutch State of EUR 259 million was paid as part of the repayment of EUR 5 billion non-voting equity securities.
51 OPERATING SEGMENTS
a. General
ING Group’s operating segments relate to the internal segmentation by business lines. As at 31 December 2011, ING Group identifies
thefollowing operating segments:
Operating segments of ING Group
Banking Insurance
Retail Netherlands Insurance Benelux
Retail Belgium Insurance Central & Rest of Europe (CRE)
ING Direct Insurance United States (US) *
Retail Central Europe (CE) Insurance US Closed Block VA
Retail Asia Insurance Asia/Pacific
Commercial Banking (excluding Real Estate) ING Investment Management (IM)
ING Real Estate Corporate Line Insurance
Corporate Line Banking
* Excluding US Closed Block VA
In 2011 the operating segment Insurance Latin America is not included in the segment reporting anymore as its activities classify mainly as
discontinued operations. Reference is made to Note 25 ‘Discontinued operations’. Activities reported previously in the segment Insurance
Latin America and that are not classified as discontinued operations are now reported in the Corporate Line Insurance. Comparative
disclosures are adjusted accordingly.
The Executive Board of ING Group, the Management Board Banking and the Management Board Insurance set the performance targets
and approve and monitor the budgets prepared by the business lines. Business lines formulate strategic, commercial and financial policy in
conformity with the strategy and performance targets set by the Executive Board, the Management Board Banking and the Management
Board Insurance.
The accounting policies of the operating segments are the same as those described under Accounting policies for the consolidated annual
accounts. Transfer prices for inter-segment transactions are set at arm’s length. Corporate expenses are allocated to business lines based
on time spent by head office personnel, the relative number of staff, or on the basis of income, expenses and/or assets of the segment.
ING Group evaluates the results of its operating segments using a financial performance measure called underlying result. The information
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
199ING Group Annual Report 2011