Access America 2004 Annual Report Download - page 21
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19
Result before and after tax, and return on equity
The strong increase of the earned turnover net (+10.2%), an
improved administration expenses ratio and the controlled
claims and commissions ratio resulted in almost doubling the
net operating result to 44.6 million euros (2003: 24.2 million
euros, +84%). Including the lower financial result and the
exceptional result of 3.2 million euros (2003: 3.9 million
euros), profit before taxes attained 51.5 million euros (2003:
37.2 million euros, +38.4%). Deducting the high taxes on profits
of 27.8 million euros (previous year: 20.4 million euros),
which included exceptional non-recurrent items, profit after
taxes were increased to 23.1 million euros, compared to
previous year’s 15.6 million euros (+48%).
Correspondingly, the return on equity throughout the twelve-
month period ended on December 31st, 2004, was substantial-
ly increased to 8.7% from 6.0% in 2003 (+45%).
Changes in Group structure
Several changes of the Group structure - such as the creation
of new companies, mergers among Group companies or
holdings, the sale or closing of companies - have taken place
or been initiated in 2004. Details of the operations can be
found in the chapter “Notes to the consolidated financial
statements”, starting on page 23 of this report.
The Group’s strong growth
in turnover of 10.5%, was strongly
influenced by more favorable
conditions for the two main lines
of business, travel insurance and
automobile assistance. ”
“