RBS 2011 Annual Report Download - page 36

34 RBS Group 2011
Managed results
The financial information on a managed basis, prepared using the
Group’s accounting policies, shows the underlying performance of the
Group which excludes certain one-off and other items. This information is
provided to give a better understanding of the results of the Group’s
operations.
There are no significant differences between managed and statutory
results other than the presentational aspects discussed below. The 2009
balance sheet information has been presented excluding those ABN
AMRO businesses subsequently transferred to other Consortium
Members (previously labelled as ‘pro forma’). This provides a more
meaningful comparison.
Consistent with the manner in which the Group is managed, Group
operating profit on a managed basis excludes:
xmovements in fair value of own debt;
xAsset Protection Scheme;
xPayment Protection Insurance costs;
xsovereign debt impairment;
xamortisation of purchased intangible assets;
xintegration and restructuring costs;
xgain on redemption of own debt;
xstrategic disposals;
xbonus tax;
xbank levy;
xgains on pensions curtailment;
xinterest rate hedge adjustments on impaired available-for-sale
Greek government bonds;
xwrite-down of goodwill and other intangible assets; and
xRFS Holdings minority interest (RFS MI).
Statutory results
The statutory results of the Group include the one-off and other items in
the appropriate captions in the income statement.
Reconciliations between managed and statutory results are detailed on
pages 96 to 99.
Glossary
Aglossary of terms is provided on pages 476 to 483.
Presentation of information continued