page 22 Direc tors’ repor t Review of operations Principal activities Directors The Directors present their report together with the financial  report of IOOF Holdings Ltd (the “Company” or “Parent”) and  of the Group (“IOOF” or “Group”), being the Company and  its subsidiaries and the Group’s interest in associates for the  financial year ended 30 June 2012 and the auditor’s report  thereon. The Directors of the Company during or since the end of the  financial year are: Dr Roger Sexton (appointed Chairman 1 April 2012) Mr Christopher Kelaher (Managing Director) Mr Ian Blair (retired 31 March 2012 - former Chairman) Mr Ian Griffiths Ms Jane Harvey Mr George Venardos Mr Kevin White (appointed 4 October 2011) All Directors held office during and since the end of the  financial year, unless otherwise noted. Name In accordance with current Australian accounting standards,  the audited financial results of the benefit funds of IOOF Ltd  are included in the consolidated results of the Group. The  inclusion of the benefit funds has no impact on the profit after  tax for the year (2011: $11,000), but results in offsetting pre-tax  profit and income tax amounts not available to shareholders.  The following table, which has not been audited, provides  a reconciliation between the reported results of the Group  and underlying net profit after tax (UNPAT) pre-amortisation,  with the results of the benefit funds excluded. In calculating  its UNPAT pre-amortisation, the Group reverses the impact on  profit of certain, predominantly non cash, items to enable a  better understanding of its operational result.  Shareholders can view the more detailed results presentation  by visiting the Company website at www.ioof.com.au The principal continuing activities of the Group during the  financial year consisted of: •  financial advice and distribution; •  platform management & superannuation administration; •  investment management; and •  trustee services including estate planning and corporate  trust. Note 2012  $’000 2011  $’000 Profit attributable to Owners of the Company Underlying net profit after tax pre-amortisation (UNPAT) adjustments: 19,373  99,489  Reverse the impact of: Amortisation of intangible assets 8  20,352  17,980  Impairment 8  9,174  - DKN Financial Group Ltd (DKN) acquisition costs 8  3,119  - Termination and retention incentive payments 8  3,705  1,504  Recognition of deferred taxes on intangible assets 10  62,689  - Unwind of deferred taxes on intangible assets 10  (1,915) (2,966) Profit on life policy transfer 7  - (220) Fair value gain on investment in DKN 7  (9,587) - Recognition of previously uncertain tax position (6,955) - Reinstatement of Perennial non-controlling interests (2,407) (3,952) Income tax attributable (1,155) (385) Underlying net profit after tax (UNPAT) pre-amortisation 96,393  111,450 