ING Direct 2009 Annual Report Download - page 122

6 INVESTMENTS IN ASSOCIATES
Investments in associates
2009
Interest
held (%)
Fair value
of listed
investment
Balance
sheet value
Total
assets
Total
liabilities
Total
income
Total
expenses
TMB Public Company Limited 30 338 457 11,474 10,503 309 281
Sul America S.A. 36 288 931 121 3,360 3,138
ING Winkels Basisfonds 16 210 1,642 310 56 37
ING Dutch Office Master Fund C.V. 16 201 1,527 285 –12 30
Lionbrook Property Partnership 33 151 572 148 27 20
Property Fund Iberica 30 140 1,635 1,156 –51 50
ING Woningen Basisfonds 13 111 1,019 194 –34 22
ING Retail Property Fund Australia 29 107 886 479 20 65
Dutch Office Fund II 16 104 775 129 31 27
ING Real Estate Asia Retail Fund 28 99 723 417 –46 140
ING Vastgoed Kantoren C.V. 10 89 952 44 10 33
ING Vastgoed Winkels C.V. 10 87 870 553 19
ING Industrial Fund Australia 861 78 2,265 1,343 344 387
Lion Industrial Trust 10 72 2,374 1,640 –174 729
Retail Property Fund France Belgium (RPFFB) 15 71 1,381 909 287
ING Re French Residential Fund 45 67 233 83 –1 8
Property Fund Central Europe 25 67 806 540 –25 52
ING REI Investment DOF B.V. 3 66 2,402 514 –215 266
Dutch Residential Fund II 13 65 626 141 –25 26
Lion Properties Fund 5 65 2,766 1,506 –226 1,167
ING Re Nordic Property Fund 16 56 940 588 –7 52
Steadfast Capital Fund II LP 68 56 83 2 6
ING Retail Property Partnership Southern Europe 21 55 1,001 745 –27 69
ING Logistics Property Fund Europe 25 51 467 263 –22 23
Other investments in associates 886
3,699
Other investments in associates represents a large number of associates with an individual balance sheet value of less than EUR 50 million.
Accumulated impairments of EUR 59 million (2008: EUR 50 million) have been recognised.
For the above associates in which the interest held is below 20%, significant influence exists based on the combination of ING Group’s
financial interest for own risk and its role as investment manager.
The values presented in the table above could differ from the values presented in the individual annual accounts of the associates, due to
the fact that the individual values have been brought in line with ING Group’s accounting principles.
In general, the reporting dates of all material associates are consistent with the reporting date of the Group. However, for practical
reasons, the reporting dates of certain associates differ slightly from with the reporting date of the Group, but, in any case, the difference
between the reporting date of the associates and that of the Group is no more than three months.
Where the listed fair value is lower than the balance sheet value, an impairment review and an evaluation of the going concern basis has
been performed.
2.1 Consolidated annual accounts
ING Group Annual Report 2009
120
Notes to the consolidated balance sheet of ING Group (continued)