ING Direct 2009 Annual Report Download - page 124

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7 REAL ESTATE INVESTMENTS
Changes in real estate investments
2009 2008
Opening balance 4,300 4,829
Additions 130 905
Changes in the composition of the group –54 –296
Transfers to and from Property in own use 58 –38
Transfers to and from Other assets 322 117
Fair value gains/(losses) –713 –400
Disposals –656 – 415
Exchange rate differences 251 –402
Closing balance 3,638 4,300
ING Group’s exposure to real estate is included in the following balance sheet lines:
Real estate exposure
2009 2008
Real estate investments 3,638 4,300
Investments in associates 2,580 3,200
Other assets – property held for sale 2,515 3,143
Property and equipment – property in own use 1,686 1,841
Investments – available-for-sale 689 663
11,108 13,147
Furthermore, the exposure is impacted by third party interests, leverage in funds and off-balance commitments, resulting in an overall
exposure of EUR 13.1 billion (2008: EUR 15.5 billion). Reference is made to the section ‘Risk management’.
Real estate investments by banking and insurance operations
2009 2008
Banking operations 2,569 3,182
Insurance operations 1,069 1,118
3,638 4,300
The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2009 was EUR 345 million
(2008: EUR 361 million). The total amount of contingent rent recognised in the profit and loss account for the year ended 31 December
2009 was EUR 8 million (2008: EUR 17 million).
The total amount of direct operating expenses (including repairs and maintenance) arising from Real estate investments that generated
rental income for the year ended 31 December 2009 was EUR 87 million (2008: EUR 71 million). The total amount of direct operating
expenses (including repairs and maintenance) arising from Real estate investments that did not generate rental income for the year ended
31 December 2009 was EUR 46 million (2008: EUR 36 million).
Real estate investments by year of most recent appraisal by independently qualified valuers (in percentages)
2009
Most recent appraisal in 2009 98
Most recent appraisal in 2008 1
Most recent appraisal in 2005 1
100
2.1 Consolidated annual accounts
ING Group Annual Report 2009
122
Notes to the consolidated balance sheet of ING Group (continued)