ING Direct 2009 Annual Report Download - page 159

2.1 Consolidated annual accounts
ING Group Annual Report 2009 157
Additional information to the consolidated balance sheet of ING Group (continued)
30 COMPANIES ACQUIRED AND COMPANIES DISPOSED
Goodwill recognised in 2009 amounted to EUR 39 million as disclosed in Note 9 ‘Intangible assets’. This includes EUR 26 million in relation
to the consolidation of 3W Holding B.V as disclosed below. There were no significant acquisitions in 2009.
In August 2009 ING obtained control of its 50% owned joint venture 3W Holding B.V., a real estate development company. ING obtained
a majority representation in the Supervisory Board of 3W Holding B.V. and entered into an option agreement that allows ING to acquire
the remaining 50%. As a result of obtaining control, 3W Holding B.V. is fully included in the consolidation as of September 2009. Net
assets upon consolidation amounted to EUR –21 million. The estimated consideration payable for obtaining the remaining 50% under the
option agreement is approximately EUR 5 million. Therefore, goodwill of EUR 26 million is recognised. This goodwill is mainly attributable
to operational synergies arising from obtaining control of the professional network of 3W and the future business potential in the southern
Netherlands where 3W is active.
3W Holding
B.V.
General
Primary line of business Bank
Date of full consolidation
1 September
2009
Estimated purchase consideration payable 5
Assets
Miscellaneous other assets 51
Liabilities
Customer deposits and other funds on deposit 21
Miscellaneous other liabilities 51
Net assets –21
Goodwill recognised 26
Profit since date of full consolidation –16
Income if fully consolidated as of start of year –5
Profit if fully consolidated as of start of year –19