ING Direct 2009 Annual Report Download - page 162

2.1 Consolidated annual accounts
ING Group Annual Report 2009
160
Additional information to the consolidated balance sheet of ING Group (continued)
Most significant companies acquired in 2008
Interhyp AG
Universal Lease
Iberia
Chile Pension
business of
Santander CitiStreet Oyak Emeklilik Total
General
Primary line of business Bank Bank Insurance Insurance Insurance
Date of acquisition 1 August 2008 1 October 2008 16 January 2008 1 July 2008 1 December 2008
Percentage of voting shares acquired 99% 100% 100% 100% 100%
Purchase price
Purchase price 418 397 578 110 1,503
Costs directly attributable to the acquisition 4 5 9
Cash purchase price 418 401 583 110 1,512
Cash in company acquired 45 35 80
Cash outflow on acquisition (2) 418 401 538 75 1,432
Assets
Cash assets 45 35 80
Investments 8 8
Loans and advances to customers 6 6
Amounts due from banks 43 43
Financial assets at fair value through profit
and loss 78 78
Intangible assets 31 73 104
Miscellaneous other assets 20 235 224 8289
Liabilities
Insurance and investment contracts 7 7
Customer deposits and other funds
on deposit 224 224
Miscellaneous other liabilities 16 20 626 270
Net assets 47 –9 112 116 41 307
Minority interests
Net assets acquired 47 –9 112 116 41 307
Goodwill recognised (1) 371 9285 462 69 1,196
Profit since date of acquisition –7 3–7 –11
Income if acquisition effected at start
of year 61 42 17 275 12 407
Profit if acquisition effected at start of year –20 –1 1 8 –12
(1) Goodwill recognised in 2008 on immaterial acquisitions and real estate portfolios was EUR 133 million, resulting in total Goodwill recognised in 2008 of
EUR 1,329 million as disclosed in Note 9 ‘Intangible assets’.
(2) Cash outflow/inflow on group companies in the cash flow statement includes cash outflows/inflows on individually immaterial acquisitions and real estate
portfolios in addition to the cash flows presented herein.