ING Direct 2011 Annual Report Download - page 130

6 INVESTMENTS IN ASSOCIATES
Investments in associates
2011
Interest
held (%)
Fair value
of listed
investment
Balance sheet
value
Total
assets
Total
liabilities
Total
income
Total
expenses
TMB Public Company Limited 30 509 580 16,100 14,847 377 301
Sul America S.A. 36 641 394 5,353 4,292 3,941 3,662
CBRE Retail Property Fund Iberica LP 29 147 1,666 1,146 96 65
CBRE Lionbrook Property Partnership LP 27 102 604 225 50 17
CBRE Property Fund Central Europe LP 25 90 897 536 87 4
ING Real Estate Asia Retail Fund 26 87 868 512 81 37
CBRE French Residential Fund C.V. 42 78 249 65 24 8
The Capital (London) Fund 20 77 387 314 3
CBRE Retail Property Fund France Belgium C.V. 15 73 1,374 889 117 57
CBRE Nordic Property Fund FGR 14 60 1,079 662 92 67
CBRE Property Fund Central and Eastern Europe 21 51 747 509 122 57
Other investments in associates 631
2,370
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 38 million (2010: EUR 71 million) have been recognised.
As a result of the sale of ING Real Estate Investment Management in 2011, as disclosed in Note 30 ‘Companies acquired and companies
disposed’, ING is no longer the investment manager of certain funds. For some of the funds significant influence therefore ceased to exist.
Significant influence remained for certain funds in which the interest held is below 20% based on the combination of ING Group’s
financial interest for own risk and other arrangements, such as participation in the advisory board.
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.
Notes to the consolidated annual accounts of ING Group continued
128 ING Group Annual Report 2011