ING Direct 2011 Annual Report Download - page 132

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7 REAL ESTATE INVESTMENTS
Changes in real estate investments
2011 2010
Opening balance 1,900 3,638
Additions 32 73
Changes in the composition of the group –88 –1,632
Transfers to and from Property in own use –31
Transfers to and from Other assets –23
Fair value gains/(losses) –19 –98
Disposals –118 –295
Exchange rate differences –6 237
Closing balance 1,670 1,900
In 2010, Changes in the composition of the group comprises the sale of ING Summit Industrial Fund LP. Reference is made to Note 30
‘Companies acquired and companies disposed’.
Real estate investments by banking and insurance operations
2011 2010
Banking operations 716 837
Insurance operations 954 1,063
1,670 1,900
The total amount of rental income recognised in the profit and loss account for the year ended 31 December 2011 was EUR 184 million
(2010: EUR 304 million). The total amount of contingent rent recognised in the profit and loss account for the year ended 31 December
2011 was nil (2010: EUR 14 million).
The total amount of direct operating expenses (including repairs and maintenance) in relation to Real estate investments that generated
rental income for the year ended 31 December 2011 was EUR 101 million (2010: EUR 113 million). The total amount of direct operating
expenses (including repairs and maintenance) incurred on Real estate investments that did not generate rental income for the year ended
31 December 2011 was EUR 3 million (2010: EUR 6 million).
Real estate investments by year of most recent appraisal
by independent qualified valuers
in percentages 2011
Most recent appraisal in 2011 93
Most recent appraisal in 2010 7
100
ING Group’s exposure to real estate is included in the following balance sheet lines:
Real estate exposure
2011 2010
Real estate investments 1,670 1,900
Investments in associates 1,193 2,568
Other assets – property development and obtained
from foreclosures 1,584 2,153
Property and equipment – property in own use 1,535 1,642
Investments – available-for-sale 1,773 633
7,755 8,896
Furthermore, the exposure is impacted by third party interests, leverage in funds and off-balance commitments, resulting in an overall
exposure of EUR 10.0 billion (2010: EUR 11.1 billion) of which EUR 4.1 billion (2010: EUR 5.2 billion) relates to banking operations and
EUR5.9 billion (2010: EUR 5.9 billion) relates to insurance operations. Reference is made to the section ‘Risk management’.
Notes to the consolidated annual accounts of ING Group continued
130 ING Group Annual Report 2011