ING Direct 2008 Annual Report Download - page 115

6 INVESTMENTS IN ASSOCIATES
Investments in associates
Interest
held (%)
Fair value
of listed
investment
Balance
sheet
value
Total
assets
Total
liabilities
Total
income
Total
expenses2008
TMB Public Company Limited 30 171 443 12,247 11,246 812 589
ING Dutch Office Master Fund C.V. 16 219 1,624 258 63 75
ING Winkels Basisfonds 16 218 1,736 346 119 51
Sul America S.A. 36 168 557 91 2,663 2,348
ING Industrial Fund Australia 18 14 164 2,377 1,033 166 147
Property Fund Iberica 30 157 1,835 1,301 –2 96
Lionbrook Property Partnership 29 145 626 126 –283 15
Lion Industrial Trust 10 133 2,898 1,528 98 207
Lion Properties Fund 5 125 4,135 1,757 313 771
ING Woningen Basisfonds 13 122 1,064 155 58 45
ING Real Estate Asia Retail Fund 28 121 850 412 57 72
Dutch Office Fund II 16 109 817 136 50 58
ING Retail Property Fund Australia 29 109 790 412 13 7
ING Vastgoed Kantoren C.V. 10 98 1,006 22 101 93
ING Vastgoed Winkels C.V. 10 88 898 22 83 22
Property Fund Central Europe 25 83 880 546 69 37
Retail Property Fund France Belgium (RPFFB) 15 79 1,602 1,075 71 57
Dutch Residential Fund II 13 74 602 51 62 127
ING Retail Property Partnership Southern Europe 21 73 1,218 879 667
ING REI Investment DOF BV 4 71 2,679 383 197 212
ING European Infrastructure Fund 25 70 662 409 2
Lion Value Fund 22 68 442 139 756
ING Logistics Property Fund Europe 25 65 530 269 –5 21
ING Re Nordic Property Fund 16 64 979 579 16 62
ING Property Fund Central and Eastern Europe 20 55 791 519 32 60
ING Vastgoed Woningen C.V. 10 53 528 136 25
ING Re French Residential Fund 45 50 182 69 3 4
Other investments in associates 1,131
4,355
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 46 million (2007: EUR 29 million) have been recognised.
For the above associates in which the interest held is below 20%, significant influence exists based on the combination of ING’s financial
interest for own risk and its role as investment manager.
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’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.
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ING Group Annual Report 2008