ING Direct 2008 Annual Report Download - page 150

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ING Group Annual Report 2008
148
2.1 Consolidated annual accounts
Additional information to the consolidated balance sheet of ING Group (continued)
29 COMPANIES ACQUIRED AND COMPANIES DISPOSED
The initial accounting for the fair value of the net assets of the companies acquired during the year has been determined only
provisionally. The initial accounting shall be completed within a year of acquisition.
Most significant companies acquired in 2008
Chile Pension
business of
Santander CitiStreet
Oyak
Emeklilik Interhyp AG
Universal
Lease Iberia Total
General
Primary line of business Insurance Insurance Insurance Bank Bank
Date of acquisition
16 January
2008
1 July
2008
1 December
2008
1 August
2008
1 October
2008
Percentage of voting shares acquired 100% 100% 100% 99% 100%
Purchase price
Purchase price 397 578 110 418 1,503
Costs directly attributable to the acquisition 4 5 9
Cash purchase price 401 583 110 418 1,512
Cash in company acquired 45 35 80
Cash outflow on acquisition (2) 401 538 75 418 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 224 820 235 289
Liabilities
Insurance and investment contracts 7 7
Customer deposits and other funds on deposit 224 224
Miscellaneous other liabilities 626 216 20 70
Net assets 112 116 41 47 –9 307
Minority interests
Net assets acquired 112 116 41 47 –9 307
Goodwill recognised (1) 285 462 69 371 91,196
Profit since date of acquisition 3–7 –7 –11
Income if acquisition effected at start of year 17 275 12 61 42 407
Profit if acquisition effected at start of year 1 8 –20 –1 –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.