ING Direct 2008 Annual Report Download - page 153

151
ING Group Annual Report 2008
Most significant companies acquired in 2007
Landmark
Latin American
Pension business
of Santander Oyak Bank
Sharebuilder
Corporation Total
General
Primary line of business Insurance Insurance Bank Bank
Date of acquisition 31 July 2007 4 December 2007 31 December 2007 15 November 2007
Percentage of voting shares acquired 100% 100% 100% 100%
Purchase price
Purchase price 255 692 1,903 152 3,002
Costs directly attributable to the acquisition 2 8 2 1 13
Cash purchase price 257 700 1,905 153 3,015
Cash in company acquired 29 28 75 12 144
Cash outflow on acquisition (2) 228 672 1,830 141 2,871
Assets
Cash assets 29 28 75 12 144
Investments 86 1,332 1,418
Loans and advances to customers 4,824 15 4,839
Amounts due from banks 508 508
Financial assets at fair value through profit and loss 520 41 2563
Intangible assets 154 236 390
Miscellaneous other assets 18 85 474 80 657
Liabilities
Insurance and investment contracts 500 500
Amounts due to banks 632 632
Customer deposits and other funds on deposit 5,369 5,369
Miscellaneous other liabilities 182 601 51 834
Net assets 47 191 888 58 1,184
Minority interests
Total net assets acquired 47 191 888 58 1,184
Goodwill recognised (1) 208 501 1,015 94 1,818
Profit since date of acquisition 1 8 –1 8
Income if acquisition effected at start of year 15 209 38 262
Profit if acquisition effected at start of year (3) 446 80 –2 128
(1) Goodwill recognised in 2007 on immaterial acquisitions and real estate portfolios was EUR 222 million, resulting in total Goodwill recognised in 2007 of
EUR 2,040 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.
(3) Estimate of full year profit of acquired company based on local accounting principles.