ING Direct 2011 Annual Report Download - page 131

Investments in associates
2010
Interest
held (%)
Fair value
of listed
investment
Balance
sheet
value
Total
assets
Total
liabilities
Total
income
Total
expenses
TMB Public Company Limited 30 773 565 14,055 12,826 321 262
Sul America S.A. 36 948 388 5,223 4,178 3,749 3,307
CBRE DRET Master Fund C.V. (1) 15 201 1,643 267 146 34
CBRE DOF Master Fund I C.V. (1) 16 195 1,480 268 67 24
CBRE Retail Property Fund Iberica LP (1) 29 144 1,635 1,122 149 86
CBRE DRES Master Fund C.V. (1) 13 111 1,004 180 52 20
ING Real Estate Asia Retail Fund 28 107 782 450 51 53
CBRE DOF Master Fund II C.V. (1) 16 101 755 129 45 29
CBRE Lionbrook Property Partnership LP (1) 21 96 620 171 77 19
CBRE Vastgoed Kantoren C.V. (1) 10 90 945 46 75 40
CBRE Vastgoed Winkels C.V. (1) 10 89 900 590 20
Lion Properties Fund 4 86 3,412 1,428 1,606 1,150
Lion Industrial Trust 8 85 2,691 1,583 247 130
ING Industrial Fund Australia 881 85 1,830 756 162 86
CBRE French Residential Fund C.V. (1) 45 76 233 63 20 8
CBRE Property Fund Central Europe LP (1) 25 74 806 510 66 37
Steadfast Capital Fund II LP 68 74 145 3 2
CBRE Retail Property Fund France. Belgium C.V. (1) 15 70 1,382 916 102 56
Lion Value Fund 30 69 341 109 53 10
CBRE DRES Master Fund II C.V. (1) 13 63 612 143 22 18
CBRE Nordic Property Fund FGR (1) 15 61 940 543 81 59
ING REI Investment DOF B.V. 3 59 2,235 414 199 175
CBRE Retail Property Partnership Southern
Europe C.V. (1) 21 52 1,001 759 48 67
CBRE European Industrial Fund C.V. (1) 15 50 647 308 42 28
Other investments in associates 934
3,925
(1) The name of this associate changed in 2011.
Changes in Investments in associates
2011 2010
Opening balance 3,925 3,699
Additions 140 165
Changes in the composition of the group 16 –26
Transfers to and from Investments –1,288 –12
Revaluations –19 –2
Share of results 241 314
Dividends received –174 –229
Disposals –383 –232
Impairments –20 –3
Exchange rate differences –68 251
Closing balance 2,370 3,925
In 2011, Transfers to and from Investments relates mainly to the real estate funds for which significant influence ceased to exist due to the
sale of ING Real Estate Investment Management.
In 2011, share of results of EUR 241 million (2010: EUR 314 million) and impairments of EUR 20 million (2010: EUR 3 million) are presented
in the profit and loss account in Share of result from associates for EUR 221 million (2010: EUR 311 million).
Notes to the consolidated annual accounts of ING Group continued
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
129ING Group Annual Report 2011