ING Direct 2015 Annual Report Download - page 62

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
In general, the reporting dates of all significant associates and joint ventures are consistent with the reporting date of ING Bank.
However, the reporting dates of certain associates and joint ventures can differ from the reporting date of ING Bank, but by no more
than three months.
Accumulated impairments of EUR 24 million (2014: EUR 24 million) have been recognised. The values presented in the tables above
could differ from the values presented in the individual annual accounts of the associates and joint ventures, due to the fact that the
individual values have been brought in line with ING Banks’s accounting principles. 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.
The associates and joint ventures of ING are subject to legal and regulatory restrictions regarding the amount of dividends it can pay
to ING. These restrictions are for example dependant on the laws in the country of incorporation for declaring dividends or as a result
of minimum capital requirements that are imposed by industry regulators in the countries in which the associates and joint ventures
operate. In addition, the associates and joint ventures also consider other factors in determining the appropriate levels of equity
needed. These factors and limitations include, but are not limited to, rating agency and regulatory views, which can change over time.
2015
2014
Opening balance
861
937
Additions
24
31
Transfers to and from Investments/Other assets and liabilities
–3
Revaluations
5
15
Share of results
100
76
Dividends received
–31
–37
Disposals
–125
–178
Exchange rate differences
18
122
Changes in the composition of the group and other changes
–10
–102
Closing balance
842
861
Revaluations
In 2014, Revaluations included EUR 10 million related to ING Vysya.
Share of results
In 2015, Share of results from associates and joint ventures, as presented in the profit and loss account, of EUR 493 million (2014: EUR
76 million) includes mainly:
• Share of results, as presented in the table above, of EUR 100 million mainly attributable to results of TMB amounting to EUR 63
million and gain on disposal of Ivy Retail SRL and Ontwikkelingscombinatie Overhoeks C.V. amounting to EUR 10 million and EUR 5
million respectively;
• A gain on Investments in associates held for sale of EUR 392 million, comprising EUR 367 million from the merger of ING Vysya
with Kotak and EUR 25 million on the sale of ING Nationale Nederlanden PTE Polska S.A. For further information on ING Vysya,
reference is made to Note 5 ‘Investments’, Note 11 ‘Assets held for sale’ and Note 50 ‘Other events’; and
• Impairments on Investments in associates and joint ventures of nil.
In 2014, Share of results included EUR 17 million related to ING Vysya and EUR 47 million related to TMB.
Disposals
In 2015, Disposals of EUR 125 million is mainly attributable to sale of Ivy Retail SRL and Ontwikkelingscombinatie Overhoeks C.V. as
referred to above.
Exchange rate differences
In 2015, Exchange rate differences includes EUR 9 million relating to TMB (2014: EUR 63 million). In 2014, Exchange rate differences
also included EUR 47 million related to ING Vysya.
Changes in the composition of the group and other changes
In 2014, Changes in the composition of the group and other changes included EUR –67 million related to the recognition as associate
and transfer of ING Vysya to held for sale. Reference is made to Note 50 ‘Other events’.
Changes in Investments in associates and joint ventures
ING Bank Annual Report 2015 60