6 Investments in associates
Investments in associates
| 2007 | Interest held(%) |
Fair Value of listed investment |
Balance sheet Value |
Total assets |
Total liabilities |
Total income |
Total Expenses |
|---|---|---|---|---|---|---|---|
| TMB Public Company Limited | 30 | 481 | 16,028 | 15,002 | 180 | 436 | |
| ING Dutch Office Master Fund C.V. | 24 | 348 | 1,718 | 257 | 202 | 24 | |
| ING Winkels Basisfonds | 24 | 333 | 1,617 | 209 | 192 | 22 | |
| ING Industrial Fund Australia | 18 | 303 | 303 | 3,124 | 1,338 | 411 | 168 |
| Lionbrook Property Partnership | 28 | 295 | 1,243 | 176 | -60 | 27 | |
| ING Woningen Basisfonds | 25 | 237 | 1,116 | 112 | 135 | 48 | |
| Q-Park N.V. | 19 | 191 | 3,911 | 2,914 | 458 | 403 | |
| ING Real Estate Asia Retail Fund | 46 | 189 | 791 | 399 | 29 | 2 | |
| Property Fund Iberica | 30 | 185 | 1,959 | 1,331 | 313 | 188 | |
| ING Retail Property Fund Australia | 29 | 150 | 958 | 399 | 179 | 100 | |
| Lion Properties Fund | 5 | 147 | 4,502 | 1,666 | 660 | 155 | |
| Lion Industrial Trust | 9 | 142 | 3,001 | 1,157 | 387 | 106 | |
| B.V. Petroleum Maatschappij ‘Moeara Enim’ | 30 | 130 | 461 | 19 | 2 | ||
| ING Re Nordic Property Fund | 22 | 104 | 1,089 | 623 | 70 | 47 | |
| ING Vastgoed Kantoren C.V. | 10 | 103 | 1,033 | 7 | 124 | 34 | |
| ING PF Brittanica | 20 | 93 | 864 | 402 | -7 | 42 | |
| Lion Value Fund | 33 | 92 | 423 | 143 | 76 | 14 | |
| ING Vastgoed Winkels C.V. | 10 | 86 | 870 | 8 | 130 | 19 | |
| ING Office Fund Australia | 6 | 69 | 83 | 2,134 | 763 | 443 | 152 |
| Retail Property Fund France Belgium (RPFFB) | 15 | 81 | 1,597 | 1,069 | 304 | 189 | |
| ING Logistics Property Fund Europe | 25 | 78 | 574 | 263 | 76 | 31 | |
| Property Fund Central Europe | 25 | 73 | 649 | 358 | 119 | 41 | |
| ING Retail Property Partnership Southern Europe | 23 | 66 | 1,150 | 857 | 111 | 78 | |
| ING Property Fund Central and Eastern Europe | 23 | 66 | 761 | 478 | 40 | 39 | |
| ING Vastgoed Woningen C.V. | 10 | 56 | 557 | 1 | 68 | 15 | |
| Other investments in associates | 902 | ||||||
| 5,014 |
Other investments in associates represents a large number of associates with a balance sheet value of less than EUR 50 million.
Accumulated impairments have been recognised of EUR 29 million (2006: EUR 4 million).
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.
Investments in associates
| 2006 | Interest held(%) |
Fair Value of listed investment |
Balance sheet Value |
Total assets |
Total liabilities |
Total income |
Total Expenses |
|
|---|---|---|---|---|---|---|---|---|
| Vesteda | 25 | 810 | 4,610 | 1,371 | 362 | 51 | ||
| Lionbrook Property Partnership | 30 | 355 | 1,276 | 106 | 214 | 20 | ||
| ING Winkels Basisfonds | 25 | 311 | 1,326 | 80 | 212 | 9 | ||
| ING Woningen Basisfonds | 25 | 227 | 990 | 84 | 93 | 8 | ||
| Property Fund Iberica | 30 | 186 | 1,792 | 1,160 | 319 | 175 | ||
| Lion Properties Fund | 5 | 144 | 3,904 | 1,049 | 567 | 155 | ||
| Lion Industrial Fund | 10 | 142 | 2,495 | 1,080 | 327 | 100 | ||
| ING PF Brittanica | 20 | 115 | 1,093 | 522 | 162 | 59 | ||
| ING Industrial Fund Australia | 12 | 157 | 165 | 1,685 | 617 | 250 | 53 | |
| ING Global Fund | 10 | 56 | 600 | 40 | 179 | 4 | ||
| Gables RE Trust – Permanent/Bridge equity | 6 | 45 | 1,646 | 805 | 279 | 147 | ||
| ING Retail Property Fund Australia | 29 | 124 | 744 | 321 | 66 | 21 | ||
| Q-Park N.V. | 19 | 166 | 1,995 | 1,120 | 95 | 86 | ||
| B.V. Petroleum Maatschappij ‘Moeara Enim’ | 33 | 141 | 2,901 | 2,475 | 52 | 6 | ||
| ING Korea Property Investments | 15 | 32 | 458 | 248 | 30 | 31 | ||
| ING Vastgoed Winkels C.V. | 10 | 80 | 803 | 4 | 146 | 11 | ||
| ING Office Fund Australia | 6 | 62 | 60 | 1,548 | 627 | 272 | 69 | |
| ING Logostic Property C.V. | 25 | 74 | 552 | 255 | 90 | 29 | ||
| ING Convent Garden | 32 | 59 | 318 | 130 | 76 | 9 | ||
| Retail Property Fund France Belgium (RPFFB) | 15 | 63 | 1,096 | 678 | 142 | 60 | ||
| ING Vastgoed Woningen C.V. | 10 | 54 | 541 | 71 | 9 | |||
| Other investments in associates | 934 | |||||||
| 4,343 |
Changes in Investments in associates
| 2007 | 2006 | |
|---|---|---|
| Opening balance | 4,343 | 3,622 |
| Additions | 1,222 | 449 |
| Changes in the composition of the group | 934 | 152 |
| Transfers to and from Investments | –438 | 197 |
| Revaluations | –155 | 41 |
| Share of results | 765 | 638 |
| Dividends received | –224 | –174 |
| Disposals | –1,296 | –511 |
| Impairments | –25 | –3 |
| Exchange rate differences | –112 | –68 |
| Closing balance | 5,014 | 4,343 |
In 2007, share of results of EUR 765 million and impairments of EUR –25 million are presented in the profit and loss account in Share of profit from associates (EUR 740 million).
