14 Leasing and rental assets and investment property

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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2013

€ million

 

Lease assets

 

Investment property

 

Total

 

 

 

 

 

 

 

Cost Balance at Jan. 1, 2013

 

25,453

 

626

 

26,079

Foreign exchange differences

 

−908

 

−12

 

−920

Changes in consolidated Group

 

3

 

 

3

Additions

 

11,890

 

32

 

11,923

Transfers

 

−1

 

32

 

31

Disposals

 

6,558

 

46

 

6,604

Balance at Dec. 31, 2013

 

29,878

 

633

 

30,511

Depreciation and impairment Balance at Jan. 1, 2013

 

5,419

 

194

 

5,612

Foreign exchange differences

 

−212

 

−2

 

−215

Changes in consolidated Group

 

0

 

 

0

Additions to cumulative depreciation

 

4,087

 

14

 

4,101

Additions to cumulative impairment losses

 

107

 

1

 

108

Transfers

 

0

 

12

 

12

Disposals

 

1,766

 

13

 

1,779

Reversal of impairment losses

 

16

 

 

16

Balance at Dec. 31, 2013

 

7,619

 

205

 

7,824

Carrying amount at Dec. 31, 2013

 

22,259

 

427

 

22,687

The following payments from noncancelable leases and rental agreements were expected to be received over the coming years:

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€ million

 

2014

 

2015 – 2018

 

from 2019

 

Total

 

 

 

 

 

 

 

 

 

Lease payments

 

2,635

 

2,971

 

23

 

5,628

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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2014

€ million

 

Lease assets

 

Investment property

 

Total

 

 

 

 

 

 

 

Cost Balance at Jan. 1, 2014

 

29,878

 

633

 

30,511

Foreign exchange differences

 

2,052

 

31

 

2,084

Changes in consolidated Group

 

547

 

 

547

Additions

 

13,998

 

100

 

14,098

Transfers

 

8

 

−18

 

−10

Disposals

 

9,703

 

10

 

9,713

Balance at Dec. 31, 2014

 

36,780

 

736

 

37,516

Depreciation and impairment Balance at Jan. 1, 2014

 

7,619

 

205

 

7,824

Foreign exchange differences

 

466

 

8

 

474

Changes in consolidated Group

 

125

 

 

125

Additions to cumulative depreciation

 

4,907

 

15

 

4,922

Additions to cumulative impairment losses

 

121

 

29

 

150

Transfers

 

1

 

−4

 

−3

Disposals

 

4,039

 

3

 

4,042

Reversal of impairment losses

 

3

 

 

3

Balance at Dec. 31, 2014

 

9,195

 

251

 

9,446

Carrying amount at Dec. 31, 2014

 

27,585

 

485

 

28,070

Lease assets include assets leased out under the terms of operating leases and assets covered by long-term buy-back agreements.

Investment property includes apartments rented out and leased dealerships with a fair value of €890 million (previous year: €732 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €53 million (previous year: €47 million) were incurred for the maintenance of investment property in use. Expenses of €3 million (previous year: €0 million) were incurred for unused investment property.

The following payments from noncancelable leases and rental agreements are expected to be received over the coming years:

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€ million

 

2015

 

2016 – 2019

 

from 2020

 

Total

 

 

 

 

 

 

 

 

 

Lease payments

 

3,253

 

3,528

 

1

 

6,782