14 Leasing and rental assets and investment property
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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY |
||||||
|---|---|---|---|---|---|---|
€ 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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|
|
|
|
|
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€ million |
2014 |
2015 – 2018 |
from 2019 |
Total |
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|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
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Lease payments |
2,635 |
2,971 |
23 |
5,628 |
| (XLS:) Download |
CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY |
||||||
|---|---|---|---|---|---|---|
€ 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 |
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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 |
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Carrying amount at Dec. 31, 2014 |
27,585 |
485 |
28,070 |
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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:
| (XLS:) Download |
|
|
|
|
|
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€ million |
2015 |
2016 – 2019 |
from 2020 |
Total |
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|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
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Lease payments |
3,253 |
3,528 |
1 |
6,782 |