14 Lease assets and investment property
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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY |
||||||
|---|---|---|---|---|---|---|
€ million |
Leasing assets |
Investment property |
Total |
|||
|
|
|
|
|||
Cost |
36,780 |
736 |
37,516 |
|||
Foreign exchange differences |
1,750 |
23 |
1,773 |
|||
Changes in consolidated Group |
10 |
1 |
11 |
|||
Additions |
18,265 |
15 |
18,280 |
|||
Transfers |
0 |
2 |
2 |
|||
Disposals |
11,687 |
16 |
11,702 |
|||
Balance at Dec. 31, 2015 |
45,118 |
761 |
45,879 |
|||
Depreciation and impairment Balance at Jan. 1, 2015 |
9,195 |
251 |
9,446 |
|||
Foreign exchange differences |
411 |
4 |
415 |
|||
Changes in consolidated Group |
3 |
1 |
4 |
|||
Additions to cumulative depreciation |
6,035 |
15 |
6,050 |
|||
Additions to cumulative impairment losses |
619 |
– |
619 |
|||
Transfers |
0 |
−1 |
−1 |
|||
Disposals |
4,315 |
5 |
4,321 |
|||
Reversal of impairment losses |
3 |
8 |
10 |
|||
Balance at Dec. 31, 2015 |
11,945 |
257 |
12,202 |
|||
Carrying amount at Dec. 31, 2015 |
33,173 |
504 |
33,677 |
|||
The following payments from noncancelable leases and rental agreements were expected to be received over the coming years:
| (XLS:) Download |
|
|
|
|
|
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€ million |
2016 |
2017 – 2020 |
from 2021 |
Total |
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|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||
Lease payments |
3,722 |
4,398 |
42 |
8,162 |
| (XLS:) Download |
CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY |
||||||
|---|---|---|---|---|---|---|
€ million |
Leasing assets |
Investment property |
Total |
|||
|
|
|
|
|||
Cost |
45,118 |
761 |
45,879 |
|||
Foreign exchange differences |
321 |
12 |
333 |
|||
Changes in consolidated Group |
64 |
66 |
130 |
|||
Additions |
20,628 |
33 |
20,661 |
|||
Transfers |
3 |
−70 |
−67 |
|||
Disposals |
14,652 |
21 |
14,673 |
|||
Balance at Dec. 31, 2016 |
51,483 |
780 |
52,262 |
|||
Depreciation and impairment Balance at Jan. 1, 2016 |
11,945 |
257 |
12,202 |
|||
Foreign exchange differences |
74 |
2 |
76 |
|||
Changes in consolidated Group |
15 |
1 |
16 |
|||
Additions to cumulative depreciation |
6,743 |
17 |
6,760 |
|||
Additions to cumulative impairment losses |
455 |
0 |
455 |
|||
Transfers |
0 |
−4 |
−4 |
|||
Disposals |
6,097 |
4 |
6,101 |
|||
Reversal of impairment losses |
92 |
– |
92 |
|||
Balance at Dec. 31, 2016 |
13,044 |
268 |
13,312 |
|||
Carrying amount at Dec. 31, 2016 |
38,439 |
512 |
38,950 |
|||
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 €1,150 million (previous year: €927 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €46 million (previous year: €50 million) were incurred for the maintenance of investment property in use. Expenses of €1 million (previous year: €1 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 |
2017 |
2018 – 2021 |
from 2022 |
Total |
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|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
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Lease payments |
3,649 |
4,759 |
56 |
8,464 |