14 Lease assets and investment property
(XLS:)
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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY |
||||||
|---|---|---|---|---|---|---|
€ million |
Lease assets |
Investment property |
Total |
|||
|
|
|
|
|||
Cost Balance at Jan. 1, 2017 |
51,483 |
780 |
52,262 |
|||
Foreign exchange differences |
−3,093 |
−36 |
−3,129 |
|||
Changes in consolidated Group |
−873 |
– |
−873 |
|||
Additions |
21,319 |
18 |
21,336 |
|||
Transfers |
6 |
12 |
18 |
|||
Disposals |
16,616 |
26 |
16,641 |
|||
Balance at Dec. 31, 2017 |
52,226 |
748 |
52,973 |
|||
Depreciation and impairment Balance at Jan. 1, 2017 |
13,044 |
268 |
13,312 |
|||
Foreign exchange differences |
−803 |
−5 |
−808 |
|||
Changes in consolidated Group |
−228 |
0 |
−228 |
|||
Additions to cumulative depreciation |
7,327 |
15 |
7,343 |
|||
Additions to cumulative impairment losses |
448 |
3 |
451 |
|||
Transfers |
0 |
1 |
1 |
|||
Disposals |
6,775 |
4 |
6,779 |
|||
Reversal of impairment losses |
41 |
– |
41 |
|||
Balance at Dec. 31, 2017 |
12,972 |
279 |
13,251 |
|||
Carrying amount at Dec. 31, 2017 |
39,254 |
468 |
39,722 |
|||
The following payments from noncancelable leases and rental agreements were expected to be received over the coming years:
| (XLS:)
Download |
€ million |
2018 |
2019 – 2022 |
from 2023 |
Total |
||||
|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||
Lease payments |
3,392 |
4,675 |
46 |
8,112 |
| (XLS:)
Download |
CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY |
||||||||
|---|---|---|---|---|---|---|---|---|
€ million |
Lease assets |
Investment property |
Total |
|||||
|
||||||||
|
|
|
|
|||||
Cost Balance at Jan. 1, 2018 |
52,226 |
748 |
52,973 |
|||||
Foreign exchange differences |
609 |
12 |
621 |
|||||
Changes in consolidated Group |
−138 |
– |
−138 |
|||||
Additions |
21,256 |
38 |
21,294 |
|||||
Transfers |
−106 |
2 |
−104 |
|||||
Disposals |
16,354 |
13 |
16,367 |
|||||
Balance at Dec. 31, 2018 |
57,493 |
786 |
58,279 |
|||||
Depreciation and impairment Balance at Jan. 1, 20181 |
13,007 |
279 |
13,287 |
|||||
Foreign exchange differences |
60 |
2 |
62 |
|||||
Changes in consolidated Group |
−57 |
– |
−57 |
|||||
Additions to cumulative depreciation |
7,282 |
16 |
7,298 |
|||||
Additions to cumulative impairment losses |
510 |
0 |
511 |
|||||
Transfers |
−8 |
0 |
−8 |
|||||
Disposals |
6,744 |
8 |
6,752 |
|||||
Reversal of impairment losses |
103 |
0 |
103 |
|||||
Balance at Dec. 31, 2018 |
13,947 |
290 |
14,237 |
|||||
Carrying amount at Dec. 31, 2018 |
43,545 |
496 |
44,042 |
|||||
Lease assets include assets leased out under the terms of operating leases and assets covered by long-term buyback agreements.
Investment property includes apartments rented out and leased dealerships with a fair value of €1,106 million (previous year: €993 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: €52 million) were incurred for the maintenance of investment property in use. Expenses of €1 million (previous year: €3 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 |
€ million |
2019 |
2020 – 2023 |
from 2024 |
Total |
||||
|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
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Lease payments |
4,108 |
5,187 |
17 |
9,312 |