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14 Lease assets and investment property

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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

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

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€ million

  

2016

  

2017 – 2019

  

from 2020

  

Total

 

  

 

  

 

  

 

  

 

Lease payments

  

3,253

  

3,528

  

1

  

6,782
  (XLS:) Download

CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2015

€ million

  

Lease assets

  

Investment property

  

Total

 

  

 

  

 

  

 

Cost
Balance at Jan. 1, 2015

  

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

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 €927 million (previous year: €890 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €50 million (previous year: €53 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:

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€ million

  

2016

  

2017 – 2020

  

ab 2021

  

Total

 

  

 

  

 

  

 

  

 

Lease payments

  

3,722

  

4,398

  

42

  

8,162