14 Lease assets and investment property
(XLS:)
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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2018 |
||||||
|---|---|---|---|---|---|---|
€ 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, 2018 |
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 |
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Balance at Dec. 31, 2018 |
13,947 |
290 |
14,237 |
|||
Carrying amount at Dec. 31, 2018 |
43,545 |
496 |
44,042 |
|||
In the previous year, we had expected to receive the following payments from noncancelable leases and rental agreements:
| (XLS:)
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€ million |
2019 |
2020 – 2023 |
from 2024 |
Total |
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|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||
Lease payments |
4,108 |
5,187 |
17 |
9,312 |
| (XLS:)
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CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2019 |
||||||||
|---|---|---|---|---|---|---|---|---|
€ million |
Lease assets |
Investment property |
Total |
|||||
|
||||||||
|
|
|
|
|||||
Cost Balance at Jan. 1, 2019¹ |
57,998 |
803 |
58,802 |
|||||
Foreign exchange differences |
1,075 |
5 |
1,080 |
|||||
Changes in consolidated Group |
−46 |
−1 |
−48 |
|||||
Additions |
24,906 |
43 |
24,949 |
|||||
Transfers |
−533 |
0 |
−533 |
|||||
Disposals |
19,015 |
6 |
19,021 |
|||||
Balance at Dec. 31, 2019 |
64,384 |
845 |
65,229 |
|||||
Depreciation and impairment Balance at Jan. 1, 2019¹ |
14,076 |
291 |
14,367 |
|||||
Foreign exchange differences |
333 |
1 |
334 |
|||||
Changes in consolidated Group |
73 |
– |
73 |
|||||
Additions to cumulative depreciation |
8,087 |
17 |
8,103 |
|||||
Additions to cumulative impairment losses |
510 |
– |
510 |
|||||
Transfers |
−151 |
0 |
−151 |
|||||
Disposals |
7,314 |
1 |
7,315 |
|||||
Reversal of impairment losses |
169 |
0 |
169 |
|||||
Balance at Dec. 31, 2019 |
15,446 |
307 |
15,753 |
|||||
Carrying amount at Dec. 31, 2019 |
48,938 |
538 |
49,476 |
|||||
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 €1,206 million (previous year: €1,106 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €56 million (previous year: €46 million) were incurred for the maintenance of investment property in use. Expenses of €0.1 million (previous year: €0.6 million) were incurred for unused investment property.