14 Leasing and rental assets and investment property

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2012

€ million

 

Leasing and rental assets

 

Invest­ment property

 

Total

 

 

 

 

 

 

 

Cost
Balance at Jan. 1, 2012

 

21,359

 

525

 

21,884

Foreign exchange differences

 

–215

 

–5

 

–220

Changes in consolidated Group

 

1,470

 

2

 

1,472

Additions

 

9,816

 

34

 

9,851

Transfers

 

–1

 

89

 

89

Disposals

 

6,976

 

19

 

6,996

Balance at Dec. 31, 2012

 

25,453

 

626

 

26,079

Depreciation and impairment
Balance at Jan. 1, 2012

 

4,733

 

185

 

4,918

Foreign exchange differences

 

–69

 

–1

 

–70

Changes in consolidated Group

 

8

 

2

 

10

Additions to cumulative depreciation

 

3,498

 

14

 

3,512

Additions to cumulative impairment losses

 

99

 

0

 

99

Transfers

 

–3

 

6

 

3

Disposals

 

2,845

 

12

 

2,857

Reversal of impairment losses

 

2

 

1

 

3

Balance at Dec. 31, 2012

 

5,419

 

194

 

5,612

Carrying amount at Dec. 31, 2012

 

20,034

 

433

 

20,467

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

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€ million

 

2013

 

2014–2017

 

from 2018

 

Total

 

 

 

 

 

 

 

 

 

Lease payments

 

2,688

 

2,995

 

39

 

5,723

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2013

€ million

 

Leasing and rental 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

Leasing and rental 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 €732 million (previous year: €758 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €47 million (previous year: €50 million) were incurred for the maintenance of investment property in use. Expenses of €0 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:

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€ million

 

2014

 

2015 – 2018

 

after 2019

 

Total

 

 

 

 

 

 

 

 

 

Lease payments

 

2,635

 

2,971

 

23

 

5,628