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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, 2019

€ million

  

Lease assets

  

Investment property

  

Total

1

Due to the initial application of IFRS 16, the values in the opening balance were adjusted.

 

  

 

  

 

  

 

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

(XLS:) Download

CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2020

€ million

  

Lease assets

  

Investment property

  

Total

 

  

 

  

 

  

 

Cost
Balance at Jan. 1, 2020

  

64,384

  

845

  

65,229

Foreign exchange differences

  

−2,972

  

−23

  

−2,995

Changes in consolidated Group

  

15

  

–

  

15

Additions

  

24,772

  

27

  

24,799

Transfers

  

67

  

39

  

106

Disposals

  

19,139

  

19

  

19,159

Balance at Dec. 31, 2020

  

67,127

  

869

  

67,996

Depreciation and impairment
Balance at Jan. 1, 2020

  

15,446

  

307

  

15,753

Foreign exchange differences

  

−975

  

−4

  

−979

Changes in consolidated Group

  

3

  

–

  

3

Additions to cumulative depreciation

  

8,645

  

17

  

8,662

Additions to cumulative impairment losses

  

764

  

1

  

765

Transfers

  

35

  

1

  

36

Disposals

  

7,282

  

11

  

7,293

Reversal of impairment losses

  

195

  

0

  

195

Balance at Dec. 31, 2020

  

16,441

  

311

  

16,752

Carrying amount at Dec. 31, 2020

  

50,686

  

558

  

51,244

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 €1,199 million (previous year: €1,206 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €55 million (previous year: €56 million) were incurred for the maintenance of investment property in use. Expenses of €0.4 million (previous year: €0.1 million) were incurred for unused investment property.

Rental income from investment property amounted to €58 million in the fiscal year (previous year: €61 million).