Notes

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14 Lease assets and investment property

CHANGES IN LEASE ASSETS AND INVESTMENT PROPERTY
IN THE PERIOD JANUARY 1 TO DECEMBER 31, 2021

€ million

 

Lease assets

 

Investment property

 

Total

 

 

 

 

 

 

 

Cost
Balance at Jan. 1, 2021

 

67,127

 

869

 

67,996

Foreign exchange differences

 

2,791

 

21

 

2,812

Changes in consolidated Group

 

283

 

48

 

331

Additions

 

29,108

 

9

 

29,117

Transfers

 

–26

 

2

 

–24

Disposals

 

20,136

 

3

 

20,139

Balance at Dec. 31, 2021

 

79,146

 

947

 

80,092

Amortization and impairment
Balance at Jan. 1, 2021

 

16,441

 

311

 

16,752

Foreign exchange differences

 

894

 

4

 

898

Changes in consolidated Group

 

10

 

0

 

10

Additions to cumulative amortization

 

9,564

 

18

 

9,582

Additions to cumulative impairment losses

 

434

 

 

434

Transfers

 

–4

 

0

 

–4

Disposals

 

7,234

 

1

 

7,234

Reversal of impairment losses

 

659

 

0

 

660

Balance at Dec. 31, 2021

 

19,447

 

332

 

19,779

Carrying amount at Dec. 31, 2021

 

59,699

 

615

 

60,313

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

Amortization 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 amortization

 

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 €1,436 million (previous year: €1,199 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €64 million (previous year: €55 million) were incurred for the maintenance of investment property in use. Expenses of €1.0 million (previous year: €0.4 million) were incurred for unused investment property.

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