14. Lease assets and investment property
€ million |
|
Lease assets |
|
Investment property |
|
Total |
|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
Cost Balance at Jan. 1, 2023 |
|
80,919 |
|
961 |
|
81,880 |
Foreign exchange differences |
|
−779 |
|
−13 |
|
−792 |
Changes in consolidated Group |
|
1,098 |
|
4 |
|
1,101 |
Additions |
|
32,974 |
|
6 |
|
32,980 |
Transfers |
|
−57 |
|
93 |
|
36 |
Disposals |
|
28,061 |
|
19 |
|
28,080 |
Balance at Dec. 31, 2023 |
|
86,093 |
|
1,033 |
|
87,126 |
Amortization and impairment Balance at Jan. 1, 2023 |
|
21,539 |
|
351 |
|
21,890 |
Foreign exchange differences |
|
−216 |
|
−3 |
|
−219 |
Changes in consolidated Group |
|
92 |
|
0 |
|
92 |
Additions to cumulative amortization |
|
10,241 |
|
21 |
|
10,263 |
Additions to cumulative impairment losses |
|
809 |
|
1 |
|
810 |
Transfers |
|
−19 |
|
34 |
|
15 |
Disposals |
|
10,051 |
|
4 |
|
10,055 |
Reversal of impairment losses |
|
395 |
|
0 |
|
396 |
Balance at Dec. 31, 2023 |
|
21,999 |
|
401 |
|
22,400 |
Carrying amount at Dec. 31, 2023 |
|
64,094 |
|
632 |
|
64,726 |
€ million |
|
Lease assets |
|
Investment property |
|
Total |
|---|---|---|---|---|---|---|
|
|
|
|
|
|
|
Cost Balance at Jan. 1, 2022 |
|
79,146 |
|
947 |
|
80,092 |
Foreign exchange differences |
|
1,105 |
|
17 |
|
1,122 |
Changes in consolidated Group |
|
187 |
|
−5 |
|
182 |
Additions |
|
24,105 |
|
4 |
|
24,110 |
Transfers |
|
−14 |
|
4 |
|
−10 |
Disposals |
|
23,611 |
|
6 |
|
23,617 |
Balance at Dec. 31, 2022 |
|
80,919 |
|
961 |
|
81,880 |
Amortization and impairment Balance at Jan. 1, 2022 |
|
19,447 |
|
332 |
|
19,779 |
Foreign exchange differences |
|
262 |
|
3 |
|
265 |
Changes in consolidated Group |
|
73 |
|
−1 |
|
72 |
Additions to cumulative amortization |
|
10,255 |
|
21 |
|
10,276 |
Additions to cumulative impairment losses |
|
261 |
|
1 |
|
261 |
Transfers |
|
−4 |
|
1 |
|
−3 |
Disposals |
|
8,216 |
|
3 |
|
8,220 |
Reversal of impairment losses |
|
539 |
|
1 |
|
540 |
Balance at Dec. 31, 2022 |
|
21,539 |
|
351 |
|
21,890 |
Carrying amount at Dec. 31, 2022 |
|
59,380 |
|
610 |
|
59,990 |
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 €1,456 million (previous year: €1,279 million). Fair value is estimated using an investment method based on internal calculations (Level 3 of the fair value hierarchy). Operating expenses of €85 million (previous year: €69 million) were incurred for the maintenance of investment property in use. Expenses of €0.4 million (previous year: €0.8 million) were incurred for unused investment property.
Rental income from investment property amounted to €81 million in fiscal year 2023 (previous year adjusted: €89 million).