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Annual Report

14 Leasing and rental assets and investment property

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY BETWEEN JANUARY 1 AND DECEMBER 31, 2009

€ million

 

Leasing and rental assets

 

Investment property

 

Total

Cost Balance at Jan. 1, 2009

 

12,695

 

305

 

13,000

Foreign exchange differences

 

62

 

3

 

64

Changes in consolidated Group

 

 

 

Additions

 

5,230

 

76

 

5,306

Transfers

 

–2

 

0

 

–2

Disposals

 

4,245

 

1

 

4,246

Balance at Dec. 31, 2009

 

13,740

 

382

 

14,122

Depreciation and impairment Balance at Jan. 1, 2009

 

2,806

 

155

 

2,961

Foreign exchange differences

 

20

 

0

 

19

Changes in consolidated Group

 

 

 

Additions to cumulative depreciation

 

2,013

 

8

 

2,020

Additions to cumulative impairment losses

 

262

 

5

 

267

Transfers

 

0

 

0

 

0

Disposals

 

1,620

 

1

 

1,620

Reversal of impairment losses

 

–28

 

 

–28

Balance at Dec. 31, 2009

 

3,452

 

166

 

3,618

Carrying amount at Dec. 31, 2009

 

10,288

 

216

 

10,504

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

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€ million

 

2010

 

2011 – 2014

 

from 2015

 

Total

Lease payments

 

1,234

 

1,141

 

 

2,375

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY BETWEEN JANUARY 1 AND DECEMBER 31, 2010

€ million

 

Leasing and rental assets

 

Investment property

 

Total

Cost Balance at Jan. 1, 2010

 

13,740

 

382

 

14,122

Foreign exchange differences

 

782

 

8

 

790

Changes in consolidated Group

 

 

 

Additions

 

7,133

 

27

 

7,160

Transfers

 

 

14

 

14

Disposals

 

5,793

 

2

 

5,795

Balance at Dec. 31, 2010

 

15,863

 

429

 

16,292

Depreciation and impairment Balance at Jan. 1, 2010

 

3,452

 

166

 

3,618

Foreign exchange differences

 

184

 

2

 

186

Changes in consolidated Group

 

 

 

Additions to cumulative depreciation

 

2,263

 

8

 

2,271

Additions to cumulative impairment losses

 

100

 

2

 

102

Transfers

 

 

 

Disposals

 

1,942

 

1

 

1,943

Reversal of impairment losses

 

–6

 

 

–6

Balance at Dec. 31, 2010

 

4,051

 

177

 

4,228

Carrying amount at Dec. 31, 2010

 

11,812

 

252

 

12,064

Leasing and rental assets include assets leased out under the terms of operating leases.

Investment property includes apartments rented out and leased dealerships, with a fair value of €517 million (previous year: €475 million). Operating expenses of €50 million (previous year: €46 million) were incurred for the maintenance of investment property in use. Expenses of €2 million (previous year: €2 million) were incurred for unused investment property.

The following payments from non-cancelable leases and rental agreements are expected to be received over the coming years:

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€ million

 

2011

 

2012 – 2015

 

from 2016

 

Total

Lease payments

 

1,313

 

1,141

 

0

 

2,454

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