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, 2007

€ million

 

Leasing and  rental assets

 

Investment  property

 

Total

Cost Balance at Jan. 1, 2007

 

10,478

 

300

 

10,778

Foreign exchange differences

 

–803

 

0

 

–803

Changes in consolidated Group

 

41

 

 

41

Additions

 

5,185

 

11

 

5,196

Transfers

 

 

0

 

0

Disposals

 

3,998

 

10

 

4,008

Balance at Dec. 31, 2007

 

10,903

 

301

 

11,204

Depreciation and impairment Balance at Jan. 1, 2007

 

2,592

 

147

 

2,739

Foreign exchange differences

 

–199

 

–1

 

–200

Changes in consolidated Group

 

8

 

 

8

Additions to cumulative depreciation

 

1,700

 

7

 

1,707

Additions to cumulative impairment losses

 

73

 

 

73

Transfers

 

 

 

Disposals

 

1,450

 

4

 

1,454

Reversal of impairment losses

 

0

 

 

0

Balance at Dec. 31, 2007

 

2,724

 

149

 

2,873

Carrying amount at Dec. 31, 2007

 

8,179

 

152

 

8,331

The following payments from non-cancelable leases and rental agreements were expected in 2007 to be received over the coming years:

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€ million

 

2008

 

2009 – 2012

 

from 2013

 

Total

 

 

1,235

 

1,240

 

41

 

2,516

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CHANGES IN LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY
BETWEEN JANUARY 1 AND DECEMBER 31, 2008

€ million

 

Leasing and  rental assets

 

Investment  property

 

Total

Cost Balance at Jan. 1, 2008

 

10,903

 

301

 

11,204

Foreign exchange differences

 

–78

 

1

 

–77

Changes in consolidated Group

 

1,286

 

 

1,286

Additions

 

5,335

 

13

 

5,348

Transfers

 

 

–7

 

–7

Disposals

 

4,751

 

3

 

4,754

Balance at Dec. 31, 2008

 

12,695

 

305

 

13,000

Depreciation and impairment Balance at Jan. 1, 2008

 

2,724

 

149

 

2,873

Foreign exchange differences

 

–27

 

1

 

–26

Changes in consolidated Group

 

75

 

 

75

Additions to cumulative depreciation

 

1,724

 

7

 

1,731

Additions to cumulative impairment losses

 

92

 

 

92

Transfers

 

 

0

 

0

Disposals

 

1,782

 

2

 

1,784

Reversal of impairment losses

 

0

 

 

0

Balance at Dec. 31, 2008

 

2,806

 

155

 

2,961

Carrying amount at Dec. 31, 2008

 

9,889

 

150

 

10,039

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 €399 million (previous year: €402 million). Operating expenses of €45 million (previous year: €45 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

 

2009

 

2010 – 2013

 

from 2014

 

Total

 

 

1,193

 

1,233

 

41

 

2,467

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