Audi 2013 Annual Report Download - page 249

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE BALANCE SHEET
CONSOLIDATED FINANCIAL STATEMENTS
246
B
// FINANCIAL LEASE PAYMENTS DUE IN THE FUTURE
EUR million 2014 2015 to 2018 From 2019 Total
Lease payments 3 14 11 27
Interest elements 1 3 2 5
Present value 2 11 9 22
Payments totaling EUR 138 (115) million for assets rented on
the basis of operating lease agreements were recognized as an
expense.
16 / LEASING AND RENTAL ASSETS AND INVESTMENT PROPERTY
EUR million Dec. 31, 2013 Dec. 31, 2012
Leasing and rental assets – 2
Investment property 171 118
An impairment loss of EUR 1 million was recorded in relation
to investment property during the 2013 fiscal year. The amor-
tized costs of investment property correspond to the fair value.
Fair values are calculated as a general rule using a discounted
cash flow method and correspond to level 3 of the fair value
hierarchy.
With regard to the investment property, the amount of
EUR 154 million relates to buildings and land leased on the
basis of a financial lease arrangement. The maximum interest
rate on which the lease is based is 4.4 percent. The financial
lease payments due in future, together with their present values,
are listed in the table below. Only low operating costs were
incurred in relation to maintaining the investment property.
// FUTURE PAYMENTS IN RELATION TO NON-CANCELABLE LEASE AGREEMENTS
EUR million 2014 2015 to 2018 From 2019 Total
Lease payments 6 23 251 279
Interest elements 0 5 116 122
Present value 5 18 134 158
Lease payments from sub-leasing 8 33 245 287
Payments totaling EUR 7 million are expected in future from
non-cancelable lease agreements relating to other real estate.