4. Resultaten
5.5 Suggesties nader onderzoek
Doordat de IFRS 16 op 1 januari 2019 ingaat en de huidige resultaten gebaseerd zijn op verwachtingen kan na de invoering opnieuw onderzoek gedaan worden naar de werkelijke impact. Bovendien kan hierbij ook een andere onderzoeksmethode gebruikt worden zoals kwantitatief onderzoek op basis van gepubliceerde cijfers na de invoering van IFRS 16. Het gebruik van meer respondenten in een soortgelijke onderzoek kan tevens ook andere resultaten opleveren, doordat in dit onderzoek de gedachten van een beperkt aantal respondenten zijn geanalyseerd. Daarnaast geven enkele resultaten ook aanleiding om vervolgonderzoek naar te doen. Zo is in dit onderzoek een verwachting uitgesproken over dat na de invoering van de IFRS 16 misbruik gemaakt kan worden van bonussen als in de bonusregelingen het effect niet gecorrigeerd zal worden. Na de invoering van IFRS 16 kan vervolgonderzoek gedaan worden om te achterhalen of deze nieuwe standaard
daadwerkelijk leidt tot misbruik van bonussen. Uit het huidige onderzoek kwam ook naar voren dat de verschillende subjectieve keuzes die mogelijk zijn onder de IFRS 16 tot
discretie kunnen leiden. Ook hier kan vervolgonderzoek naar gedaan worden om de relatie tussen IFRS 16 en discretie te onderzoeken.
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Bijlage 1: Interview A
Why does the organization opt for lease financing, instead of a direct purchase through equity or another form of debt?
One of the reasons is that we do not want to pay immediately because we want to spread the cash flows over the lease period. On this way we can manage our cash flows monthly and the money we spend. Another reason to lease is that we do not want to have the ownership of the asset, because we do not want any obligations regarding the ownership. Whenever we want we can stop the lease because there is no ownership by us. There are also more risks regarding to insurance, challenges etc. For example if a laptop is not working correctly, we will receive a new one or this will be fixed by the company where we received this laptop by. So we only have to focus on our own business.
What is mainly leased within the organization?
Our company is mainly leasing buildings (office, factory, laboratory and desks). We also lease cars for our salespeople and executive managers and other types of office equipment like laptops and printers.
What type of lease(s) does the organization use (operational lease/ financial lease)? Majority of our leases are operational leases.
If both, which type of lease is larger in the annual accounts?
Operational leases, this because as financial leases increase your debt. And we want to focus to our core business and therefore we do not want to waste time on the risks regarding the ownership like maintenance and dropouts, as I have previously told in question 1.
Do you agree with the criticism that has been provided for years on the IAS 17? As criticism, you can think of poor comparability, lack of transparency and a brighter picture of the annual accounts.
Yes and that specifically comes from the airline industry, because an airline industry uses the airplane every day and that is how they generate revenues, it is their core business. The use of operational leases, leads to a lack of transparency because they never show the truly net worth of the company. But from the other side, the information was already disclosed and e.g. banks were already using this information to calculate the bank covenants or the
credibility. Banks were doing this for a long time they were already being adding these assets into the balance sheet. Poor comparability can be considered to be a criticism as analysts
will be unable to compare the accounts of a company who purchase assets to a company who mainly leases assets- peer/market comparability is not possible in this case.
You are familiar with the introduction of the standard IFRS 16 about leases, but are you also satisfied with the introduction?
Yes I am satisfied because it provides more clarity. Another reason is that it also
distinguishes between the lessee accounting and lessor accounting. I am glad that reaminly largely unchanged for the lessor accounting as most companies are struggling to cope with the changes from lessee accounting. It does however mean that there is a lack of
consistency for lessee vs lessor models.
Have you already considered the consequences that IFRS 16 has on the organization? Yes. The IFRS 16 do not only have a financial impact but also changes the way of working. Currently with operational leases a company will receive an invoice and pay the invoice. You also disclose the payments that you expect in the future in the annual report. Now with IFRS 16 you have a new way of working because you need to implement new way of working to calculate the asset and liability on monthly basis, the depreciation, the interest etc. The IFRS 16 is also going to change the procedures around how we recognize the right of use of assets. There will be high implementation costs just for two numbers/ lines on the balance sheet.
Do you expect a major impact on IFRS 16 on the annual report of the organization?
Yes, the balance sheet will be a material increase in the balance sheet. It is going to increase on the asset (building etc.) and the liability (financing) side. On the balance sheet it will affect the equity and the ratios. On the income-statement it will affect the income from operation and adjusted EBITA (our own company measure). There will not be a significant change in the net profit.
Does the organization participate in an early adoption of IFRS 16?
We do not early adopt because we first focus on the implementation of IFRS 9 and IFRS 15. IFRS 16 is a larger project and needs our specific focus. We also do not early adopt because we will not be the test case. If other companies, wo went before us, will have faults, we can see what they have done wrong and we can learn from their faults.
Do you expect that the introduction and application of the IFRS 16 will have an effect on the market value of the organization?
In case of market value, the balance sheet will increase and the ratios will change. From an agency and bank perspective, they already have been taken it into account so we do not expect an change in the market value. Regarding the investors, we have already disclosed of the coming of IFRS 16 and we did say that the assets will go up together with the liability. We are also not the only company who are affected by the IFRS 16. It will be a similar impact for companies in the industry.
Do you expect that the introduction and application of the IFRS 16 will have an effect on the choice to lease? Explanation: IFRS 16 may leads to more direct purchases through equity or another form of debt because the reporting will be the same for all types. This means that there is no reporting benefit anymore for the operational lease.
If you look it from a cash flow perspective, nothing changes. Cash flows are still expected to take place over time as opposed to a point in time. We do not expect an impact on the choice because we do focus on cash flows and EBIT. Besides the cash flow, the strategy of our business is also important to choose for a lease. For example if we want to move to another city we don’t have to sell the building but we can just end our lease contract and start a new contract on the new destination. Another option that we have with a lease is that we can terminate the contract(if permitted by contract) if there is cheaper option available.
Do you expect that the introduction and application of the IFRS 16 will have an effect on the financing position of the company? Explanation: the position may deteriorate as a result of no longer complying with the loan conditions (bank covenants) .
No, because the banks already included the operational leases on the balance of the company so they were prepared on the change of the ratios. So the ratios were already adjusted for leases by banks. That is why we do not see an impact. What only will happen is that they now have more clearer and correct numbers because previously it was a rough estimate and now it is detailed, correct and calculated by us.
Do you expect that the introduction and application of the IFRS 16 will have an effect on the bonusplans of the organization? Explanation: key figures are likely to change after the introduction of the IFRS 16, which can lead to higher/ lower bonuses while the performance of the employees does not change.
Yes. In our organization there are no KPI’s for the balance sheet, but only for the income statement. In the income-statement we look at the EBITA for bonuses. Now with IFRS 16 the
EBITA is going to rise as a result of the interest costs. This will have to be revisited by management in the future.
Do you have any criticism on IFRS 16?
Yes. Some lease contracts which are not significant must also be capitalized on the balance sheet. The threshold of 5000 USD is too low if we speak of high value lease contracts. It is a strict threshold, where they are not thinking if this is relevant for several companies. Because it is a lot of work for a little value, such as cars.
Bijlage 2: Interview B
Waarom kiest de organisatie voor een lease-financiering, in plaats van een directe aankoop middels eigen vermogen of een andere vorm van vreemd vermogen?
Belangrijkste reden voor ons als organisatie om niet te kopen is dat wij dan niet in één klap geld hoeven op te hoesten. Wij hebben niet altijd de behoefte om bedrijfsmiddelen in één keer te betalen. Dus leasing is gewoon een financieringsvorm waarbij wij over de looptijd kunnen betalen. Het voordeel is dat wij op deze manier minder druk voelen op onze
liquiditeitspositie (cash flows). Daarnaast kiezen wij niet voor een aankoop middels vreemd vermogen, doordat wij met een lease (met name operational lease) meer flexibiliteit hebben. Zo wil je bijvoorbeeld geen eigenaar zijn van alle auto’s, doordat er veel bij komt kijken zoals brandstof, onderhoud etc. Deze verantwoordelijkheden kunnen wij dan bij de
leasemaatschappij leggen.
Wat wordt er voornamelijk geleased binnen de organisatie?
Wij leasen voornamelijk gebouwen (kantoorpanden, fabrieken, enkele winkels) en
leaseauto’s voor onze personeelsleden. Wij hebben nog overige kleine leases zoals laptops etc.
Van welke type lease(s) maakt de organisatie gebruik (operational lease/ financial lease)? Wij maken gebruik van zowel financial leases als van operational leases. Voor ons is de type van de lease niet leidend voor de keuze van één van deze twee, maar het contract. Na contract acceptatie wordt het contract geanalyseerd en daar rolt dan een financial lease of operational lease uit.
Welke type lease heeft een grotere omvang in de jaarrekening (indien beide)?
Operational leases hebben een grotere omvang in de jaarrekening in verband met de economische eigendom. Met een operational lease hebben wij meer flexibiliteit om
bijvoorbeeld te stoppen wanneer wij willen en om alle andere zorgen uit de handen te geven aan de leasemaatschappij zoals de onderhoud van onze auto’s. Bovendien zullen wij meteen een vervangende bedrijfsmiddelen ontvangen bij eventuele uitval.
Bent u het eens met het kritiek dat jarenlang is geleverd op de IAS 17? Als kritiek valt met name te denken aan een slechte vergelijkbaarheid, weinig transparantie en een
rooskleuriger beeld van de jaarrekening.
Ja, ik herken het wel een beetje maar voor deze drie componenten valt wel een oplossing voor te bedenken. Zo klopt de kritiek met betrekking tot weinig transparantie wel, maar dat wordt al voor een groot deel afgedicht door het feit dat de toekomstige leaseverplichting wordt toegelicht in de jaarrekening. Daarnaast herken ik een rooskleuriger beeld als ik kijk naar sommige ratio’s, maar analisten en banken gebruiken bijvoorbeeld de hiervoor
genoemde toelichting om de ratio’s te bepalen inclusief de operational leases. Dus het was niet rooskleuriger voor hen.
U bent vast bekend met de invoering van de nieuwe leasestandaard IFRS 16, maar bent u ook tevreden met de invoering?