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International Financial Reporting Standards

The views expressed in this presentation are those of the presenter, not necessarily those of the IASB or IFRS Foundation.

© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

IFRS 16

IMA-FRANCE 2 février 2016

Introduction par Philippe Danjou

Cannon Street | London EC4M 6XH | UK. www.ifrs.org IFRS 16 IMA-FRANCE 2 février 2016 Introduction

Historique du Projet Contrats de Location

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IAS 17 publié par l’IASC en 1982 : visait à comptabiliser au bilan lorsque les conditions du contrat étaient, au plan économique, similaires à un achat è capitalisation des finance (capital) leases

Tous les autres contrats de location, dits operating leases, restaient hors bilan (mais information à fournir en annexe sur les montants à payer au titre des engagements)

Distinction arbitraire entre type de contrats : il n’y a pas de frontière économique claire entre location financière et location simple

2005 : la U.S. SEC, reprenant les critiques de nombreux investisseurs et des agences de notation, fait part de ses inquiètudes sur le manque de transparence du traitement comptable des operating leases

2006 : en réponse, l’IASB et le FASB lancent un projet pour améliorer la comptabilisation de ces contrats

© FRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

la comptabilisation de ces contrats © FRS Foundation. 30 Cannon Street | London EC4M 6XH |

Historique du Projet Contrats de Location

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Dates – clé:

2009 : Discussion Paper – appel à commentaires - (traitait uniquement la comptabilité

chez le locataire / Lessee)

2010 : Premier Exposure Draft – 2013 : Revised Exposure Draft

Exposure Draft –   2013 : Revised Exposure Draft (proposaient de modifier en paralléle la

(proposaient de modifier en paralléle la comptabilisation chez le bailleur et le locataire)

13 janvier 2016 : publication d’IFRS 16 (modifie uniquement la comptabilisation chez le locataire) – Annule et remplace IAS 17 et IFRIC 4

1er janvier 2019 : date d’effet de la norme (application anticipée autorisée avec IFRS 15)

Publication de la norme US correspondante attendue dans les prochaines semaines

Une consultation très approfondie

Consultation de tous les comités consultatifs de l’IASB – Plus de 1700 lettres de commentaires analysées – Plusieurs centaines de réunions avec analystes, investisseurs, entreprises, régulateurs, normalisateurs comptables et firmes d’audit; 15 tables-rondes publiques pour discuter le projet – 40 “fieldwork meetings” avec entreprises pour discuter les coûts de mise en oeuvre

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Pourquoi une nouvelle norme ?

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IAS 17 était très critiquée pour sa distinction arbitraire entre locations financières et locations opérationnelles

Les sociétés cotées utilisant les IFRS ou US GAAP font état de 3000 milliards de US$ d’engagements de location, dont 85% non inscrits au passif (étude sur 30000 sociétés cotées)

Soit une sous évaluation de la dette allant de 22% (Amérique du Nord) à 45% (Amérique latine) pour un échantillon de 1022 sociétés qui faisaient état de >300 M $ d’engagements chacune – L’étude de sociétés de distribution ayant connu une faillite montre que la dette hors bilan représentait jusqu’à 66 fois la dette comptabilisée – On estime qu’une société sur deux sera affectée par le changement de la norme

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

affectée par le changement de la norme © 2012 IFRS Foundation. 30 Cannon Street | London

Pourquoi une nouvelle norme ?

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Manque de visibilité sur la situation d’endettement réelle et les actifs utilisés pour les opérations

Manque de comparabilité entre sociétés (y compris au sein de secteurs homogènes – cf. transport aérien)

Ratios d’endettement, de couverture, de retour sur capitaux engagés

Les agences de notation et les analystes / investisseurs sophistiqués retraitaient les comptes publiés (parfois de façon assez grossière et exagérée)

è De plus en plus de sociétés intégraient cette dette de loyer dans leur communication financière « non GAAP »

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

communication financière « non GAAP » © 2012 IFRS Foundation. 30 Cannon Street | London EC4M

Le scope de la norme IFRS 16

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Tout contrat comportant le transfert par une partie à une autre du droit d’utiliser un actif

A l’exception de:

Droits concernant l’exploration ou l’exploitation de ressources naturelles minerales ou non regénératives – Locations d’actifs biologiques (IAS 41 =certains fermages) – Concessions de services dans le champ d’IFRIC 12 Licences de propriété intellectuelle dans le champ d’IFRS15 – Droits portant sur des actifs incorporels (dans le champ d’IAS 38) tels que productions audiovisuelles, copyrights et autres droits littéraires

è Un locataire peut choisir d’appliquer IFRS 16 aux droits d’utilisation d’actifs incorporels autres que ceux visés supra

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

incorporels autres que ceux visés supra © 2012 IFRS Foundation. 30 Cannon Street | London EC4M

Qu’est-ce qui va changer chez les locataires ?

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§

§

Tous les engagements de location figureront au bilan 1 Amortissements et intérêts présentés séparément au compte de résultats

de location figureront au bilan 1 Amortissements et intérêts présentés séparément au compte de résultats
IAS 17 IFRS 16 Finance Operating All leases leases leases Q Q !" Assets Q
IAS 17
IFRS 16
Finance
Operating
All leases
leases
leases
Q Q !"
Assets
Q
---
⟰⟰⟰
Liabilities
$$
---
$$$$$$$
Off balance
!" Q
sheet rights
--- ⟰⟰
---
&
$$$$$
obligations
IAS 17 IFRS 16 Finance Operating All leases leases leases Revenue x x x Operating
IAS 17
IFRS 16
Finance
Operating
All leases
leases
leases
Revenue
x
x
x
Operating costs
Dépense
(excluding
depreciation and
amortisation)
---
---
de location
EBITDA
ññ
Depreciation and
amortisation
Depreciation
---
Depreciation
Operating profit
ñ
Finance costs
Interest
---
Interest
Profit before tax
ó

1 exceptes les contrats courts et les actifs de faible valeur unitaire

© IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Impact bilantiel sur trois secteurs économiques

(FT.com 20/01/2016)

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Transport aérien (50 sociétés) Tourisme et loisirs (69 sociétés) Distribution (204 sociétés) Total des
Transport aérien
(50 sociétés)
Tourisme et
loisirs
(69 sociétés)
Distribution
(204 sociétés)
Total des actifs
$ 527 bn
$ 404 bn
$ 2000 bn
Paiements futurs
pour locations
opérationnelles
$ 152 bn
$ 115 bn
$ 572 bn
Hors bilan en % du
total des actifs
28.8%
28.6%
28.3%

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

% du total des actifs 28.8% 28.6% 28.3% © 2012 IFRS Foundation. 30 Cannon Street |

Airlines: chiffres-clé (year ended 31/12/14 except EasyJet 30/09/14)

La flo&e

Air France – KLM (€m)

Bri6sh Airways Plc (*)

Lu?hansa

Easy Jet

Group (€m)

Plc (£m)

Total aircraB in service

571

279

615

226

Of which - owned or financed by leases on balance sheet

327

231

598

154

(of which 38 under finance leases)

(of which 11 under finance leases)

Of which - operated off balance sheet (operaNng leases)

244

48

17

72

% off balance sheet / Total

43%

17%

3%

32%

   

IAG consolidated (*)

   

TOTAL REVENUS (as reported)

24930

20170

30011

4527

(£m)

TOTAL ASSETS (on balance sheet)

23230

23652

30474

4482

(£m)

Revenus / total acNf

1.07x

0.85x

0.98x

1.01x

Ra#o R/A retraité des loca#ons opéra#onnelles (NB Lu8hansa ne communique pas ce retraitement)

0.83x

0.72x

0.89x

0.86x

Note (*) BA Plc is the most significant airline of the IAG Group (which also includes Iberia and Vueling ) which operates 459 aircraB in total. The fleet data presented here relate only to the BA part of the IAG Group and data for the other enNNes have not been included. BA’s revenues represent 66% of the IAG’s consolidated revenues. IAG reports in €.

Exemple—extrait des comptes Air France-KLM (2014)

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Exemple—extrait des comptes Air France-KLM (2014) 10 © 2012 IFRS Foundation. 30 Cannon Street | London

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Exemple—extrait des comptes IAG Group (2014)

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Exemple—extrait des comptes IAG Group (2014) 11 © 2012 IFRS Foundation. 30 Cannon Street | London

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Effets attendus sur l’information financière (selon JP Morgan Cazenove, note du 15/01/2016)

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P&L impact: IFRS rules will treat all leases like finance leases (no opex; lease assets result in depreciation and lease liabilities produce interest expenses) – we note that EBITDA and EBIT figures will rise on transition for impacted companies.

EBITDA figures and EBITDA margins will increase as a result because the companies will no longer book a lease rental expense. Instead they will charge depreciation on the asset, and show an interest cost in relation to the liability. Similarly, lease payments will be split into interest and ‘debt’ repayment, and thus no longer included in opex.

Leverage ratios should rise materially for some sectors. Our previous work has identified the following sectors as ones where the level of potential lease liabilities relative to market cap appears particularly high: Travel & Leisure, Retail, Industrial Goods & Services, Construction & Material, Telecoms and Media.

•   We do not expect any impact on debt ratings. The ratings agencies have
•   We do not expect any impact on debt ratings. The ratings agencies have had plenty of
time to adjust their approaches and pre-empt this accounting change, and the long delay
before the new rules should cement this process.

Equity investors may be surprised by specific company announcements, particularly if current disclosures are poor, but again the long lead-time should enable companies to explain their position to the markets without causing undue share price turbulence.

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Effets attendus sur l’information financière (selon Citi Research Equities, note du 14/01/2016)

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Effect on key metrics — IFRS 16 will increase reported financial liabilities, ie debt. EV/EBITDA and EV/EBIT ratios will be affected both on the numerator and denominator. For most companies, we do not expect a significant impact on EPS.

Income statement

IFRS 16 will result in lease expense being presented as a depreciation charge and an interest charge. Currently operating lease expense is shown within operating costs. Therefore the new accounting will increase EBITDA for companies using operating leases, since the expense (both depreciation and interest) will be below the EBITDA line rather than above it. Both EBIT and interest expense will be higher, but we would expect reported interest cover (EBIT/interest) to be lower in most cases.

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Effets attendus sur l’information financière (selon Citi Research Equities, note du 14/01/2016)

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The amount of the lease expense may also differ but this is harder to predict. Lease expense is higher in the earlier years of the lease (as the interest charge reduces over time). However, we would expect the effect to be broadly neutral for most companies that have a portfolio of leases. Therefore, any impact on P/E is likely to be limited in most cases.

Cash flow :Operating lease payments will be classified in the same way as current finance lease payments in the cash flow statement. As a result, reported operating cash flow will appear higher. This will also affect free cash flow calculations, unless analysts make an adjustment.

We do not think the new standard will have a major impact on loan covenants. Most loan agreements have “frozen GAAP” clauses, specified adjustments for lease commitments, or other arrangements which should prevent this being a major concern in most cases. Lenders, rating agencies and credit analysts already take operating leases into account in their analysis, although IFRS 16 will provide new estimates of lease liabilities.

IFRS 16 will provide new estimates of lease liabilities . © 2012 IFRS Foundation. 30 Cannon

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

EFRAG a analysé les conséquences sur les “loan covenants”

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é les conséquences sur les “loan covenants” 15 © 2012 IFRS Foundation. 30 Cannon Street |

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Réponses obtenues par l’EFRAG

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A – Lenders (14 réponses)

The responses show mixed practice; some lenders reported that they apply different types of covenants for different clients, i.e. covenants are often tailored for the particular client. Nevertheless, a large majority of respondents stated that their loan agreements included at least one of the following features:

(a) automatic renegotiation clauses in the case of a change to accounting principles, at least for some of their agreements;

(b) ‘frozen GAAP’ provisions; or

(c) adjustments for operating lease commitments in determining covenants.

For loan agreements containing any of the above-mentioned features, the requirements of IFRS 16 are not expected, in isolation, to cause a breach of covenants. Furthermore, a large majority of lender respondents noted that they will reconsider the terms and conditions of covenants when IFRS 16 is effective, although it was not clear if those comments referred to new agreements or existing agreements.

Some respondents also reported that some of their covenants use non-accounting based measures.

some of their covenants use non-accounting based measures. © 2012 IFRS Foundation. 30 Cannon Street |

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

Réponses obtenues par l’EFRAG

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B - Non-lenders (35 réponses)

Non-lenders that responded were almost all preparers, with the exception of one professional consultant and one user.

The large majority of non-lender respondents (35) reported that their covenants were based on accounting data. Based on the replies and the available information, the covenants of the majority of non-lender respondents (27) either (a) are not expected to be impacted or (b) are expected to be renegotiated if IFRS 16 affects covenant ratios.

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

if IFRS 16 affects covenant ratios. © 2012 IFRS Foundation. 30 Cannon Street | London EC4M

Matériel disponible pour bien comprendre IFRS 16

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Bases de Conclusions

Norme + Application Guidance

Exemples illustratifs (environ 40)

Project Summary and Feedback Statement

Effects Analysis (104 pages)

Webcast + slides

Accés libre à tous les Board papers préparatoires aux discussions depuis 2013 (et enregistrements des débats publics)

Conférences IFRS (et autres !)

© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

•   Conférences IFRS (et autres !) © 2012 IFRS Foundation. 30 Cannon Street | London
19 © 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org

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© 2012 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org