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FTSE 350 Lease Obligation Ranking 224190

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FTSE 350 Lease Obligation Ranking 224190 January 2019 IFRS 16 - The New Lease Accounting Standard A Ranking of the Leasing Obligations of the FTSE 350 IFRS 16 - The New Lease Accounting Standard A Ranking of the Leasing Obligations of the FTSE 350 JANUARY 2019 BACKGROUND AND HISTORY OF IFRS 16 Starting on 1 January 2019, companies will begin to adopt the new IFRS 16 lease accounting standard published by the International Accounting Standards Board (IASB). As one of the biggest accounting changes in history, IFRS 16 will result in listed companies transferring almost $3 trillion worth of liabilities onto corporate balance sheets over the coming years. Historically, only finance leases – leases that have a similar structure to asset purchases – have been reported as assets and liabilities on corporate balance sheets. Other leases, called operating leases, were “off-balance sheet” and were accounted for using principles similar to service contracts. Following the major accounting scandals of the early 2000s such as WorldCom, Enron, and Arthur Andersen, off-balance sheet liabilities became a major focal point for the regulatory agencies that govern the capital markets in various countries around the world. Regulators were concerned that without corporations reporting leases on balance sheets, investors and analysts did not have sufficient information to evaluate the financial position of a company or easily make comparisons between peers in the same industry. In an effort to provide greater transparency, the IASB, which defines standards for international financial reporting, introduced a new set of lease accounting standards. IFRS 16 was first published in January 2016 and will supersede the current lease accounting standard IAS 17. IFRS 16 eliminates the operating leases classification. Instead, all leases will be treated as finance leases. The IFRS 16 standard was published in conjunction with the updated US GAAP lease accounting standard, ASC 842, though the standards differ on several key points, including that ASC 842 maintains the dual classification of leases as operating and finance. The IFRS 16 standard still allows short-term (less than or equal to 12 months) and low-value (less than or equal to $5000) leases to be reported in the footnotes. Additional information on IFRS 16 is available on https://www.ifrs.org/projects/2016/ifrs-16-leases/. Source: International Accounting Standards Board - IFRS 16 Effects Analysis www.leaseaccelerator.co.uk 2 IFRS 16 - The New Lease Accounting Standard A Ranking of the Leasing Obligations of the FTSE 350 JANUARY 2019 WHO WILL BE MOST IMPACTED BY THE NEW LEASE ACCOUNTING STANDARDS? LeaseAccelerator ranked the operating lease obligations of the FTSE 350 as of November 2018. It sourced the operating lease obligations data from each company’s latest annual report (posted on the investor relations page of the company’s corporate website) as of November 2018. The numbers have been rounded up to the nearest ten thousand for presentation purposes. Numbers reported in a currency other than the pound sterling were converted. No other manipulations of the data have been performed. Operating lease obligations are comprised of two principle categories: 1. Real Estate – most companies lease rather than own the office buildings, distribution centres, retail stores, research labs, manufacturing plants, and data centres used to run their operations. 2. Equipment – companies also lease technology assets such as computers, servers, and data centre equipment to support their IT initiatives as well as transportation assets like forklifts, trucks, railway carriages, and marine vessels to move goods through the supply chain. For most companies, the monetary value of the real estate portion of the lease portfolio is higher than the equipment portion. However, corporations tend to have a far greater number of equipment assets than real estate assets, complicating administration and accounting efforts. LeaseAccelerator’s analysis of the FTSE 350 index companies found that Royal Dutch Shell, BP, Sainsbury’s, Vodafone, and International Airlines Group have the highest operating lease obligations. The highest leasing obligations are concentrated among companies from the energy, airlines, retail, telecommunications, and financial services sectors. • Energy companies such as Royal Dutch Shell and BP typically lease a diverse range of assets, including offshore drilling rigs, tankers, terminals, pipelines, storage tanks, railway freight carriages, petrol, and convenience stores. • Airline companies such as International Airlines Group, TUI Group, and Wizz Air typically lease significant space at airports for check-in, baggage checking, and departure gates. Additionally, these groups lease a significant percentage of the aircraft and components used to fly cargo and passengers to and from destinations. • Retailers such as Sainsbury’s, Marks & Spencer, and Tesco typically lease a large footprint of real estate for their stores and distribution centres as well as IT assets such as servers, storage, and data centre equipment to support their e-commerce operations. • Telecommunications firms such as Vodafone Group and BT Group lease a mix of real estate and equipment assets including mobile phone towers, data centre properties, fibre optic circuits, and networking equipment. • Financial institutions such as HSBC, Barclays, and The Royal Bank of Scotland typically lease a large footprint of real estate, including bank branches and office buildings, as well as technology assets such as servers, storage, and data centre equipment to support online banking and electronic trading operations. www.leaseaccelerator.co.uk 3 IFRS 16 - The New Lease Accounting Standard A Ranking of the Leasing Obligations of the FTSE 350 JANUARY 2019 COMPANIES RANKED BY OPERATING LEASE OBLIGATIONS Rank Company Industry Operating Leases (MM) 1 Royal Dutch Shell Oil & Gas Producers £18,279.42 2 BP Oil & Gas Producers £10,868.59 3 Sainsbury’s Food & Drug Retailers £10,019.00 4 Vodafone Group Mobile Telecommunications £8,621.32 5 International Airlines Group Travel & Leisure £6,796.38 6 BT Group Fixed Line Telecommunications £6,597.00 7 IWG Miscellaneous Commercial Services £5,057.50 8 Associated British Foods Food Producers £4,614.00 9 Marks & Spencer General Retailers £4,196.00 10 FirstGroup Other Transportation £3,622.10 11 Whitbread Retail hospitality £3,579.60 12 HSBC Banks £3,076.56 13 Tesco Food & Drug Retailers £2,599.00 14 BBA Aviation Investment Trusts/Mutual Funds £2,576.00 15 Barclays Banks £2,536.00 16 TUI Group Travel & Leisure £2,311.41 17 Royal Bank of Scotland Group Banks £2,279.00 18 Unilever Personal Goods £2,182.45 19 Wizz Air Airlines £2,111.31 20 Dixons Carphone Specialty Stores £2,057.00 21 Lloyds Banking Group Banks £2,054.00 22 CRH plc Construction & Materials £1,947.25 23 Merlin Entertainments Movies/Entertainment £1,897.00 24 Rolls-Royce Holdings Aerospace & Defence £1,871.00 25 Next plc General Retailers £1,847.70 26 Tritax Big Box REIT Wholesale Distributors £1,842.83 27 Travis Perkins Investment Trusts/Mutual Funds £1,832.10 28 Greene King Restaurants £1,827.10 29 Morrisons Food & Drug Retailers £1,769.00 30 BAE Systems Aerosapce & Defense £1,646.00 31 Cineworld Movies/Entertainment £1,625.00 32 Spire Healthcare Hospital/Nursing Management £1,590.90 33 BHP Mining £1,565.33 34 Rio Tinto Group Mining £1,437.02 35 SSP Group Restaurants £1,424.50 36 B & M European Retail Value Real Estate Development £1,257.78 37 Shire plc Pharmaceuticals & Biotechnology £1,230.39 38 Assura Real Estate Investment Trusts £1,215.10 39 Pearson plc Media £1,201.00 www.leaseaccelerator.co.uk 4 IFRS 16 - The New Lease Accounting Standard A Ranking of the Leasing Obligations of the FTSE 350 JANUARY 2019 Rank Company Industry Operating Leases (MM) 40 Royal Mail Industrial transportation £1,067.00 41 GlaxoSmithKline Pharmaceuticals & Biotechnology £1,045.00 42 Aviva Life Insurance £853.00 43 Ferguson plc Support Services £841.96 44 W H Smith Specialty Stores £841.00 45 Sports Direct Apparel/Footwear Retail £839.90 46 Capita Real Estate Development £833.00 47 Standard Chartered Banks £819.38 48 Burberry Personal Goods £800.40 49 BCA Marketplace Beverages: Non-Alcoholic £761.60 50 Wetherspoon (J D) Restaurants £727.55 51 Babcock International Department Stores £701.90 52 Mitchells & Butlers Restaurants £693.00 53 Wood Group Oil Equipment & Services £672.40 54 Premier Oil Oil & Gas Production £670.67 55 Glencore Mining £617.65 56 Mediclinic International Hospital/Nursing Management £607.00 57 Compass Group Support Services £561.00 58 Superdry Apparel/Footwear Retail £558.20 59 Halfords Group Specialty Stores £555.40 60 WPP plc Media £548.60 61 JD Sports Apparel/Footwear Retail £507.50 62 Bunzl Support Services £506.20 63 Schroders Financial Services £502.80 64 Prudential plc Life Insurance £486.02 65 RELX Group Media £484.00 66 Legal & General Life Insurance £472.00 67 G4S Miscellaneous Commercial Services £470.00 68 Howden Joinery Specialty Stores £464.80 69 Jardine Lloyd Thompson Insurance Brokers/Services £455.73 70 National Express Group Other Transportation £445.10 71 British American Tobacco Tobacco £445.00 72 National Grid plc Gas, Water & Multi-utilities £443.00 73 Metro Bank Regional Banks £419.28 74 Savills Real Estate Development £416.30 75 InterContinental Hotels Group Travel & Leisure £415.92 76 Inchcape Specialty Stores £410.70 77 AstraZeneca Pharmaceuticals & Biotechnology £406.89 78 Dunelm Group Department Stores £400.00 79 Anglo American plc Mining £399.11 www.leaseaccelerator.co.uk
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