URN_NBN_SI_DOC-9CO61QKB

SIR * IUS, junij 2019 6 ocenjevalci morali razmisliti o prilagoditvi mnogokratnikov EBIT in EBITDA za zagotavljanje ustrezne primerljivosti. Ključne besede MSRP 16, pravica do uporabe sredstva, obveznosti iz najema, obrestna mera, ki izhaja iz najemne pogodbe, najemnikova predpostavljena obrestna mera SUMMARY The new International Financial Reporting Standard 16 (IFRS 16), Leases, entered into force on 1 January 2019. This will have an important impact on financial statements of companies with significant number of lease contracts, as the standard abandoned the differentiation between operating and finance leasing. Consequently, the lessee must now recognize the right to use the assets and lease liabilities in the balance sheet, while the P&L now shows only the depreciation for newly recognized assets (and no lease related expenses). The above significantly affects the lessee’s financial statements and no less its key ratios such as the financial leverage and net debt/EBITDA ratio. Despite of the fact that the implementation of IFRS 16 does not directly affect equity values of companies with significant lease contracts, the accounting change will be reflected in the approach how to value such companies, especially if applying the WACC valuation approach through Free Cash Flow to Firm. After the implementation of IFRS 16, a valuation will result in higher FCFF due to higher EBITDA, while on the other hand such company will also show higher financial liabilities (due to newly recognized lease related liabilities). The impact of the new IFRS 16 will also show through EBIT and EBITDA market multiples, especially if using the Guideline publicly traded company method where after the implementation of IFRS 16 multiples will not be comparable with identical market multiples prior to implementation of IFRS 16. This will require an implementation of adjustments in order to ensure comparability. Key words IFRS 16, leased assets, lease related liabilities, rate implicit in the lease, incremental borrowing rate JEL: D 46, G 32 1. UVOD 1. 1. 2019 je začel veljati novi mednarodni računovodski standard MSRP 16 – Najemi (v nadaljevanju Standard ali MSRP 16), ki bo pomembno vplival na računovodske izkaze najemnikov, če bodo izpolnjeni pogoji novega Standarda glede pripoznanja najemov. Najemnik po tem standardu ne razlikuje več med poslovnim in finančnim najemom, saj je končni vpliv na računovodske izkaze v obeh primerih enak – povečanje bilančne vsote s pripoznanjem pravice do uporabe sredstva in obveznosti iz najema ter posledično vpliv na izkaz poslovnega izida s stroški amortizacije, obresti in potencialno tudi odhodkov iz oslabitve, kot to določa MRS 36 – Oslabitve sredstev. Pri najemodajalcu praktično ne bo