{"id":54488,"date":"2019-08-07T10:20:15","date_gmt":"2019-08-07T09:20:15","guid":{"rendered":"https:\/\/valuesque.com\/?p=54488"},"modified":"2019-08-07T10:34:45","modified_gmt":"2019-08-07T09:34:45","slug":"how-iff-will-build-up-a-huge-accounting-original-goodwill-the-umbrella-category-financial-analysis-problem","status":"publish","type":"post","link":"https:\/\/valuesque.com\/en\/blog\/2019\/08\/07\/how-iff-will-build-up-a-huge-accounting-original-goodwill-the-umbrella-category-financial-analysis-problem\/","title":{"rendered":"How IFF will build-up a huge Accounting ORIGINAL Goodwill \u2013 The Umbrella-Category Financial Analysis Problem"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

The IASB and the FASB have one important red line when it comes to intangibles accounting: With a couple of clearly defined exceptions (e.g. for IFRS following the criteria of IAS 38.45) it is NOT possible to recognise own developed intangibles as an asset! And this makes absolute sense \u2013 too big would be the degree of management discretion and leeway to initially and continuously value these economic assets. It would open the door for basically any asset recognition, and this would not be in line with the need for reliability of numbers.<\/p>\n\n\n\n

Companies\ncan, however, bring most of the intangibles onto the balance sheet if they buy them\n\u2013 also if it is as part of a company acquisition. In this latter case the\npurchase price allocation (PPA) allows for seeing customer relationships,\nbrands and trademarks, etc. and of course: goodwill of the acquired target on\nthe asset side of the buyer\u2019s balance sheet. Obviously, the quantification\nproblem at initial recognition is much smaller (though still existing due to\ndistribution issues) if companies have paid a consideration for these assets in\nthe first place.<\/p>\n\n\n\n

I think the\nintentions of standard setters are quite clear. However, companies are not\nalways super interested in standard setters\u2019 intentions. In fact, for companies\nit would be very attractive to bring some more intangibles onto the balance\nsheet as it is the attractive shareholders\u2019 equity which stands at the\nliability side against them. And as we know, often CFOs\u2019 creativity is\nunlimited when it comes to moving the limits of accounting, so it would be very\nastonishing if they do not find a way\u2026. and of course they do!<\/p>\n\n\n\n

There is\neven a name for this accounting technique: BIOLSI \u2013 which is short for \u2018Buy\nIntangible! Overstate Life! Stuff Intangible!\u2019 We are going to explain below\nhow it works. But for better understanding we have to start with some\naccounting basics first:<\/p>\n\n\n\n

Imagine a company that produces some goods with the use of machines. Each machine has a useful life of let\u2019s say 3 years. If the company wants to go concern, it has to replace the machines at the end of the useful life of each machine in order to continue with production at the same level (no growth assumed here). So this is how the relevant numbers of this company look like for running a total of 3 machines in the steady state and each machine costing 100 Euros. Due to ramping up our model, the steady state is not reached before the end of year 2.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

In the\nsteady state there is one machine at 100 Euros (freshly bought), one machine at\n66.67 Euros (one year old) and one machine at 33.33 Euros (two years old) \u2013\ntogether 200 Euros book value. Each time an old machine exits the machine park,\na new one is bought. So the total book value of machines stays constant over\ntime. Depreciation starts in the year after the acquisition which is why the\nsteady state for depreciation (3 times 33.33 Euros = 100 Euros) is reached in\nyear 3. <\/p>\n\n\n\n

Now let\u2019s assume that the company additionally makes a one-time acquisition of two machines at the end of the year three. The numbers now look as follows.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

This\ntransaction leads to additional (investing) cash outflows, additional assets\nand additional depreciation over time.<\/p>\n\n\n\n

Now let\u2019s switch to a slightly different business model. Imagine that another company provides some consulting services (no assets on the balance sheet so far) and invests a lot in marketing. In period three it acquires another consulting firm for 200 Euros. The PPA indicates that the whole 200 Euros are paid for the brand of this company. It is further assumed that this acquired brand value has a useful life of three years and is amortised following a straight-line method. Here the numbers look as follows.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Just as a\nremark: Letting the practical problems of useful life determination aside, setting\na limited useful life for intangibles makes a lot of sense from an economic\npoint of view. Intangibles such as brands, customer relationships simply have a\nlimited economic useful life per se. If companies do not reinvest (marketing,\ncustomer acquisition and maintenance programs, etc.) to keep the asset base\nmore or less constant, the value of the assets will fade. In reality, companies\nsuch as e.g. Coca-Cola really do a lot to keep the value of its brand at level.<\/p>\n\n\n\n

Nevertheless,\nwe can see that the graph above looks a lot like the case of the company that\nbuys machines for 200 Euros in year 3 \u2013 which should not come as a surprise. From\nan economic point of view the two cases are not too different. Here, however,\nit is not machines but the derivative brand value from the transaction that it\nis about. What happens here is all within the rules of IFRS and US-GAAP and in\nline with standard setters intentions.<\/p>\n\n\n\n

However, in\nreality we see it quite often that companies do not want to commit to such\nshort asset lives. They rather set a longer life or \u2013 even better \u2013 a so called\n\u201cindefinite\u201d life. It is important to note that \u201cindefinite\u201d does not mean\ninfinite. It only means that the asset is checked for impairment (or\nindications thereof) in regular intervals. The argument is here that IF the brand\nasset life is in fact only 3 years THEN we would have a similar book value path\nas in the graph above as the loss in fair value would be recognised every\nperiod. So nothing should change if companies use an indefinite asset life or a\nthree year life\u2026<\/p>\n\n\n\n

But stop!\nThis is not the case. And we do not talk about the discretion that management\nhas when performing impairment tests \u2013 we only talk about the hard rules of\nUS-GAAP and IFRS. The problem with the above line of arguments is that our\naccounting standards cannot isolate intangibles down to the smallest unit.\nBrand is the total brand that relates to a certain part of the organisation\n(and not split down to the viewpoint of single stakeholders), customer\nrelationships are the total customer relationships of a certain part of the\norganisation (and only rarely split down to specific customers), etc. And the\nstandards also do not differentiate with respect to the time of original\nbuild-up of the intangible (not like in the case of machines where we clearly\nsee when each of them has been bought). In short: The standards see the single\nintangibles mainly as umbrella categories!<\/p>\n\n\n\n

While this might be understandable from a practical point of view, it has a highly negative side-effect: Due to this umbrella categorisation periodical pay-outs\/expenses (e.g. for marketing) that generate new intangibles from an economic point of view (but not from an accounting point of view) are simply thrown into the big category-pot \u2013 and are considered in the revaluation of the intangible. These pay-outs work the same way as fresh investments in these intangibles. In the case of the brand that was bought in year 3 in our example above, the assumption of an indefinite life would lead to the following situation.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The brand would lose in value (economic minus) according to the economic three year useful life (-66,67 Euros in year 4) but would get support from the 100 Euro marketing pay-out (this is the economic plus). This leads to a value of 233.33 Euros. If it is now checked for impairment one would see no reasons for write-downs. As the upper accounting limit is 200 Euros, the accounting value of the brand would not change in year 4. Similar in year 5: now the amortisation is higher (because of the higher brand value) but still the fair value of the brand would not drop below 200. And so on. Our general example would look as follows.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Now it is\nnot only the assets which are higher in the future. It is also the amortisation\ncharge which is missing totally in the numbers now. This obviously leads to\nhigher earnings (a.o.t.b.e) as compared to the example before.<\/p>\n\n\n\n

It is\nhighly important to note that this development is due to the umbrella\ncategorisation of intangibles which allow periodic investments to be recognised\nas value drivers for already recognised intangibles. And this finally means:\nCompanies can build-up own (original) intangibles by means of their periodic\ncash-outs that follow the initial recognition of the intangibles. This is in\nline with the standards \u2013 but I guess not in line with the intentions of the\nstandard setters.<\/p>\n\n\n\n

By the way,\nwhat works for intangibles in general, certainly also works for goodwill in\nparticular. And if you now want to know how companies can best benefit (?!) from\nthis accounting loophole we come back to the already mentioned\nBIOLSI-technique.<\/p>\n\n\n\n

Some\ncompanies play this BIOLSI game very aggressively. For example, the European\nbeverage sector (ABInbev, Pernod Ricard, etc.) has always delivered great\nexamples of ultra-long intangible asset lifetimes following acquisitions. Not\nonly the goodwill positions (which by definition of the impairment-only\napproach have an indefinite life) but also the accounting brand lives were\noften set \u201cindefinite\u201d. A nice current example \u2013 although not a European\nbeverage company \u2013 is New York-based specialty chemical company International\nFlavours & Fragrances (IFF).<\/p>\n\n\n\n

On 4\nOctober 2018 IFF completed the (transformative) acquisition of Frutarom\nIndustries Ltd. In the following purchase price allocation process (PPA) the\ncompany managed to isolate a lot of intangibles (Step 1: Buy Intangible! \u201cBI\u201d).\nMoreover, IFF also managed to recognise a huge part (ca. 60%) of the\nconsideration as goodwill (indefinite life) and to assign very long useful\nlives of on average roughly 20 years to the non-goodwill intangible assets (Step\n2: Overstate Life! \u201cOL\u201d). <\/p>\n\n\n\n

Remark: IFF also made somehow clear that they would rather have indefinite useful lives for the non-goodwill intangible assets. We can read this from the reaction of management to exclude basically all intangibles amortizations from their non-GAAP performance measures. However, obviously here the auditors didn\u2019t want to go the way of indefinite life assumptions for e.g. customer relationships, but instead agreed to a (rather weak) compromise \u2013 but this does not make things much better from an economic point of view!<\/p>\n\n\n\n

\"\"
Source: IFF Annual Report 2018, p. 96. <\/figcaption><\/figure>\n\n\n\n
\"\"
Source: IFF Annual Report 2018, p. 97. <\/figcaption><\/figure>\n\n\n\n

Finally,\nIFF has to invest further in these intangibles in order to keep them alive (or\nbetter: in order to allow for a lot of own goodwill and own intangible recognition\nin the future) – Step 3: Stuff Intangible! \u2018SI\u2019! Looking at the 2018 accounts,\nIFF has roughly 700 mio USD SG&A expenses (this is the position where most\nreinvestments in intangibles are hidden). As we will see, this should be enough\nfor benefiting maximally from the BIOLSI-technique (if not something unexpected\nhappens in the next years).<\/p>\n\n\n\n

Now our\nanalysis: Given this information we first assigned useful lives that are more economically\nsound to the single assets that IFF acquired (before reinvestments): 15 years\nfor goodwill and 10 years for the non-goodwill intangibles (which are admittedly\nstill quite high numbers). This allows us to find out how much IFF will\nimplicitly (and hidden from the eyes of investors) recognise as assets now on\ntrade names, customer relationships and goodwill over the coming years: it is\nthe difference between the goodwill respectively the carrying value of the\nother intangibles on the one hand side and the economic value on the other hand\nside. This is roughly 400 mio USD per year! Against the background of the ca.\n700 mio USD SG&A expenses already mentioned above we think these 400 mio\nUSD reinvestments in intangibles can be delivered in order not to trigger an\nimpairment in a normal business environment, even if we assume that a lot of\nthese 700 mio USD accounting expenses will be real periodic expenses. This is\neven more true as a) it is not only SG&A which reinvests in these\nintangibles but also other pay-outs \u2013 in particularly if it is about backing\nthe goodwill position \u2013 and b) as we assume that SG&A will rise anyway in\nthe coming years in the combined company. <\/p>\n\n\n\n

Altogether, as long as the general environment does not deteriorate (which might trigger impairments), IFF should be able to bring roughly 6.5 bn USD of OWN original goodwill and 2.8 bn USD of OWN intangibles over the coming 23 years by way of the BIOLSI-technique onto the balance sheet!<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

So what? Is\nit bad what IFF does? This is not very easy to answer. First, many companies do\nit like IFF although IFF is one of the most aggressive ones currently. Second, in\nparticular for goodwill it is not the company who is doing something wrong it\nis the standards that force this build-up of own goodwill by the mandatory\nimpairment-only approach (which means that there is no way out of the indefinite\nlife assumption for goodwill). Third, from an economic point there is nothing\nwrong with bringing economic assets onto the balance sheet. But fourth, the big\nproblem is that IFF is doing something that a company which does not grow by\nacquisitions cannot do. This clearly weakens the comparability to other\ncompanies and obscures a lot of what they do. <\/p>\n\n\n\n

As a\nsummary, analysts should be aware that our accounting standards often allow\nmore than the standard setters originally intended. In the case of the goodwill\nimpairment-only topic or the BIOLSI technique, however, it is possible without\ntoo many assumptions to adjust the numbers to a more economic setting (and to\ngenerate a higher degree of comparability with other \u2013 non-acquisitive\ncompanies). <\/p>\n","protected":false},"excerpt":{"rendered":"

The IASB and the FASB have one important red line when it comes to intangibles accounting: With a couple of […]<\/p>\n","protected":false},"author":4,"featured_media":54500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-54488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-allgemein"],"yoast_head":"\nHow IFF will build-up a huge Accounting ORIGINAL Goodwill \u2013 The Umbrella-Category Financial Analysis Problem - VALUESQUE EN<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How IFF will build-up a huge Accounting ORIGINAL Goodwill \u2013 The Umbrella-Category Financial Analysis Problem - VALUESQUE EN\" \/>\n<meta property=\"og:description\" content=\"The IASB and the FASB have one important red line when it comes to intangibles accounting: With a couple of […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/valuesque.com\/en\/blog\/2019\/08\/07\/how-iff-will-build-up-a-huge-accounting-original-goodwill-the-umbrella-category-financial-analysis-problem\/\" \/>\n<meta property=\"og:site_name\" content=\"VALUESQUE EN\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-07T09:20:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-08-07T09:34:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/valuesque.com\/en\/wp-content\/uploads\/sites\/3\/2019\/08\/TITEL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"3872\" \/>\n\t<meta property=\"og:image:height\" content=\"2581\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matthias Meitner\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthias Meitner\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/valuesque.com\/en\/blog\/2019\/08\/07\/how-iff-will-build-up-a-huge-accounting-original-goodwill-the-umbrella-category-financial-analysis-problem\/\",\"url\":\"https:\/\/valuesque.com\/en\/blog\/2019\/08\/07\/how-iff-will-build-up-a-huge-accounting-original-goodwill-the-umbrella-category-financial-analysis-problem\/\",\"name\":\"How IFF will build-up a huge Accounting ORIGINAL Goodwill \u2013 The Umbrella-Category Financial Analysis Problem - 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