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ECCBSO

The European Committee of Central Balance Sheet Data Offices (ECCBSO) is a consultative body created in 1987 by a group of European National Central Banks managing Central Balance Sheet Data Offices.

The main task of the ECCBSO is to improve the analysis of non-financial corporate enterprises data through the exchange of information and joint studies.

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ERICA Annual Report 2019 with an outlook on 2020

ERICA WG has published its document: "European non-financial listed groups: Analysis of 2019 data"

The study presents some highlights of European non-financial listed groups, on profitability and financial structure in 2019, as well as financial debt structure and cost of debt. One of the main findings of the study is that the deterioration in operating results and profitability, that started in 2018, continued in 2019. The first application of the new accounting standard for leases – called IFRS 16 – resulted in poorer solvency and higher net indebtedness but did not stop the downward trend in the cost of financial debt. An exceptional additional chapter is devoted to the impact of the Covid-19 pandemic crisis on the financial performance and structure of European non-financial listed groups during the first half of 2020. Unsurprisingly, 2020 half-year figures demonstrate that the Covid-19 crisis seriously affects their profitability and solvency.

ERICA (European Records of IFRS Consolidated Accounts), is a database, for internal use within the members of ECCBSO, composed of a dataset of around 1,000 European non-financial groups, fully representative of the stock markets of the countries participating in the project (Austria, Belgium, France, Italy, Germany, Greece, Portugal, Spain and Turkey). The data are obtained from publicly available financial statements, having been treated manually, by CBSO statistics and accounting specialists, to be fitted on a standard European format (ERICA format). This manual treatment means, in some cases, the interpretation of the original data, a constraint that readers of this document should bear in mind.

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ERICA Working Group

The ERICA WG has published a new “ERICA series” document: "IFRS 16 Leases - Expected Impact"

IFRS 16 Leases represents the biggest change to lease accounting in over 30 years. The goal of this analysis is to ascertain ex ante the impact of IFRS 16 on the ERICA dataset and give detailed insight into this. The main impacts are expected to be an increase in financial liabilities and an increase in EBITDA.

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ERICA Working Group

The ERICA WG has published a new “ERICA series” document: "The risk-return paradox after IFRS adoption by European listed groups"

This analysis tests the existence of the risk-return paradox in European listed non-financial groups after adoption of the IFRS and addresses its drivers using an up-to-date approach: cluster analysis. The risk-return paradox implies a negative association between corporate returns and risk. The results reveal that the higher-risk cluster tends to perform worse, while the lower-risk cluster performs better.

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