Surviving the future?

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1 ADVISORY Surviving the future? Leasing systems survey FINANCIAL SERVICES

2 2 Surviving the future?

3 Surviving the future? 3 Content 1 Introduction 4 2 Market developments Corporate social responsibility Mobility Globalization Impact of the credit crunch Increasing residual value risk Changes to (lease) accounting standards (IAS 17) 8 3 Overview of suppliers Distinguishing factors for car leasing software Technology and connectivity Data management Flexibility Scalability 11 4 Suppliers reaction to market changes and trends Corporate social responsibility Mobility as a service Globalization Impact of the credit crunch Increasing residual value risk Changes to international accounting standards 14 5 Conclusion 15

4 4 Surviving the future? 1 Introduction In our last car leasing systems survey, we identified that consolidation in the leasing market had a clear impact on some of the leasing companies ultimately resulting in rationalization of specialist software that supports the car leasing industry. Forthcoming legislation and regulation is expected to have a major impact on both local and global players in this important sector. Various large multinational leasing companies are expected to discontinue aged bespoke IT systems in favor of state-ofthe-art, flexible, easily upgradable and scalable software solutions. The drive to replace legacy systems has, in part, been based on high operational costs and complex technologies not delivering business value to the leasing industry. Cumbersome systems have also hampered the ability of leasing companies to set up new operations, introduce new products, realize back office integration of (international) subsidiaries, deal with market developments and regulatory changes and last but not least to make use of modern technology platforms to communicate with customers and drivers. Selecting a new leasing system, particularly for international leasing companies, has an impact on all these aspects and therefore leads to long-term global implementation projects that are expected to be critical for long-term competitiveness. Choosing the right software solution and, equally important, the right supplier and partner is therefore of the utmost importance. In this article, we detail the typical issues and trends within specialist ERP leasing software and evaluate how system providers are planning to adhere to changing legislation and the evolving marketplace. Our insight is based on surveys and questionnaires developed by a team of KPMG IT Advisory professionals with specialist experience in the leasing industry. Furthermore, we have included our vision on critical consumer and industry trends we expect to impact the lease sector in this article. This report will be of interest to any lease company that is currently evaluating its IT system and or IT strategy to accommodate current and future trends within the leasing sector. Amstelveen, May 2014 Paul Kromhout: Marc Peeters:

5 Surviving the future? 5 2 Market developments 2.1 Corporate social responsibility A consumer and corporate focus on costs, budgets, and CO 2 emissions throughout the recent credit crunch has driven car leasing companies to react and change the composition of their car portfolio with a greater emphasis on smaller and cheaper cars. In responding to market demand, leasing companies must now maintain profitability operating fleets of smaller and cheaper cars that have inherently smaller margins. Furthermore, fleet managers are rationalizing their lease fleets and limiting the number of car brands which they lease. The emphasis on CO 2 reductions will also have an impact on the distance covered by not only passenger cars, but also public transport as part of the total equation; whereas various leasing companies offer a mobility mix to achieve the lowest CO 2 emissions and fleet management costs. These types of programs, generally on the back of tax incentive initiatives, have already been surfacing in mature EU markets. The fleet of plug-in electric vehicles in Norway is the largest per capita in the world and many governmental initiatives were taken to achieve that. Electric vehicles are exempt from the annual road tax, all public parking fees, and toll payments, as well as being able to use bus lanes. Another good example is The Netherlands where 76% of the cars sold for business purposes classified for the lower tax liability categories (< 25%) in 2012, whereas these figures were 8 % in 2008, 30% in 2009, 50% in 2010 and 65% in 2011 (source: VNA). In 2013 this percentage decreased due to new tax regulations to 71%. A steady and clear move towards cars with lower CO 2 emission levels is a trend however that is expected to continue. This trend is supported by innovations in car propulsion technology, car useage models and government tax incentives and punitive measures. Key questions to address when selecting new leasing software: How well will the system enable you to act on regulatory changes and to introduce for example green car schemes and products? Is the system vendor able to offer a solution that can be used or at least be integrated to the various parts of the automotive industry value chain?

6 6 Surviving the future? 2.2 Mobility Cities will see the promotion of bicycles, e-bikes and electric vehicles while people are dissuaded from using petrol and diesel passenger cars. In order to reduce congestion and improve air quality there will be efforts to promote car pooling, public transport or the use of other modes of transport. For leasing companies, this suggests an opportunity to shift from business-to-business to business-to-employee product and service offerings. To this end, current systems must evolve to support this changing business model from car and contract-centric systems into individual or people-centric systems which are able to manage mobility budgets including different payment methods, different modes of transport or a combination of both. Personal mobility and environmental aspects driven by local legislation are expected to become more and more important in fleet management. The ability of leasing companies to understand these challenges, recognise opportunities, and adapt their IT solutions will define the future market leaders. These challenges and opportunities will be greater from the larger companies that operate in multiple countries each with different primary legislation with flagship cities enacting secondary legislation that reflects local culture and election issues. Leasing companies will have to respond to a legislative environment that may be different from country to country, region to region, or even city to city because of the differences in the development of the public transport infrastructure, or, for example, local subsidies to promote the use of electric vehicles. For instance, take the city of Amsterdam, which plans to have 2,000 public charging points and 10,000 electric vehicles (EV) on its streets in the next few years, with reserved parking spots for EVs and a scheme that allows people to swap their EV for a conventional vehicle for say a one-week winter holiday. In 2013, two hundred automotive executives across the globe participated in the KPMG Global Automotive Executive Survey, which suggests that in future, more and more city dwellers will choose not to own a car, but will prefer to access vehicles and other forms of transport through mobility-as-a-service (MaaS). Key outcomes of the survey are: 58 percent of the respondents see cars as part of a wider mobility concept; 72 percent anticipate alternatives to car ownership, such as sharing or pay-per-use; 68 percent say added-value service is a source of profitable business; and 83 percent agree that the new urban environment will impact vehicle design. Key question to address when selecting new leasing software: is the system ready for a transfer from a classical lease provider to a mobility solutions provider and, if not, when is this expected? 2.3 Globalization The wave of consolidation and centralization within the mature European automotive leasing sector continues unabated: benefits of scale are vital for profitability and competitiveness. These days, car manufacturers are getting more and more interested in taking over the lease portfolios disposed of by banks. The acquisition of a multi-make portfolio gives car manufacturers the opportunity to better control the entire value chain from manufacturing to the actual use and disposal of the asset. Secondly, they can significantly increase their customer base in one go. And lastly, the purchase of a multi-make portfolio provides them with detailed historical information about the technical quality and maintenance figures of other makes, models and types.

7 Surviving the future? 7 As a result of local market saturation, almost all of the large leasing companies have expanded into upcoming markets throughout Europe over the past few years. They have followed their large international clients in pursuit of multinational service provision under pan-european terms and conditions. The CEE region, as well as Turkey, can thank its attractive growth outlook of relatively high forecast GDP growth rates and a shift from finance towards operating leases. Yet, there is also a downside to the growth and increasing maturity of CEE economies; where these markets were historically important for selling ex-lease assets, more and more people and businesses now purchase or lease new assets. Suppliers with experience in implementing their solution for a single client in multiple countries can be at a substantial advantage when embedding legal, fiscal and accounting aspects in their products. In multinational implementations, the impact in terms of time and resources of country-specific elements can be easily underestimated. Another issue is the way that multinational implementations are realized: single instances per country or a common software template with minimal localization to support differences in countries, regions, and cities. Can a solution, for example, deal with the related complexities of a multi-currency environment, such as Poland or Turkey? Will the supplier be able to provide implementation consultants and help desk support in your local language, if not all back-office employees are able to speak foreign languages? Key questions to address when selecting new leasing software: How well does the system enable you to expand your business globally? How quick can you integrate acquired portfolios, including the full historical data of the live contracts? Does the supplier really supports your software implementation strategy? 2.4 Impact of the credit crunch Many European banks which own leasing companies and other players in the financial sector are financially distressed and even dependent on government funding. In reaction to this, policy makers are anxious to increase the robustness of the industry. This, amongst others, by forcing banks to reserve additional capital and counter-cyclical buffers. In practice, this is leading to increased funding costs for long term lending (leasing included) and the volume of lending is being squeezed. In response to the current market conditions and regulatory changes, banks have narrowed their lending activities to maximize revenues and simplify their client coverage models. Some of them are actively trying to disinvest their leasing activities as they move to get back to their core business. Key question to address when evaluating new leasing software: To which extent will the system enable you to manage your funding activities or to what extent can the information stored be used in a funding module? 2.5 Increasing residual value risk It goes without saying that used car prices have been in decline over the last years. It is expected that used car prices will remain much more volatile than before, because of changes in passenger car taxation across Europe, the ever-growing number of model lines of car manufacturers and increasing pace of model changes. The adagio the key to good selling is good buying becomes more and more important for operational leasing companies if they do not want to be confronted with significant future losses. This will be a major challenge as the leasing companies have to estimate not only residual values but also the maintenance costs of hybrid and electric cars even though historical data on these vehicles are largely lacking, while the ability to hedge these risks is limited. Key question to address when selecting new leasing software: How well will the system enable you to monitor the residual value risk and which features are offered to project and monitor maintenance costs of individual assets as well as groups of assets?

8 8 Surviving the future? 2.6 Changes to (lease) accounting standards (IAS 17) One thing that will definitely have an impact on the leasing industry is the expected change to the accounting standards on leases as set down by the International Audit Standard 17 (IAS 17). In May 2013, the Boards (IASB and FASB) published a revised exposure draft (the 2013 ED), which updated the proposals published in the 2010 Exposure Draft. The revised Exposure Draft commenting period closed on September 13th, The proposed date of transition, adoption and earliest financial statements in which proposals would apply are however still unknown at the date this article was published. The Exposure Draft proposes new dual accounting models for lessees and lessors, and new lease classification tests to determine which of the accounting models to apply. A key objective of the proposal is to ensure that lessees recognize the assets and liabilities arising from leases in their accounting. Although, the proposal may be modified in the light of the comments received before being issued in final form, the impact will be felt across sectors and companies that lease high-value assets (e.g. airlines and other transport companies) would see large increases in reported liabilities. Companies with large volumes of lower-value leases could face high implementation costs as they need to identify the applicable contracts on contract level and extract the data required to apply the new accounting models. An exception will be made for short-term leases with a term of less than twelve months, where lessors and lessees will most likely be able to continue using the current operating lease accounting standards. As this standard has yet to become final, its entire impact remains to be seen. Based on current (April 2014) information full convergence on lease accounting seems unlikely after the IASB and FASB disagreed on key aspects of the proposals in their March meeting. As a result, it could well be the case that we end up with two new accounting standards, one for IFRS and one for US GAAP instead of one intended converged standard. Although both Boards remain committed to onbalance sheet recognition of leases by lessees, they could not agree on exactly how lessee accounting should work. In their March meeting the IASB decided that lessees would apply a single lease accounting model under which all leases within scope would be treated as the purchase of an asset on a financed basis. The FASB, however, decided that lessees would apply a dual lease accounting model under which all leases would be on-balance sheet but many would qualify for straight-line recognition of total lease expense without separate presentation of finance expense. In short, all asset finance companies, including automotive and equipment, that need to report under either International Financial Reporting Standards (IFRS) or US GAAP are impacted. The Boards agreed to eliminate or simplify many aspects of their earlier proposals and the proposed changes to lessor accounting have been scaled back, possibly reducing implementation costs. However, we do know that some aspects are likely to have an impact on automotive and equipment leasing and as a result also on the systems that manage these leases. Key questions to address when selecting new leasing software: In what way the is the system able to adjust to new regulations and financial bookings in accordance with IFRS and US GAAP?

9 Surviving the future? 9 3 Overview of suppliers We invited eight main car leasing software suppliers for Europe (included in table 1, in alphabetical order) to share their thoughts on market developments. In this chapter we first describe the main generic developments for leasing systems based on our experience in the leasing sector for the last decade. In chapter 4, we capture the reaction of the suppliers to market changes and trends. Supplier Country of origin System name Year of intro Supplier details ADH-Soft PL LEO 1996 Most implementations by ADH-Soft are in their home market, Poland (30+). Their solution is based on a vast ray of modules. These include, front-, back-office and General Ledger (GL). These modules were created for financial institutions, focusing on the leasing industry and car fleet management. Focus outside of Poland is predominately in the Central Eastern European countries. Cassiopae FR Cassiopae 2001 Cassiopae is strengthening its international footprint. system is live in 36 countries, predominately used by equipment lessors. Latest examples are country localizations for Serbia, Poland, China, Brazil and Russia. Their current solution offers a frontoffice and back-office system and has recently been enhanced with features for the car leasing industry. Drive GB Drive 1996 Drive is a UK based system, originated from fleet management for commercial vehicles. Recent developments include the workflow management module allowing for further automation of client communication and process efficiency. Other developments include the phased upgrade from Oracle Forms to AFD technology starting with the front-end modules. Their current solution offers a front- and back-office system, including GL functionality. The back-office system not only includes the common lease features, but also a workshop and stores module for companies controlling their own asset maintenance workshops Linedata has always been a leading supplier for the equipment Linedata FR Linedata Ekip 360 leasing industry. With the purchase of Fimasys (AutoSelf) and development of Linedata Ekip 360 (new version of Linedata Ekip) they are able to offer a competitive solution within the international leasing industry. Norriq NL Drive-IT 2001 Lease solution based on MicroSoft Dynamics for lease- fleetand rental business. System includes front- and back-office functionality. Limited number of (international) implementations.

10 10 Surviving the future? Supplier Country of origin System name Year of intro Supplier details Sofico BE Miles 2004 Sofico successfully introduced the successor of their old lease system Leasebase. Miles is rolled out with captives and non captives and used by customers in multiple countries. Miles offers front- and back-office and GL functionality. TotalSoft RO Charisma Leasing Management 2002 TotalSoft is an IT system provider that offers ERP solutions for multiple industries for over 20 years, focusing on financial services, healthcare, oil&gas, manufacturing, and trade. Originally TotalSoft s main focus was the CEE region. However, TotalSoft is now seeking expansion in Western Europe and also outside Europe. Their lease solution Charisma Leasing Management is implemented in 20 countries and includes front-office, back-office and incorporates embedded GL functionality. White Clarke GB CALMS 1997 Although White Clarke Group is generally known for its front office point solutions, 50 percent of their customers also use the back office functionality that offers an end-to-end platform and supports the lifecycle of auto and asset finance, leasing and loan origination. Their systems are used by various international retail, fleet leasing and asset finance customers on a global scale. Their system includes front- and back-office and incorporates embedded GL functionality. Table 1: Software suppliers overview 3.1 Distinguishing factors for car leasing software Most of the international leasing software systems currently on offer are well developed and functionally mature. This means that the systems functionality covers the aspects most relevant to the international leasing industry. However, it can be a challenge to differentiate strengths and weaknesses between the different solutions and their suppliers. Consequently, in a software selection process, Requests for Information (RfIs) or Requests for Proposals (RfPs) containing a large number of generic questions are becoming less useful. Questionnaires should be specifically tailored by means of client-specific case studies testing system functionality and above-all suppliers capability to deliver business value. This approach has proven to be more effective in determining the differentiating factors between short-listed solutions. The typical distinguishing factors to consider are outlined in the next section Technology and connectivity These days, it is a necessity to be able to embed the front and back-office solution into an architecture, in which components of the back-office systems can be removed, adapted or added as new products are introduced or new markets entered. Also the ability to make use of cloud solutions and usage of the internet and mobile apps to allow, for example fleet managers and drivers to perform self-service functionality, is of vital importance these days. This self-service functionality includes, amongst others, the ability to configure a new car, manage the vehicle ordering process, book train tickets, make reservations for services, register odometer readings and submit photos of damages. When we take a closer look at the suppliers we evaluated, they provide connections to multiple systems internally (dealer front end, finance, CRM, credit) and externally (maintenance and purchase platforms, banks, remarketing, credit rating agencies). Most important is that the system is easy to adapt and connect to. To that respect all systems

11 Surviving the future? 11 offer possibilities to connect easily, although the experiences and track record are different and whether the full suite (front-office, back-office and accounting) or only components are implemented. In the latter situation when an external system like a car configurator or separate front office system is used, difficulties often arise in practice, with respect to alignment of calculations and contracts and historical data when a contract revision is required Data management As for many other industries, data management is key for car leasing companies. A state-of-the-art leasing system should allow registering rolling partnerships, service level agreements with OEM s or other suppliers and subsequently actively use these agreements when purchasing assets and services. Detailed historical data allows the leasing company to negotiate discounts and claims with suppliers based on detailed, actual maintenance and repair costs. Also it should allow, amongst others, to automatically differentiate pricing to particular customer groups, specific users, asset types and usage conditions. Next to this, the system should allow you to share critical data with suppliers and the lessee s fleet managers to your mutual advantage. In the transparent, mature leasing markets and changing market conditions, the leasing company should claim a pivotal role in the value chain for mobility. of the systems in case, if various rental payment options or quotes have to be provided in which the maintenance costs, depreciation and residual value need to be projected for different terms, usage conditions, mileage and working hours, included a floor for minimal usage. This is a key requirement for commercial vehicle leasing, but also of use when you have to quote for flexible lease contracts Scalability Functional scalability relates to the ability of the system to manage both large and small portfolios in a cost-effective manner. This could be achieved by offering a preconfigured reference version to manage small portfolios for start-up companies in emerging countries at a reduced price. To ease the local rollout of the system and to increase the local acceptance, this reference version should already identify the local, legal requirements, or at least provide a clear framework on how local regulations should be addressed. To which extent is the system able to deal with countryspecifics and to what extent is the supplier able to make use of experience built up during previous international implementation projects. A further feature to be considered is whether or not the system allows to be managed from a centralized back-office and supports a business model in which various back-office activities can be centralized for a series of countries or business units. Finally, the system should facilitate registration of additional data on vehicles, customers, drivers et cetera to be able to be ready for future service concepts like mobility solutions and partnerships with other companies for joined propositions. Data owners will become more and more powerful in the future Flexibility Flexibility is a broad concept, and most suppliers will assert that their solutions are fully flexible. In various occasions, practice however, learns different. The main issue is the speed and ease with which new products, such as green car schemes or private leases can be included in the software system set-up, including the institution of the related business and administrative processes without the need for substantial reprogramming or implementation effort. Furthermore, it can also be a challenge for many

12 12 Surviving the future? 4 Suppliers reaction to market changes and trends Corporate social responsibility Where the current generation of leasing and fleet management systems focuses on the vehicle, the near future will require that mobility budgets can be managed at individual and company level. Are the systems evaluated ready for this change? The vendors regard mobility as the main challenge for the industry. However, the features currently required for CO 2 reporting, mobility management, pool management and car sharing options appear to be supported to only a limited extent Mobility as a service The car leasing and automotive industry is up for a change as different generations require an increased level of flexibility with respect to mobility. Automotive manufacturers and lease companies are more and more offering mobility solutions ranging from well-established leasing and financing services to mobility services such as car sharing and mobility budgets where the car is only one of the service next to for example a public transportation card. However, although users do not want to be tightened up to one mean of transportation and be able have multiple affordable options upon their request, they only want one invoice and insight in their (remaining) budget. The ownership of the asset becomes, next to the reasons mentioned above, is less appealing due to tax reasons, congestion issues and demographic reasons. An additional advance of mobility budgets is a reduction in mobility requests and kilometers driven. As outlined above, the asset within mobility concepts will only be part of the total service offered to the customer. This requires the system to be able to handle and manage individual driver based budgets, multiple and non-asset related contracts and contract layers. Furthermore, interaction and information exchanges with the end user via apps and mobile devices and greater flexibility with respect to product set-up and configuration. This, in contradiction to the current asset based contracts and standard reporting to the fleet managers and/or customers. Most suppliers have responded that mobility management features are not yet available or replied their home markets are not ready for these products. This counts especially for the systems originated from the less mature markets. Positive replies include those of White Clarke, Sofico and TotalSoft. The first supplier for example has enhanced their system CALMS to allow for web based vehicle registration accessed by PC, tablet or smartphone. This feature was originally available for short term rentals and has now been expanded and further developed into a mature solution. Sofico has a first implementation with a combined and flexible mobility product offering for a Dutch leasing company. It is now possible to manage the mobility budget of a driver that is calculated through price per kilometer for different mobility modes. Sofico expects to see further evolutions of Miles in the coming years in support of a wider mobility concept. TotalSoft is integrating car fleet management features with mobile capabilities on ios, Android and Win8 and created a tool for fleet monitoring to optimize management of a company s vehicle inventory. Availability mobility management features Availability vehicle pool management Yes 6 Partial 4 No Yes Partial No 0 Figure 1: Mobility management Figure 2: Pool management

13 Surviving the future? 13 The majority of the car leasing systems included in this survey only have partial or no functionality for mobility management and vehicle pool management as can be seen in figures 1 and 2, which summarize the answers of the software suppliers with respect to the availability of features for mobility management and vehicle pool management Globalization In our selection of IT solutions, we have tried to include systems that are being used within, as well as, outside of Europe. Systems suitable for the large, internationally operating leasing companies as well as some local solutions have been included in the survey. This, because of the fact that local suppliers appear to be able to overcome some of the practical problems related to specific local market conditions, language or time-zones. Dutch supplier Norriq is an example of a local player. ADH-Soft and Total Soft, respectively based in Poland and Romania have been included as both have expanded into Central and Eastern Europe over the last years. Especially TotalSoft has shown significant growth figures with implementations as a result of the international expansion of two of their major customers in the equipment leasing industry, including an implementation in Brazil. Both French suppliers Cassiopae and Linedata have been included due to the global coverage of their systems. Most of the multinational experience of these suppliers relate to equipment or vendor leasing, rather than operational car leasing. Cassiopae for example has only recently enhanced their system with features for vehicle selection, registration of car policies, full service leasing pricing, profitability analysis and an interface to import Eurotax car data. Drive Software Solutions, a supplier with clear UK roots, has also implemented their system in a number of other countries and opened a small office in Australia to better serve their local clients. White Clarke Group has its headquarters in the UK and presence in Europe and Asia Pacific and is continuing to grow in the US, China and Brazil. Cassiopae is also expanding and also recently opened an office in Brazil and Germany, next to the existing ones in Europe, North America, Asia, Africa and Latin America. And last, but not least, Sofico has opened an office in Japan and already opened an outpost in Australia more than ten years ago. With Miles they offer a system that is specifically designed for multi-national leasing companies. Table 2 summarizes the suppliers participating in the survey. The figures mentioned are based on the input received from the various suppliers and relate to the full size implementations of their solutions. Partial implementations or implementation projects in progress have not been considered in this overview, unless stated otherwise. Supplier # Clients with multi-country implementations 2 countries 3-5 countries > 5 countries ADH-Soft Cassiopae DSSL Linedata Norriq Sofico Total Soft WCG Table 2: Multi-country experience, figures reported by the suppliers

14 14 Surviving the future? Impact of the credit crunch The current generation ERP solutions for the leasing industry should allow the leasing company to manage the funding activities and where possible to work with multiple funders. The solution should facilitate the lease company to group/ pool contracts for third party funding purposes (securitization). These features are supported by some of the ERP solutions such as Drive, Cassiopae, Miles and Charisma Leasing Management. With respect to securitization, the system should allow the contracts to be flagged as securitized and user authorization should be in place to avoid unauthorized changes to securitized contracts. Here, the solutions with a background in the equipment leasing industry stand out, such as Cassiopae and Linedata Ekip Increasing residual value risk In order to deal with increasing residual value risk, strong monitoring of the portfolio is becoming increasingly important. In addition, a multi channel remarketing approach is often used, facilitated by online auction houses and occasion centers to increase sales to consumers with higher sales values. Additionally lease companies are more and more analyzing customer behavior, trends and laws and regulations, all of which impact future residual values. As a result risk based pricing becomes more common. Moreover, as ownership of the asset becomes less important and usage of the assets becomes more flexible as a result of a shift to a mobility request, the setting of residual values becomes more complex as usage and term is less predictable. Systems are interfaced to upload future residuals with e.g. CAP (UK) and Bähr & Fess (EU). Separate asset management modules are used to manage different asset depreciation schedules (including accelerated profiles) in parallel. This also enables the lease company to generate multi-gaap postings (e.g. IFRS vs. depreciation for local accounting). To reduce the risk, vendor guarantees need to be configured by means of purchase condition clauses. Not all systems are yet able to deal with vehicle auction houses, however, we expect this will increase in the near future as an important sales channel. In general, UK originated ERP solutions offer the ability to automatically integrate with vehicle auction houses as auctioning second hand vehicles is already common use in the UK for a considerable period of time. Furthermore, all systems are able to handle multiple residual values or manage the assets in a separate asset management module Changes to international accounting standards All but one of the suppliers have evaluated the impact of changes to international accounting standards on their system. As all systems in scope are able to deal with current Operational and Financial leases and have services split from the asset, from quote to booking phase, suppliers expect the level of impact on their system will be limited. It is felt that the major impact lies at customer service level as, depending on transition rules, a contract reclassification may be requested and more in-depth customer information needs to be provided. Classification of a lease either as operational or financial lease is step one, however, as the systems in this review are all lease systems, leases should not be difficult to identify. Systems changes may, however, be necessary to extract the requisite data in compliance with the proposed legal requirements. In particular, companies would need a complete inventory of all leases in place for transition. Processes would also need to be reconsidered, to ensure management judgment is exercised at critical junctures in the preparation of financial information. Especially lessees, that currently have operational leases will need many adjustments in accounting whereas, predominantly, the leases will need to be recorded for both the asset and the liability part. Possible adjustments will heavily depend on the way and to what extent (current) financial leases can already be dealt with in the current system. Lease companies that use systems that predominately manage current operating leases may have complex changes ahead. For in-house developed systems the changes might even be too complex and or not cost effective, resulting in a new system selection project.

15 Surviving the future? 15 5 Conclusion The functionality and multinational use of leasing software evidently echoes market developments and the needs of the industry. New international solutions are being deployed to an increasing extent as leasing companies expand or replace their current bespoke, local solutions. Product diversification drives various sectors towards each other, a trend that can be seen in the functionality of the different leasing solutions. An example of this is the equipment lease solution Cassiopae enhanced to handle services. On the other hand, full service automotive lease solutions nowadays increasingly support consumer finance or retail finance products of which Miles is a good example. IT systems of this era need to be up to the job and many legacy systems are due for replacement. The call for open systems has been heard and up-scaling hardware with upcoming cloud computing should become more of an opportunity. Inevitably, it is often not as simple as that; and issues of data security, compliance and IT preparation will need to be overcome. Nevertheless, this is an area in which we will continue to see developments. As the market dictates and customers are becoming more and more aware, the IT system suppliers are facilitating via open systems. A flexible and scalable IT landscape is required to be able to tackle regulatory changes, quickly introduce new products and enter new markets. Leasing companies that are contemplating a selection of a new back office system for multinational use should focus on the distinguishing factors of the systems on offer. Because of the fact that most of them are sophisticated and functionally mature, most generic functionality should be covered. Although the selection of a single back office system for all international operations is conceptually attractive, it may be difficult to realize as real-life complexities often get in the way. Leasing companies should also consider the need for adopting a clustering strategy whereby multiple back office systems are selected either to accommodate specific products or specific market conditions. For smaller operations or portfolios in particular, implementing a fully-fledged leasing solution may not be cost-effective. In such cases, small local software suppliers should definitely not be overlooked.

16 Contact us Drs. Paul Kromhout RE Senior Manager KPMG Advisory Since 2000, Paul has worked in automotive leasing, equipment leasing and transportation. Paul has worked for captives, independent and bank affiliated companies in Europe, US, Australia and New Zealand. Assignments in: financial audit, package selection & implementation, business process modeling, process mining, data conversion support, review and audit. E: T: +31 (0) Drs. Marc Peeters RE Director KPMG International Before Marc moved to KPMG International, Marc was for over 20 years involved in asset finance in more than 15 countries for captives, independent and bank affiliated companies. Skilled in: IT strategies, package selection and implementation, data migration, project management, gathering of country specific aspects, business process analysis, enterprise risk management and data analysis. Since 2013 Marc is working at KPMG International at the SAP Service Solution Center. E: T: +31 (0) Drs. Evelyn Vinke-Smits RA Partner Dutch sector leader Leasing at KPMG Evelyn has more than twenty years experience in equipment leasing, car leasing and banking, both in audit and other engagements. She is active in the international KPMG leasing network and within Leaseurope and has extensive experience with IFRS for leasing companies and lease contracts. E: T: +31 (0) KPMG in the leasing industry KPMG the Netherlands has over 50 professionals in audit, tax and advisory services working for leasing clients. Our professionals have an intimate knowledge of the domestic and international challenges you face on a daily basis. Our experience is well established in lease IT-system implementations, business process design, risk management, financial restructuring and lease accounting. For example, we gained valuable experience in package selections and implementing systems for a broad range of leasing products. As of March 2014, KPMG joined Leaseurope as an Associate Member and with this membership we underline the importance of active knowledge sharing and a valuable networking platform in the leasing industry. KPMG Laan van Langerhuize DS Amstelveen Postbus BC Amsterdam registered with the trade register in the Netherlands under number , is a subsidiary of KPMG Europe LLP and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Printed in the Netherlands. The KPMG name, logo and cutting through complexity are registered trademarks of KPMG International. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. 05_2014

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