IFRS 16 i flygbranschen
: en kvantitativ studie om hur implementeringen av IFRS 16 har påverkat kapitalstruktur och nyckeltal i europeiska flygbolag

Translated title of the thesis: IFRS 16 in the aviation industry: a quantitative study of how the implementation of IFRS 16 has affected capital structure and key ratios in European airlines
  • Emma Carlsson
  • Hanna Rosén

Student thesis: Bachelor


Leasing is today one of the largest sources of financing and especially for industries with high capital intensity. The reporting of leases has long been regulated by the IAS 17 standard, which excludes operating leases from the balance sheet. According to the new leasing standard IFRS 16, all leasing agreements must be reported on the balance sheet from 1 January 2019. When leasing agreements must be capitalized, IFRS 16 is expected to have significant effects on the accounts, especially for capital-intensive industries such as the aviation industry.

The purpose of the study has been to examine how capital structure and key ratios have been affected since the implementation of the new leasing standard IFRS 16. To achieve the purpose of the study, a quantitative method has been used where financial reports from 19 European airlines have been collected. Based on the financial reports, the key ratios debt-to-equity ratio, EBIT, EBITDA and ROA have been calculated, which has then formed the basis for a statistical analysis. To answer the purpose, four hypotheses have been formulated that have been tested through Wilcoxon signed rank test and t-test.

The study provides a two-part picture of how IFRS 16 is considered to have affected capital structure and key ratios. Results that are in line with the study's hypotheses are the debt-to-equity ratio, which increases and ROA, which decreases between the financial years 2018 and 2020. However, it is not possible to demonstrate the same results in the tests between the 2018 and 2019 financial years. The results for EBIT and EBITDA contradict the study’s hypotheses by showing significant reductions between the financial years 2018 and 2020. Similar results can be indicated for EBIT and EBITDA between the financial years 2018 and 2019.

Date of Award2021-Jun-30
Original languageSwedish
SupervisorMaria Bengtsson (Supervisor) & Heléne Tjärnemo (Examiner)

Educational program

  • Degree of Bachelor of Science in Business and Economics

Courses and Subjects

  • Accounting and auditing

University credits

  • 15 HE credits

Swedish Standard Keywords

  • Business Administration (50202)


  • ifrs
  • ifrs 16
  • aviation
  • key financial ratio
  • airline industry

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