Small Cap Value Report (Thu 3 Oct 2019) - IFRS 16, RBG,

Good evening/morning, it's Paul here with the placeholder for 3 Oct 2019.

IFRS 16
I've noticed one or two investors amp; commentators are getting into a panic about IFRS 16.
From the enquiries I've made so far, institutions amp; banks are taking as much notice of it as I am - i.e. seeing it as a nuisance, and wanting numbers to be presented to them in the old way.
I've also been assured that banking covenants, facilities, etc, will continue to be based on the old numbers. The idea that IFRS 16 adjustments will "wipe out" companies, is as daft as thinking that Brexit is going to wipe out cross channel trade!

When I met management of Revolution Bars (LON:RBG) earlier this week, of course I wanted to talk to them about IFRS 16, as the notes to the accounts showed that it's going to involve some big new entries on future accounts. The CFO ran through all the details, leaving me none the wiser, as it's all so complicated. So I thought for a moment, then asked this question;
How much cash losses do your problem leases cause you, compared with if you could theoretically...