Stark Group Selects IFRS 16 Lease Accounting Solution
Stark Group, the largest retailer and distributor of building materials in the Nordic region, is implementing Planon Universe for Financial Professioanls to help it comply with IFRS 16 lease accounting standards.
Established in 1896 with headquarters in Denmark, Stark Group has been continuously developing and strengthening its position in the market and is well regarded in the construction industry. In addition to supplying products, the organisation also provides valuable advice and services to builders across the entire Nordic region. With over 10,000 employees and 412 stores in six countries, Stark Group handles 4,200 lease contracts across all countries in which it operates. “We have chosen Planon software for Lease Management and IFRS 16 compliance because of the maturity of the solution and the structured implementation process,” says Michael Peter Jakobsen, the company’s Group Finance Manager.
After an in-depth selection of vendors with a focus on business and technical requirements, demonstration, implementation, Nordic references and financial proposal, Planon was selected as the preferred supplier, adds group finance specialist, Karsten Wingsted. “The opportunity to speak with several Planon customers before making our decision gave us the confidence that Planon would be the best partner to choose. This eased our search for an integrated lease management and IFRS 16 lease accounting solution”.
“With an expanding local presence in the Nordic region and growing customer base, we are seeing an increased demand for these types of solutions,” says Pierre Guelen, Planon Chief Executive Officer. “Due to COVID-19, the implementation will be done remotely over a period of six weeks. This is where one of Planon’s core strengths really comes into play – an established combination of strong local presence and an international team used to remote working”.
Consultancy firm Deloitte is advising Stark Group as a skilled partner, whilst implementation is handled by Planon to ensure a smooth, compliant and timely operation.