While future orders from Western Europe fell by 5%, we think this mainly reflects difficult y-o-y comparisons as the sales in the prior year were driven by Euro Champs and the Olympics.
Even after the new standard is implemented, investors will need to convert operating leases into capital leases for all prior years to perform apples-to-apples historical comparisons.
The caveats included that the results and comparisons were affected primarily by higher aluminum prices and steep charges for discontinued operations in the prior year.