Deloitte Economics: Coronavirus Impact Monitor - The macroeconomic landscape for 2021
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Deloitte Economics: Coronavirus Impact Monitor The macroeconomic landscape for 2021 16th edition, 29 January 2021
Coronavirus outbreak
While vaccine programmes are starting to be rolled out, the impact of the second wave continues to
manifest itself globally
• While rollouts of vaccine programmes provide hope, COVID- 7-day rolling average new daily confirmed COVID-19 cases for selected countries (000s)
19 is continuing its spread across the world, and the second
US and India United Kingdom and France Denmark and Sweden
wave has had large impacts in Europe and the United States.
The number of confirmed cases has reached 100 million
worldwide, and about 2.2m people have lost their lives.
# Daily cases
• The high infection rates have again resulted in more stringent
lockdown conditions across European nations, and for some
countries curfews have been put in place.
• In Denmark, the number of new daily confirmed cases
increased heavily in the weeks up until Christmas, resulting in
heavier restrictions. Since then, new cases have fallen in
magnitude, but 611 people are currently hospitalised.
• Sweden’s method of fewer regulations has unfortunately
proven to be insufficient in dealing with infection rate and 7-day rolling average new daily confirmed COVID-19 deaths for selected countries
death rate compared to its Nordic peers, and new restrictions
US and India United Kingdom and France Denmark and Sweden
have been introduced.
• In the United States, the second wave has likewise had large
impacts, but the latest figures indicate a modest decrease,
while in India, the wave seems to have peaked around
October 2020.
# Daily deaths
• Both France and the United Kingdom have experienced high
rises in daily confirmed cases. A sad milestone was reached
with 100,000 deaths with the virus in the United Kingdom,
and daily numbers continue to be severe. In France, a
nationwide curfew has been in place since December 2020,
but tightened further in January 2021 to cope with the
increasing infection rate.
Sources: World Health Organisation (WHO), the Danish Health Authority (Sundhedsstyrelsen), Our World in Data, Worldometers, BBC
Coronavirus Impact Monitor – 29 January 2021 Page 2 Deloitte Economics © 2021
Impact on financial markets
Technology shares continue to increase in value, while Transportation and Energy stocks still
struggle to reach levels from beginning of 2020
Equity markets: Sectoral indices in Europe1
• In the past year, European equity markets have shown some
sector divergence. Major outbreak in Europe
• While European Transportation and Energy stocks had a 140 132
positive outlook in November and December 2020, both
120
(2 Jan 2020 = 100)
industries have been decreasing in value in the past weeks. Due
Sectoral indices
107
to an increase at the beginning of the month, Energy shares are 100 94
however still up by 4% this year, while Transportation stocks
79
have decreased by 4%. Both indices have struggled during the 80 78
COVID-19 crisis and are down by around 20% since the
beginning of last year. 60
• The Financial sector continues to be slightly below levels from 40
the past year. 301Dec
jan 1 feb 1 mar 1 apr 1 maj 1 jun 1 jul 1 aug 1 sep 1 okt 1 nov 1 dec 1 jan 1 feb
2019
• Technology stocks continue to increase in value, with a return Transport Energy Medical & Pharmaceuticals Financial Technology
of around 32% since January 2020.
OMX C25 Index, median quarterly net income, DKKm2
• Likewise, Medical & Pharmaceutical stocks have had a positive
return and are up by 8% on early January 2020. The 1,400
introduction of vaccines has likewise had a positive impact on 1,200
the industry, which has experienced an increase in 2021 alone.
Quarterly net income
1,000
• The lower right-hand chart shows the development in quarterly 800
net income results of OMX C25 Index constituents. 600
400
• Following the sharp drop in Q1 2020, net income results for
200
both Q2 and Q3 2020 indicate that Denmark’s largest
0
companies have made a swift recovery. However, with the
introduction of heavier restrictions during Q4, expectations for (200)
Q1 2019A Q2 2019A Q3 2019A Q4 2019A Q1 2020A Q2 2020A Q3 2020 A Q4 2020E Q1 2021E
results for Q4 and Q1 2021 are pointing to a decrease.
75th percentile Median 25th percentile
Note: 1) Refinitiv European sectoral price indices measured by Refinitiv (Thomson Reuters), 2) A = Actuals; E = Expected.
Sources: Thomson Reuters Eikon and S&P Capital IQ
Coronavirus Impact Monitor – 29 January 2021 Page 3 Deloitte Economics © 2021
Denmark’s vaccine rollout forecast
Denmark is rolling out its version of the vaccine to target groups
Vaccinations per 100 people
• The Danish vaccination numbers have steadily risen, with Vaccinations per 100 people
(selected countries)
outlook positive to cover off the most vulnerable portions of 48% 8%
the population. Israel
• The selection of vaccines for the most 44%
vulnerable includes: those over the age of 65, those with 7% US
compounding illnesses, and others who could face 40%
complications from infection, and those in the healthcare
sector. 36% 6%
• Everyone in Denmark, excluding children and pregnant women,
have been identified as possible recipients for the vaccine, and 32%
this should enable a fast route to majority immunisation. 5%
28%
• We will likely witness lumpy vaccination profiles, as the centres Iceland
UAE
for immunisation will structure their vaccines according to
personal profile and availability of the resources. 24% 4%
Denmark
• Internationally, the various vaccines have been able to receive a
20%
strong push, particularly in the United States. This comes as a
3%
contrast to the historically high level of infections, and ideally
16%
will lead to a quicker level of herd and overall immunity for
UK Germany
most strains of the infection.
12% 2%
• It will be interesting to see the economic recovery and how Sweden
much it tracks with the levels of vaccination. Lockdowns are
8%
ongoing in most advanced economies to some degree,
1% China
and once the critical mass of vaccinations are given will
ideally be reflected in personal freedoms, opening of the 4%
economy, and opportunities to resume private and business India
trips. 0% 0%
14.12. 21.12. 28.12. 04.01. 11.01. 18.01. 25.01. 01.02. 14.12. 21.12. 28.12. 04.01. 11.01. 18.01. 25.01. 01.02.
Source: Our World in Data
Coronavirus Impact Monitor – 29 January 2021 Page 4 Deloitte Economics © 2021Danish macro factors going into 2021
Current macroeconomic variables for Denmark
• As it stands, the debt GDP ratio for Denmark is still extremely General government gross debt (percentage of GDP)
positive and well in line with COVID expectations, rising less
160
proportionally than Europe and the United States.
140
• On 20 January 2021, the 0.00 per cent bullet loan 2031 will be 120
opened. The new bond will replace the 0.50 per cent bullet loan 100
2029 as key on-the-run issue. The 0.50 per cent bullet loan 80
2029 will continue as 10-year benchmark until further notice.
60
• A new two-year bond with maturity in 2024 will also be opened 40
in the first half of the year. Target for sales of domestic T-bills is 20
DKK 60bn, and the outstanding amount of commercial papers 0
will be reduced in 2021, as the temporary COVID-19 measures
are phased out.
• Through a number of agreements with the government parties, Denmark United States Europe
the government has secured a saline injection into the Danish
economy of around DKK 135bn. In 2020 alone, the Nationalbanken borrowing forecast 2021
government's economic policy secured 79,000 more Danes in
jobs.1 Borrowing requirement DKKbn Strategy for financing DKKbn
• Net financing in Denmark has been budgeted to balance on a Net financing requirement 12 Sale of government t bonds 125
large sale of government bonds and treasury bills, with the
remainder stemming from the government account. This credit- Social housing 19 Sale of T-bills 60
heavy policy could be perceived as savvy in terms of taking
Redemption bonds etc. 62 Government account 62
advantage of very safe credit ratings in all-time low bond yield
environments, lowering the total costs of outstanding Redemption T-bills 85
government debt. If interest rates increase in future, current
Danish debt will be considerably more economically beneficial Redemption commercial papers 70
for the state.
Total 247 Total 247
Nationalbanken, FM
https://www.nationalbanken.dk/en/governmentdebt/publications/Documents/ANALYSE_No%2030_Central%20government%20borrowing%20strategy%202021.pdf
Coronavirus Impact Monitor – 29 January 2021 Page 5 Deloitte Economics © 2021Interest rates – unprecedented monetary policies
Risks of liquidity traps, bond market depression
Euro area yield curves
• The current worries for those looking at the numbers are that
central bank interest rates in Denmark are negative (-.60) and
that inflation is slated to be just 0.9%.
• This issue is compounded by a turbulent international export
market and COVID-19 consumer changes.
• Yields from AAA bonds across Europe are at an all-time low,
with 30-year bonds yielding just -0.12.
• For the first time, in 60 per cent of the global economy,
including 97 per cent of advanced economies, central banks
have pushed policy interest rates below 1 per cent. In one fifth
of the world, they are negative.
• A traditional response to ineffective monetary policy is fiscal
policy measures – current COVID measures inhibit tax and
revenue increases, and the majority of funding will be
borrowed by the Danish government.
Danish foreign exchange reserves
• As Denmark has a fixed exchange rate policy with the euro,
Denmark is inflexible should market conditions deteriorate
and capital flows move to extremes. 800
• However, Denmark remains solid in its exchange reserve 600
balance and would be capable of managing 2007 recession-
like conditions, if needed.1 400
200
0
2007 2015 2021
Note: Yield taken across 30-year securities
Sources: 1) ECB, Deloitte Economics
Coronavirus Impact Monitor – 29 January 2021 Page 6 Deloitte Economics © 2021Danish economic forces
Current inflation and steady public sector employment are forecast to maintain stability for
Denmark over the next period of uncertainty
Public sector employment in Denmark, per quarter
• The resurgence of the Danish economy will be muted in
comparison to other regions, but the initial drop was also less 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3
severe. General government 720,969 719,262 719,520 720,578 722,215
• Danish public sector employment is still a huge employer 1. General public services 61,271 60,902 61,731 62,086 62,289
relative to most first world countries, employing about 30% of 2. Defence 23,387 23,511 23,739 24,052 24,317
the total workforce, which is nearly double the EU average and 3. Public order and safety 26,421 26,508 26,442 26,252 26,220
puts Denmark as one of the highest in Europe. 4. Economic affairs 23,449 23,412 23,660 23,621 23,646
• This large strain on the tax system and national budget requires 5. Environmental protection 4,207 4,383 4,366 4,477 4,446
extensive planning through a demand shock like COVID-19 and 6. Housing and community amenities 2,504 2,519 2,547 2,760 2,716
could have ramifications for contract workers and those who
7. Health 184,607 184,451 184,584 185,330 186,212
are underemployed (working less than sufficient hours).
8. Recreation, culture and religion 25,387 25,324 25,311 24,407 25,018
• In general, most advanced economies rely much less on public
9. Education 136,128 134,878 134,276 133,359 132,763
sector employment and have different elasticity to employment
numbers, whilst also affecting the salary taxation base. 10. Social protection 233,606 233,373 232,862 234,233 234,586
• Current Danish growth in unemployment is forecast to be
alleviated going into 2022, and ideally there will be sufficient
Danish forecast of economic factors
fiscal flexibility from the Danish government to circumvent
Indicators 2019 2020 2021 2022
economic aftershocks.
GDP growth (%, yoy) 2.8 -3.9 3.5 2.4
• The current account surplus remains a very strong positive
variable for Denmark, but it did suffer in the fallout of the Inflation (%, yoy) 0.7 0.3 1.1 1.3
COVID-19 crisis. This has been padded by increased Unemployment (%) 5.0 6.1 5.8 5.5
indebtedness by the state, which stepped in to bolster the
Public budget balance (% of GDP) 3.8 -4.2 -2.5 -1.9
economy during the brief recessionary period.
Gross public debt (% of GDP) 33.3 45.0 41.1 40.9
Current account balance (% of GDP) 8.9 6.7 6.8 7.2
Note: 1) Total government based employment as per StatDK
Source: Statistics Denmark
Coronavirus Impact Monitor – 29 January 2021 Page 7 Deloitte Economics © 2021American economic policy under a new regime
Current Biden administration policy is indicating economic trends in renewables, climate and wages
Forecast GDP growth sentiment (%) Forecasted US unemployment sentiment (%)
4 10
8
3
6
2
4
1 2
0
0 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022
Median Mean Min Max
Median Mean Min Max
• We can expect that there will be a sharp increase in investments into the renewables and green infrastructure sectors.
• A national test and trace programme is to provide free testing for all and hire 100,000 people to set up a national contact tracing programme.
• Mr Biden's broader economic policies, dubbed his "Build Back Better" plan, aim to please two constituencies that traditionally support democrats – young people and
blue-collar workers, and include attempts to raise minimum wage
• The USA will re-join global climate accord and act more quickly on curbing emissions by re-joining the Paris Climate Accord.
• The Biden administration picks for SEC and Treasury are meaningful:
─ Gensler to ramp up investor protections and company disclosures on the environment, diversity and worker pay, whilst being market savvy after a career at Goldman
Sachs.
─ Yellen on fiscal policy, she has argued both sides of the coin, advising against stimulus spending when deemed unnecessary shortly before Obama’s term ended, and
now for it in response to the pandemic.
Note: 1) Sentiment taken from worlds top 30 financial institutions
Sources: Reuters, US.GOV, Statistics Denmark
Coronavirus Impact Monitor – 29 January 2021 Page 8 Deloitte Economics © 2021Coronavirus heatmap
Deloitte Economics’ view on the short-term outlook across selected sectors in Denmark
Consumer
• Hospitality suffers, but electronics and consumer goods are near normal or Denmark
above pre-corona. Sector
Energy & Resources Short term Outlook
• Coronavirus continues to depress electricity prices, while coal and gas are at
pre-crisis levels. Ongoing green energy transition in place.
Financial Services Consumer Neutral/Low impact Moderate recovery
• Valuation recovery stagnates, and the sector contemplates long-term
changes and long-term depressed interest rates.
Industrials Energy & Resources Moderate impact Slow recovery
• Overall positive manufacturing outlook, with localised productivity and
positive trends into Q1 and beyond.
Life Science & Health Care (LSHC) Financial Services High impact Moderate recovery
• Medical & Pharmaceuticals stocks have been performing well and are well
above pre-outbreak levels. Less uplift from the vaccine than expected.
Industrials Moderate impact Moderate recovery
Real Estate
• Overall positive outlook of moderate recovery, which is supported by
record-low interest rates. Life Science & Health
Neutral/Low impact Growth opportunities
Technology, Media & Telco (TMT) Care
• TMT sectors continue their strong growth, as the world has migrated more
of its entertainment and work online, in addition to 5G rollout.
Real Estate Moderate impact Moderate recovery
Transport
• The transport market is in recovery following the opening of several
markets. Technology,
Neutral/Low impact Growth opportunities
Media & Telco
Please note that variations in industries may occur. We refer to pages 12-14
for an in-depth coverage of developments in selected industries.
Transport Moderate impact Slow recovery
Coronavirus Impact Monitor – 29 January 2021 Page 9 Deloitte Economics © 2021Key messages
Increased consumer sentiment for retail, vaccine hope and American election certainty
• COVID-19 is continuing its spread across the world with more than 100 million confirmed cases, and about 2.2 million people have lost their lives.
• With the second wave manifesting its impact, many European countries have introduced heavier restrictions.
• The American administration under Biden has commenced, with the predicted appeals to the international peers on climate and green energy cooperation. Domestic
policy continues to be centred on COVID-19 fallout and vaccine assistance, as well as alleviation of financial distress.
• Macroeconomic factors in Denmark continue to perform well, especially in consideration to the other Nordic and European peers.
• The Danish government’s budgeting proposals remain sensible and in line with expected fiscal uplift to ride out the remainder of COVID-19 impacts.
• GDP expectations show that consumer confidence continues to be short term negative and worrying, with a lack of improvement from the restrictions still in place during
this extended second wave. This may overflow to other impacted sectors, but the supply side has in general been well managed, with most economic impacts remaining
on the demand side, as they are inhibited by lockdown policies.
• Danish exports remain decently strong but rely heavily on the solvency and performance of neighbours and will not be sufficient to perform in an autarky state should
other EU members not be able to manage the COVID-19 crisis in financial terms.
• It remains to be seen how management of the virus will affect the efforts for economic recovery and how the impact and rollout of a vaccine will influence the level of
aggression in solving this economic crisis across 2021.
• Deloitte Economics will continue monitoring the impact of the coronavirus in Denmark and globally. Find our updates here
For questions on the contents of this report, please contact:
Majbritt Skov Tinus Bang Christensen Peter Lildholdt
Partner, Head of Deloitte Economics Partner Vice President
Mobile: +45 30 93 44 63
Mobile: +45 30 93 54 71 Mobile: +45 40 35 25 36
tbchristensen@deloitte.dk
maskov@deloitte.dk plildholdt@deloitte.dk
Disclaimer: The information in this document is intended for knowledge sharing only.
Coronavirus Impact Monitor – 29 January 2021 Page 10 Deloitte Economics © 2021Industry outlook
Consumer Page 12
Industrial Page 13
TMT Page 14
Coronavirus Impact Monitor – 29 January 2021 Page 11 Deloitte Economics © 2021Consumer Industrials TMT
Industry outlook: Consumer
Consumer indexes have increased significantly and retail multiples near pre-corona level
Highlights from the industry (as of 27 January 2021)
Based on top 10 companies
120.0 Deloitte State of the Consumer Tracker
114.2
110.0 113.0
Consumers’ intention to spend more during the next four weeks
Indexed share price
100.0
Clothing/ Household Restaurant/
Electronics Furnishings Groceries Medicine
91.2 footwear goods takeout
90.0
87.5
80.0
70.0 -15% -10% -18% 22% 16% 11% -8%
60.0
27 Jan 20 27 Mar 20 27 May 20 27 Jul 20 27 Sep 20 27 Nov 20 27 Jan 21 Consumers’ intended purchase channel
1 2 3
Retail Hospitality Consumer MSCI World
57% 52% 64% 61%
82% 78% 70%
Retail index has moved from index 115.8 to 113.0 (since last update). 13% 15%
11% 12% 19%
30% 35% 9% 13%
Hospitality index has moved from index 93.0 to 87.5 (since last update). 25% 9% 8% 18% 20%
Consumer index has moved from index 95.0 to 91.2 (since last update).
In store Online - Pickedup Online - Delivered
Trading multiples and economic outlook
Index: MSCI World Retailing Index (top 10 companies) Latest consumer confidence index4 (as of November 2020) has decreased to
Historical averages Coronavirus impact
(EV/FY0 EBITDA) (EV/FY0 EBITDA) 98.0, illustrating a minor negative development, and thus still indicating a
-1.0x somewhat doubtful attitude towards the future economic development.
12.6x 14.0x 14.2x 17.0x 16.0x 101
98.0
98
95
Nov-06 Nov-08 Nov-10 Nov-12 Nov-14 Nov-16 Nov-18 Nov-20
10y avg. 5y avg. 3y avg. Jan 1, 2020 Current
Consumer confidence index (OECD-Europe)
Note: 1) MSCI World Retailing Index; 2) MSCI World Consumer Services Index; 3) MSCI Consumer Staples Index; 4) Based on OECD – Europe region
Sources: Capital IQ; MSCI; European Parliament; Deloitte State of the Consumer Tracker
Coronavirus Impact Monitor – 29 January 2021 Page 12 Deloitte Economics © 2021Consumer Industrials TMT
Industry outlook: Industrials
Despite COVID mutations and political disturbances the industrial sectors keep expanding
Stock market has kept momentum recent months boosted by COVID vaccines Eurozone factory output increased for a seventh consecutive month
Indexed share price as of:
250
27 Jan 26 Nov January 59.1 The greatest signs of resilience
December 57.1 amid the ongoing pandemic
200 204.5 163.3
November 56.7 continued to be evident in the
122.1 115.3 manufacturing industry which
US October 53.4
150 115.9 109.0 yet again reported PMI
September 53.2
number well-above 50
99.4 100.0 August 53.1
indicating the sector keeps
100 July 50.9 expanding
50 Expansion was driven by
1 jan 20 1 mar 20 1 maj 20 1 jul 20 1 sep 20 1 nov 20 1 jan 21 January 54.7 sustained growth of new
December 55.2 orders, exports and backlogs
Industrials Materials Automotive MSCI World November 53.6 of work
Eurozone October 54.8
Financial markets have the prior months been devoted to the aftermath of the September 53.7
presidential election as well as the COVID mutations and vaccine roll-out plans August 51.7
IHS Markit Manufacturing PMI:
Index =50: No change
Automotive index is primarily driven in by the surge in the Tesla share which is up July 51.8 Index 50: Expansion
Trading multiples1
MSCI World Industrials Index MSCI World Materials Index MSCI World Automotive Index
Historical averages Coronavirus impact Historical averages Coronavirus impact Historical averages Coronavirus impact
(EV/EBITDA) (EV/EBITDA) (EV/EBITDA) (EV/EBITDA) (EV/EBITDA) (EV/EBITDA)
+4.0x +1.9x +0.5x
13.9x 13.7x 17.8x 12.2x 12.4x 13.7x 9.7x 10.0x 10.5x 11.1x 11.6x
12.0x 13.8x 10.7x 11.8x
10y avg. 5y avg. 3y avg. Jan 1, 20 Current 10y avg. 5y avg. 3y avg. Jan 1, 20 Current 10y avg. 5y avg. 3y avg. Jan 1, 20 Current
Since last update (26 November 2020) the Since last update (26 November 2020) the Since last update (26 November 2020) the
EV/EBITDA multiple is up from 14.4x to 17.8x EV/EBITDA multiple is up from 13.4x to 13.7x EV/EBITDA multiple is up from 11.3x to 11.6x
Note: 1) Data as of 27 November 2021
Source: Capital IQ; MSCI World Indices; IHS Markit; Bloomberg
Coronavirus Impact Monitor – 29 January 2021 Page 13 Deloitte Economics © 2021Consumer Industrials TMT
Industry outlook: TMT
TMT sectors have shown relative resilient to COVID-19, as the world has gone digital
Highlights from the industry (as of 27 Jan 2021)
130 TMT perceived as a defensive sector, which has less to lose from COVID-19
124
120 117
116
Telecom: Spend among consumers is often within a contract; demand is up; need
110 114
is not discretionary (new cars) or constrained (leisure).
100
90 Media and Entertainment: Financial impact varies across sub-sectors. Media
80 consumption up (e.g., Netflix, Disney+), but willingness/ability to pay may be
70 constrained, as economic outlook exacerbates. Events (consumer, business)
60 mostly heavily restricted; cinemas, theatres, museums mostly closed. TV and
1 Jan 20 27 Jan 21 movie production mostly halted. Theme parks mostly closed.
Information Technology1 Communication Services1 Media and Entertainment1 MSCI World
Technology: Some segments (e.g., robotics, communication software) seeing
TMT companies are trading above the overall equity market. record demand; digital transformation being accelerated; companies catering to
SMEs may suffer from customer liquidity.
Media and Entertainment quickly recovered after the shockwave on the stock market. As
people stay home, the entertainment market is making records.2
Trading multiples and economic outlook
Index: MSCI World Information Technology1 Gartner expects the global IT spending in 2020 to decline with ~3% but rebound
Historical averages (EV/EBITDA) Coronavirus impact (EV/EBITDA) with a grow rate of ~6% in 2021
+5.8x
Strong demand for supporting remote working and online education resulted in a
26,1x 28,0x 33,8x brighter outlook for segments such as PCs and tablets
20,9x 28,0x
Meanwhile, boards of directors and CEOs brought forward spending to accelerate
digital transformation efforts in 2020 and beyond
10y avg. 5y avg. 3y avg. Jan 1, 2020 Current
Note: 1) MSCI World industry indices used (top 10 companies for sector indices), 01-01-2020 = index 100; 2) In EMEA and some Asian countries, physical games sales are up by 63%.
Source: S&P Capial IQ, Gartner (4Q20 Update)
Coronavirus Impact Monitor – 29 January 2021 Page 14 Deloitte Economics © 2021Industry outlook: Deloitte contacts
How Deloitte can help you
Consumer Energy & Resources
• Please use the contact details opposite to get in touch with our
Financial Advisory industry group leaders and find out how we can Mads Damborg Troels Ellemose Lorentzen
assist you. Partner Partner
• We are well-positioned to assist in a range of tasks, such as those
Email: madsdamborg@deloitte.dk Email: tlorentzen@deloitte.dk
below.
Mobile: +45 30 93 54 81 Mobile: +45 30 93 56 90
Focus areas Financial Services Life Science & Health Care
Björn Lagerstam Mads Damborg
State aid packages
Partner Partner
Email: blagerstam@Deloitte.dk Email: madsdamborg@deloitte.dk
Liquidity scenario analysis
Mobile: +45 30 93 48 30 Mobile: +45 30 93 54 81
Debt covenant advice and financing Government & Public Services TMT
Rikke Beckmann Danielsen Kasper Svold Maagaard
Business restructuring and M&A Partner Partner
Email: rdanielsen@deloitte.dk Email: kmaagaard@deloitte.dk
Bankable business plan development Mobile: +45 30 93 56 92 Mobile: +45 30 93 54 54
Stakeholder management and process control Industrials Real Estate
Niels Stoustrup Mads Skaarup
Impact assessment Partner Partner
Email: nstoustrup@deloitte.dk Email: maskaarup@deloitte.dk
Economic modelling and forecasting Mobile: +45 30 93 59 15 Mobile: +45 61 67 90 50
Coronavirus Impact Monitor – 29 January 2021 Page 15 Deloitte Economics © 2021Appendices
Deloitte Government Response Portal Page 17
Coronavirus Impact Monitor – 29 January 2021 Page 16 Deloitte Economics © 2021Deloitte Government Response Portal
Database of financial, tax, business and social measures announced by governments globally
• To aid our clients in navigating the complex landscape of COVID-19 assistance programmes, we have developed a free digital portal that captures the latest financial, tax,
business and social measures enacted by country.
Access the portal!
Coronavirus Impact Monitor – 29 January 2021 Page 17 Deloitte Economics © 2021This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities. Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our global network of member firms and related entities in more than 150 countries and territories (collectively, the “Deloitte organization”) serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 330,000 people make an impact that matters at www.deloitte.com. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please seewww.deloitte.com/about to learn more. © 2021 Deloitte Statsautoriseret Revisionspartnerselskab. For information, contact Deloitte Global.
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