PwC’s COVID-19 CFO Pulse Survey

What finance leaders in Denmark are focused on: Round 1, April 2020

Global recession is the clear top concern

76 % of Danish CFOs rate the possibility of a global recession as their top concern.

Significant impact on the workforce

56% of Danish CFOs expect to introduce furloughs in the coming month, and 49% anticipate layoffs

CFOs in Denmark are focusing on cost containment

When assessing potential financial actions to help mitigate the effects of the coronavirus, 73 % of the CFOs are considering cost containment measures.

Danish CFOs are in crisis mode

Finance leaders around the world are preparing for a recessionary environment, forcing many to make tough decisions around costs and staffing. Discover how finance leaders in Denmark view a COVID-19 world — and the actions they are taking to respond.

Discover the level of concern among CFOs in Denmark regarding COVID-19 and business impact

Question: What is your company’s current level of concern related to COVID-19?
%
%
%
Potential for significant impact to our business operations, and it is causing us great concern.
Limited to specific regions in our business currently, but we are monitoring closely.
An isolated challenge; not greatly impacting our business currently, but we are monitoring the situation for any change.
Source: PwC COVID-19 CFO Pulse Survey, 8 April 2020
Base: 41

For Danish CFOs, global recession is the clear top concern

Question: What are your top three concerns with respect to COVID-19?

Potential global recession
%
Financial impact, including effects on results of operations, future periods and liquidity and capital resources
%
Decrease in consumer confidence reducing consumption
%
Supply chain issues
%
Effects on our workforce/reduction in productivity
%
Cybersecurity risks
%
Not having enough information to make good decisions
%
Difficulties with funding
%
Fraud risks
%
Impacts on tax, trade or immigration
%
Privacy risks
%
Lack of a comprehensive/tested company emergency preparedness plan
%
PwC COVID-19 CFO Pulse Survey, 8 April 2020
Base: 41

80% of Danish CFOs expect a decrease in revenue as a result of COVID-19, while 7% are unsure of the impact

Question: What impact do you expect on your company’s revenue and/or profits this year as a result of COVID-19?

Decreased revenue and/or profits
%
We do not expect any impact on revenue and/or profits
%
It is difficult to assess at this point
%
Increased revenue and/or profits
%
Source: PwC COVID-19 CFO Pulse Survey, 8 April 2020
Base: 41

Danish CFOs are most likely to focus primarily on cost containment, much more than on other actions

Question: Which of the following financial actions is your company considering as a result of COVID-19? (Select all that apply)

Implementing cost containment
%
Adjusting guidance
%
Deferring or cancelling planned investments
%
Changing company financing plans
%
Changing M&A strategy
%
We are not considering any financial actions as a result of COVID-19
%
Other
%
Source: PwC COVID-19 CFO Pulse Survey, 8 April 2020
Base: 41

Most CFOs in Denmark don't expect COVID-19 to affect their M&A strategy.

Question: How is COVID-19 affecting your M&A strategy?

51%
No change
22%
Difficult to assess currently
22%
Decreasing appetite
5%
Increasing appetite


Source: PwC, COVID-19 CFO Pulse, 8 April 2020
Base: 41

In terms of government support, 37% of the Danish CFOs plan to take advantage of programs

Question: Is your company planning on or considering taking advantage of any government programme/action designed to address the economic fallout from COVID-19?

37%
Yes
46%
Not at present
17%
Difficult to assess currently


Source: PwC, COVID-19 CFO Pulse, 8 April 2020
Base: 41

Despite their concern, a majority of CFOs believe their company could get back to “business as usual” within 3 months

Question: If COVID-19 were to end today, how long would you estimate it would take for your company to get back to ‘business as usual’?
%
%
%
%
%
Less than a month
1 to 3 months
3 to 6 months
6 to 12 months
More than 12 months
61%
 
Note: Sums may not total 100 due to rounding.
Source: PwC COVID-19 CFO Pulse Survey, 8 April 2020
Base: 41

About the survey

PwC is tracking sentiment and priorities about the COVID-19 outbreak among finance leaders. We surveyed 824 CFOs and finance leaders from 21 countries or territories during the week of 6 April. We report on local trends in countries with at least 30 respondents. In Denmark 41 finance leaders answered the biweekly survey.

Contact us

Jan Christiansen

Jan Christiansen

Partner, Head of Consulting, PwC Denmark

Tel: 3945 9500

Brian Christiansen

Brian Christiansen

Partner, Head of Risk Assurance, PwC Denmark

Tel: 3945 9080

Kim Tromholt

Kim Tromholt

Partner, statsaut. revisor, PwC Denmark

Tel: 3945 3059

Natasha Lembke

Natasha Lembke

Partner, Head of Financial Effectiveness, PwC Denmark

Tel: 5133 1677

Følg PwC