European CFO Survey A new wave - of optimism Spring 2021 - CFO Programme - Deloitte
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European CFO Survey A new wave – of optimism Spring 2021 CFO Programme
European CFO Survey | A new wave – of optimism
Contents
01
Optimism – though much
06
Will inflation pick up?
COVID harm remains Page 12
Page 05
02
Fresh hopes
07
Conclusion: a dynamic period ahead
Page 06 Page 13
03
Turning the COVID page
08
The Deloitte European CFO Survey
Page 07 Page 14
04
Different recovery patterns
09
Endnotes
Page 09 Page 16
05
Wary and yet bold – investments
10
Contacts
and hiring intentions Page 17
Page 11
02
European CFO Survey | A new wave – of optimism
Foreword 01
As part of our broader commitment to supporting business leaders
across the globe in their strategic decision-making, we are pleased to 02
present the thirteenth edition of the Deloitte European CFO Survey.
03
Since 2015 the survey has given voice twice a year to about 1,500 Chief Financial Officers from across Europe.
The report provides an overview of CFOs’ hiring and investment intentions, their views on critical business risks
and strategic priorities, and the factors they currently consider vital for success. Due to its wide geographical reach, 04
the consistently high number of participants across a range of different industries, and the privileged viewpoint of
CFOs, it provides insights into how European companies view the economic environment and how they are reacting
to it. 05
Although the COVID-19 pandemic has yet to be overcome and European countries remain under lockdown, this
edition of the survey uncovers a new sense of optimism. Many companies seem already to have turned the page on
COVID and are now focusing on the post-pandemic reality. This is not true, however, for all companies. Much of the 06
ability of businesses to emerge from the crisis in a stronger position depends on their capacity to invest wisely –
in people as well as in technology. The willingness to invest is indeed on the rise. But perhaps most vital of all is the
ability to look further down the line and formulate a bold longer-term strategic vision. In this regard CFOs have an 07
important role to play, providing the information and tools that can enable companies to take sound decisions.
We hope you find the views set out in the report bring an interesting dynamic to your discussions and trigger
further debate. To discuss any specific aspects of the report, please contact one of our Deloitte leaders.
08
09
10
Rolf Epstein
Leader CFO Program, Germany
03
European CFO Survey | A new wave – of optimism
01
With strict lockdown measures still
02
in place across Europe, vaccines
being distributed slowly in many
03
countries, and still high levels of
new COVID-19 infections, it would
be easy to be gloomy about 04
European economic prospects.
But financial executives across 05
the continent take a quite
different view, as the results 06
of the latest Deloitte European
CFO survey reveal. 07
08
09
10
04European CFO Survey | A new wave – of optimism
Optimism – though much COVID harm remains 01
Europe in March 2021 might not seem to have advanced much a year since COVID-19 was declared a global pandemic.
Stringent policy measures to restrict people’s behaviour are largely still in place across the region. 02
03
The Oxford stringency index, a composite measure Figure 1. One year after the COVID-19 pandemic struck, Europe is yet to unlock.
that records the strictness of lockdown policies
Stringency index Mobility
adopted, was only slightly below its level in April 2020
when Europe faced the first wave of the pandemic 90 10% 04
(Figure 1, left axis). According to Google’s mobility
data, visits to retail and recreational locations (such
80
as restaurants, shopping centres or cinemas) and -10%
movements in transport hubs (such as underground, 05
bus or train stations) were more than 40 per cent and 70
35 per cent below the pre-COVID level, respectively.1 -20%
To some extent, Europeans are even less active than
they were in March 2020 (Figure 1, right axis). Although
60
06
mass vaccination campaigns have begun everywhere, -30%
50
the pace of vaccine rollouts varies considerably, with
most European countries lagging far behind the United 07
Kingdom in terms of coverage. 40
-40%
30
-50%
08
20
10
-60%
09
0 -70%
Jan
20
Feb
20
Mar
20
Apr
20
May
20
Jun
20
Jul
20
Aug
20
Sep
20
Oct
20
Nov
20
Dec
20
Jan
21
Feb
21
Mar
21 10
Stringency index Mobility
Source: Deloitte’s calculations. Stringency Index: https://ourworldindata.org/grapher/covid-stringency-index , data downloaded on April 7th, 2021. Mobility data:
https://www.google.com/covid19/mobility/?hl=en , data downloaded on April 8th 2021. Average values of mobility data for visits to “retail/recreational activities”
and “movements in transit stations” across all countries part of the European Economic Area (EEA) plus Russia, Switzerland and the UK.
05European CFO Survey | A new wave – of optimism
Fresh hopes 01
The latest Deloitte European CFO survey reveals great levels of optimism across the region. In all the countries surveyed
CFOs who feel more optimistic about their company’s financial prospects outnumber those who are less optimistic, so 02
that the net balance of sentiment is positive everywhere.
03
The overall share of respondents saying they feel less Europe’s CFOs also have high hopes when looking at Figure 2. Business confidence is at its highest since
optimistic has more than halved compared to the the next 12 months. Seventy-seven percent of CFOs the beginning of the series. Compared to three months
autumn edition, to an all-time low. At the same time, expect the revenues of their companies to increase – ago, how do you feel about the financial prospects for
the share of respondents who feel optimistic further 25 percentage points more than in September. Only 11 your company?* 04
increased so that the net balance of sentiment per cent expect them to fall. Again, the improvement
70%
is at its highest since the beginning of the series. in sentiment is common to all countries and all sectors
The increase in optimism is more pronounced in surveyed. Similarly, expectations on the evolution
countries outside the euro area and is led above all of operating margins have improved, reaching their 53% 50%
53%
05
43%
by the upbeat mood of CFOs in the UK, where a net highest since 2015. 38% 38%
77 percent of respondents feel more optimistic 35% 33%
25% 25% 26% 25% 24%
than three months ago – the highest level across This steep rebound in sentiment might, however,
all countries. be considered almost a natural reaction. The dive 18%
19% 06
10%
suffered as the global pandemic hit was extremely
The improvement in business confidence is evident deep. And despite proceeding at a slower pace 0%
too when looking at the results across different than in other advanced economies, the vaccination
9%
07
industries. Even in sectors hit hard by the pandemic, campaign is advancing and indeed accelerating in all -18% 13% 11% 12%
such as tourism and travel, and still much affected by European countries, bringing closer the prospect that 18%
23% 22% 25% 23%
the restrictions in place, a vast majority of CFOs feel restrictions will be lifted in coming months. Particularly 26% 26%
-35%
more optimistic than three months ago and view the in those industries operating at rock-bottom levels 36% 08
future confidently. even cautious reopening represents an improvement.
-53%
It is also the case that companies have adapted to the
new environment and found new ways to do business,
thus becoming less hampered by restrictive measures. -70%
Spring Spring Spring Spring Spring
66%
Spring Spring
09
2015 2016 2017 2018 2019 2020 2021
More optimistic Less optimistic
Euro area (net balance) Countries outside the Euro area (net balance)
10
Source: Deloitte European CFO Survey, Spring 2015 – Spring 2021.
Note: In Denmark, Norway, Italy and Poland the question specified a six-month period.
*To explore the results country by country, please view the interactive graphs at
www.deloitte.com/europeancfosurvey
06European CFO Survey | A new wave – of optimism
Turning the COVID page 01
There are broader signs that many European companies have turned the page on the pandemic and are fully
focusing on the emerging business environment. 02
Asked to assess which phase of the COVID crisis their Figure 3. A majority of European companies are already in the Thrive phase, focusing on the
organisation has entered, two in three CFOs report post-pandemic future. What phase of the COVID-19 crisis is your organisation in?*
03
that they are already preparing for and shaping
the post-pandemic future – what we define as the 5%
“Thrive” phase. Only 14 per cent feel they are still in
survival mode (Figure 3).
04
Although the positive mood is widespread the data 14%
do reveal substantial differences across industries. 05
For example, more than 80 per cent of CFOs in life
sciences and health care (LS&HC) consider their
organisation to be already in the Thrive phase but
only 38 per cent in tourism and travel, where more 06
than half the CFOs say they are still battling to
ensure their company’s survival.
66%
07
08
09
Thrive – Preparing for and shaping the post-pandemic future
Recover – Learning from the pandemic and recovering
16% Respond – Managing continuity and ensuring company survival 10
Not sure
*To explore the results country by country, please view the
Source: Deloitte European CFO Survey, Spring 2021. interactive graphs at www.deloitte.com/europeancfosurvey
07European CFO Survey | A new wave – of optimism
01
Interestingly, CFOs in retail are particularly bullish, Figure 4. The share of companies in the “Thrive” phase varies substantially across industries
with 66 per cent reporting that they are in the What phase of the COVID-19 crisis is your organisation in?* (% “Preparing for and shaping the
Thrive phase (Figure 4). By pushing consumers post-pandemic future”) for your company?*
02
towards online shopping the pandemic has forced
retailers to invest in and expand their omnichannel
capabilities, propelling them towards new ways to
serve their clients.
Life Science & Health Care 81%
03
Business & Prof. Services 76%
Company size also affects the responses. In general,
smaller companies (defined as those with annual Technology, Media
74%
04
revenues of up to €100 million) appear to be at an & Telecommunications
earlier stage of the recovery, with 22 per cent of
respondents reporting that they are still in the Financial Services 72%
“Respond” phase. By contrast, only 6 per cent of 05
CFOs in large companies (defined as those with
Retail 66%
annual revenues of €1 billion or more) are in the
same position.
Consumer goods 64% 06
Energy & Resources 64%
07
Construction 63%
Industrial Products & Services 61%
08
Automotive 57%
Transport & Logistics
09
48%
Tourism & Travel 38%
10
Source: Deloitte European CFO Survey, Spring 2021.
*To explore the results country by country, please view the interactive graphs at www.deloitte.com/europeancfosurvey
08European CFO Survey | A new wave – of optimism
Different recovery patterns 01
CFOs’ views on when their revenues will return to pre-pandemic levels also point to overall improvement. More than
40 per cent of CFOs report that they are already at or above pre-crisis levels – almost twice as many as last autumn, 02
when this figure was only 23 per cent.
03
There are, however, large differences between Figure 5. The larger the GDP drop in 2020, the lower the share of companies that are at or above
countries, with, not surprisingly, a smaller share of the pre-pandemic level.
CFOs reporting that they are already at or above their
pre-pandemic level in economies that took a harder
70%
Denmark
04
hit (Figure 5). For example, while almost two-thirds of Russia
CFOs in Denmark and Russia say that their revenues Luxembourg
are already at pre-crisis levels, less than 30 per cent do 60%
05
Share of companies already at or above pre-pandemic levels
Poland Netherlands
in Spain, Greece and the UK. Trendline
50%
Norway Germany Iceland
06
40%
Finland Austria
Trendline
Sweden Switzerland Italy 07
Spain
30%
Greece
United Kingdom
Ireland Portugal 08
20%
10% 09
0%
4% 2% 0% -2% -4% -6% -8% -10% -12% 10
Real GDP annual percentage change 2020
Source: Deloitte European CFO Survey, Spring 2021. GDP data: IMF, World Economic Outlook, April 2021. Annex Table 1.1.1 accessed on April 9th, 2021.
09European CFO Survey | A new wave – of optimism
01
Despite the general rise in optimism, some CFOs Figure 6. One-third of respondents don’t expect to get back to pre-pandemic levels until 2022 or later.
see a long road to recovery. While, on average, Based on the information you have so far, when do you expect your company to return to a pre-crisis level of
about a quarter of respondents expect to return revenue generation?
02
to the pre-crisis activity level by the end of 2021,
3%
another quarter expect full recovery will have to wait 100%
6%
until 2022, and about 10 per cent of respondents
expect a full recovery even later than that (Figure 6).
03
24%
90%
Expectations are particularly low in the tourism
sector where no company has already returned to
80% 04
pre-pandemic levels and only 15 per cent expect
to do so by the end of this year. A relative majority
(40 per cent) expect full recovery by 2023. CFOs in 70%
24%
the automotive sector are also more likely to see a 05
slow road to recovery, with only 19 per cent reporting
that they are already at pre-crisis levels and another 60%
36 per cent expecting to bounce back by the end of
2021. At the other end of the spectrum, three-quarters
50%
06
of CFOs in the financial sector say they are already at
pre-crisis levels or expect to be by the end of the year. 43%
40%
07
30%
08
20%
10% 09
0%
Already at or
above pre-crisis
By the end of 2021 In 2022 In 2023 In 2024 or later 10
Source: Deloitte European CFO Survey, Spring 2021. Percentages calculated excluding respondents answering “No idea”.
*To explore the results country by country, please view the interactive graphs at www.deloitte.com/europeancfosurvey
10European CFO Survey | A new wave – of optimism
Wary and yet bold – investments and hiring intentions 01
As in the previous edition of the survey, CFOs remain concerned about a possible weakening in demand and about the
overall state of the economy. CFOs see a little less uncertainty than in the autumn but a net balance of 65 per cent still 02
consider the current levels of economic and financial uncertainty as high or very high.
03
And yet their investment intentions have surged, with to over 3,000, representing over US$ 103 trillion in case in only one country. From an employment
almost half the CFOs planning to increase their capital assets under management.3 The increasing pressure perspective, these positive signals on employment are
expenditures (CAPEX) over the next 12 months, and only on companies to achieve sustainability goals means in welcome as the COVID-19 pandemic has taken its toll on
04
14 per cent planning a reduction. The last time that CFOs turn more investment in analytics, efficient equipment workers – especially women and young workers.4
showed a similar willingness to invest was in March 2018, and environmentally friendly buildings, to name just
not only well before the pandemic, but also before trade a few. The combination of the two trends, digital and
Figure 7. The outlook for capital expenditures turns positive. 05
wars and rising geopolitical tensions on the world stage environmental, means future investment levels are
began to heighten uncertainty (Figure 7). likely to be higher than in the recent past.
In your view how are capital expenditures for your company
likely to change over the next 12 months? (% net balance)*
Two trends may spur investment A brighter outlook for employment 40% 06
As the pandemic is far from over and there are plenty The outlook for employment also show clear signs of 32% 32%
of risks to the economic recovery, companies’ plans to improvement. A net balance of 24 per cent of CFOs expect 30% 26% 27%
24%
increase their CAPEX are a positive sign. This seems to increase their workforce over the next 12 months, with
more than a rebound from last year’s depressed levels, 43 per cent expecting an increase against 19 per cent
20% 16% 17% 07
when many cut their spending plans. COVID-19 brought expecting a decrease. This represents not only the first 10% 8% 8%
with it new demands related to workers’ and customers’ positive balance for employment in two years but also the
-7% -35% -11%
safety as well as a need to increase digital interaction.
All of this requires investment in new equipment,
second highest level since the beginning of the series in
2015. The outlook is positive across all industries – even
0%
08
automation and digital technologies. those worst hit by the pandemic. The hiring intentions of -10%
CFOs in tourism and travel, for example, are among the
-20%
Perhaps surprisingly the pandemic has also increased most bullish, with a net balance of 36 per cent planning to 09
the attention paid to environmental issues, adding a add to their workforce. Companies in the “Thrive” phase -30%
sense of urgency to efforts to shift away from fossil are more likely to be bullish on employment, but the net
fuels. Major economies have announced plans to balance of intentions is positive too among companies -40%
Autumn Autumn Autumn Autumn Autumn Autumn
achieve carbon neutrality by 2050, providing a long- that are not yet out of the worst phase of the crisis. 2015 2016 2017 2018 2019 2020 10
term signal on the direction of travel.2 The number of And in one-third of the countries surveyed CFOs
investors who have signed up to the UN Principles for mention shortages of skilled labour as one of their top Source: Deloitte European CFO Survey, Autumn 2015 – Spring 2021.
*To explore the results country by country, please view the interactive graphs at
Responsible Investments (PRI) has further increased three concerns – whereas in the autumn that was the www.deloitte.com/europeancfosurvey
11European CFO Survey | A new wave – of optimism
Will inflation pick up? 01
Talk of inflation has increased lately. The argument is that once vaccines are rolled out and economies reopen, cash-rich
consumers will go on a spending spree. 02
At the same time production and transport Figure 9. CFOs’ expectations on the average inflation rate – countries in the Euro area and selected
bottlenecks will prevent businesses from satisfying countries outside the Euro area. What do you think the inflation rate (for the Consumer Price Index) will be
03
the sudden surge in demand. Consequently prices in your country in 12 months’ time?
will begin to rise. Furthermore, central banks’ balance
sheets have expanded substantially in many countries,
largely through purchases of rising government debt.
2.50%
04
It is argued that this monetary expansion and rise in
government debt could cause a loss of confidence in
economic and financial stability, in turn causing prices 2.00% 05
to spiral.
The survey does reflect CFOs’ expectation that
inflation will rise. Inflation expectations have risen 1.50% 06
in a majority of countries compared to the autumn.
But they remain below the levels in spring 2019.
Among countries in the Euro area, the expected
inflation rate a year from now averages 1.37 per cent, 07
1.00%
still well below the European Central Bank’s inflation
target of 2 per cent. Thus, across Europe, financial
executives do not seem to be planning for a high-
inflation environment.
08
0.50%
09
0%
Autumn Spring Autumn Spring Autumn Spring
2018 2019 2019 2020 2020 2021
10
Sweden Norway Switzerland Euro area
Source: Deloitte European CFO Survey, Autumn 2015 – Spring 2021.
*To explore the results country by country, please view the interactive graphs at www.deloitte.com/europeancfosurvey
12European CFO Survey | A new wave – of optimism
Conclusion: a dynamic period ahead 01
The world has experienced 12 months like no other in living memory.
The ingenuity, resourcefulness and resilience of individuals and 02
businesses has been tested. Workers have adapted to new ways
of living and conducting business despite terrible losses, restricted
03
mobility and extraordinarily high levels of uncertainty.
Many risks remain but recovery from the pandemic now Nor will the pandemic and the efforts to overcome prove
New technologies 04
seems near at hand and CFOs across Europe are looking the only engine of change. Other issues, too, will shape
to the future with confidence. coming years, from rising geopolitical tensions to growing
awareness of social issues and the complexities of new and ways of working
05
The business environment as the world exits the
pandemic, however, is quite different to how it was before
working models and forms of interaction.
have come into
it. COVID-19, while obstructing business, has accelerated
change. New technologies and ways of working have come
There is much for business executives to analyse and
assess, and much that they will need to do. An exciting play. Awareness of
06
into play. Awareness of environmental dangers has risen,
and so has the willingness to address these risks. The
period of innovation and dynamism appears to lie ahead.
environmental dangers
drive to leave behind fossil fuels has speeded up.
has risen, and so has the 07
willingness to address
these risks. The drive to 08
leave behind fossil fuels
has speeded up. 09
10
13European CFO Survey | A new wave – of optimism
The Deloitte European CFO Survey 01
Since 2015 Deloitte has conducted the European CFO
survey, giving voice twice a year to senior financial
executives from across Europe. The data for the
02
Spring 2021 edition were collected in March 2021
and garnered responses from 1,559 CFOs in 19
countries and across a wide range of industries
(Figure 9). To explore the results country by
03
country, please view the interactive graphs at
www.deloitte.com/europeancfosurvey
04
05
06
07
08
09
10
14European CFO Survey | A new wave – of optimism
01
Sample composition by Sample composition by industry
geographic location Industry 02
Country Financial Services 16%
Portugal 15% Industrial Products & Services 14%
Denmark 9% Consumer goods 8% 03
Germany 9% Technology, Media &
7%
Switzerland 8% Telecommunications
Sweden 6% Retail 7% 04
United Kingdom 6% Energy & Resources 7%
Spain 6% Construction 6%
Norway 6% Transport & Logistics 6% 05
Italy 5% Life Science & Health Care 5%
Poland 5% Automotive 5%
Russia 4% Business & Professional Services 4%
06
Austria 4% Tourism & Travel 3%
Iceland 4% Other 13%
07
Netherlands 4%
Greece 3% Sample composition by business size
Annual revenues
Finland 2% 08
Ireland 2% Less than 100 million euro 39%
Luxembourg 1% Between 100 and 999 million euro 41%
Belarus 0% 1 billion euro and more 20% 09
Acknowledgements
We would like to thank all participating CFOs for their support in completing this survey. We would also like to 10
thank the CFO Survey Teams in each of the countries that collected the data from local CFOs, as well as Ram Sahu
for the management of the data and Julius Elting, Fraciska Bulang and Alex Boersch for their useful comments on
previous versions of the article.
15European CFO Survey | A new wave – of optimism
Endnotes 01
01. Author calculations based on Google’s COVID-10 community mobility reports: https://www.google.com/covid19/mobility/?hl=en ,
data downloaded on April 8th 2021. Average values of mobility data for “visits to retail/recreational activities” and “movements in 02
transit stations” across all countries part of the European Economic Area (EEA) plus Russia, Switzerland and the UK.
02. UN Climate Press Release/21 Sep 2020 „Commitments to Net Zero Double in Less Than a Year”,
https://unfccc.int/news/commitments-to-net-zero-double-in-less-than-a-year accessed on April 13th, 2021. 03
03. Principle for Responsible Investment, “Annual Report 2020” https://www.unpri.org/about-the-pri/annual-report-2020/6811.
article, accessed on April 13th, 2021. 04
04. International Labour Organization (ILO) “ ILO Monitor: COVID-19 and the world of work. Seventh edition. Updated estimates
and analysis” https://www.ilo.org/wcmsp5/groups/public/@dgreports/@dcomm/documents/briefingnote/wcms_767028.pdf,
January 2021. Accessed on April 13th, 2021. 05
06
07
08
09
10
16European CFO Survey | A new wave – of optimism
Contacts 01
Austria Greece Netherlands Spain
Gerhard Marterbauer Panayiotis Chormovitis Frank Geelen Nuria Fernandez
Partner Wirtschaftsprüfung Partner, CFO Programme Lead Partner, CFO Programme Lead Senior Manager, CFO
02
Deloitte Austria Deloitte Greece Deloitte Netherlands Programme
+43 1 537 00-4600 +30 210 6781 316 +31 882 884 659 Deloitte Spain
gmarterbauer@deloitte.at pchormovitis@deloitte.gr FGeelen@deloitte.nl +34 9143 81811 03
nufernandez@deloitte.es
Belarus Iceland Norway
Maria Shachenkova Maria Skuladottir Ragnar Nesdal Sweden
Senior Manager, Director Brand, Marketing & Partner, Financial Advisory Henrik Nilsson 04
Audit and Risk Advisory Communications Deloitte Norway Partner, CFO Survey Lead
Deloitte Belarus Deloitte Iceland +47 958 80 105 Deloitte Sweden
+375 (17) 309 99 00 +354 580 3020 rnesdal@deloitte.no +46 73 397 11 02
mshachenkova@deloitte.by mskuladottir@deloitte.is henilsson@deloitte.se 05
Poland
Denmark Ireland Paweł Spławski Switzerland
Kim Hendil Tegner Daniel Gaffney Partner, CFO Programme Lead Michael Grampp
CFO Programme Lead Partner, Finance & Deloitte Poland Chief Economist, Head of 06
Deloitte Denmark Performance +48 664 199 183 Research^
+45 30 93 64 46 Deloitte Ireland psplawski@deloittece.com Deloitte AG
+353 1 417 2349 +41 582 796 817
ktegner@deloitte.dk
dgaffney@deloitte.ie Portugal mgrampp@deloitte.ch
07
Finland Nelson Fontainhas
Tuomo Salmi Italy Partner, CFO Programme Lead UK
Partner, CFO Programme Lead Riccardo Raffo Deloitte Portugal Ian Stewart 08
Deloitte Finland Partner, CFO Programme Lead +351 2135 67100 Chief Economist
+358 207 555 381 Deloitte Italy nfontainhas@deloitte.pt Deloitte LLP
tuomo.salmi@deloitte.fi +39 028 332 2380 +44 2070 079 386
rraffo@deloitte.it Russia istewart@deloitte.co.uk 09
Germany Ekaterina Trofimova
Alexander Boersch Luxembourg Partner, Head of Deloitte EMEA Research Centre
Director, Head of Research Pierre Masset Insights in the CIS Michela Coppola
Deloitte GmbH Partner, CFO Service Lead Deloitte CIS Research Lead 10
+49 89 29036 8689 Deloitte Luxembourg +7 495 787 0600 Deloitte GmbH
aboersch@deloitte.de +352 451 452 756 ektrofimova@deloitte.ru +49 89 29036 8099
pmasset@deloitte.lu micoppola@deloitte.de
17 17Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. This publication and the information contained herein is provided “as is,” and Deloitte University EMEA CVBA makes no express or implied representations or warranties in this respect and does not warrant that the publication or information will be error-free or will meet any particular criteria of performance or quality. Deloitte University EMEA CVBA accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication. © 2021 Deloitte University EMEA CVBA. Responsible publisher: Deloitte University EMEA CVBA, with registered office at B-1831 Diegem, Berkenlaan 8b.
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