How to handle the COVID-19 crisis?

The Czech and global economies are starting to deal with impacts of the pandemic - mitigation is possible if the right course of action is taken.

Free webinars you can register for

The situation keeps changing all the time and it is accompanied by information from various areas affected by the crisis. Our experts keep analysing it continuously and our regular webinars can help you keep track of things.

 

Webinars already held

PwC Webinar - Back to work

Wednesday, 6 May 2020, 3.00 p.m.

Topics: 
How to get ready for getting back to reality? Which questions should companies ask themselves prior to moving back to their offices?

Our experts:
Jiří Moser, Olga Cilečková, Martina Kučová and other guests

Recording (CZ Only)

CFO Community - CZ GAAP and IFRS accounting procedure for government

Wednesday, 29 April 2020, 3.00 p.m.

Topics: 
Which accounting news do you need to be ready for in the area of government support and grants?

Our experts:
Olga Řehořková, Petra Bočáková, Matěj Schánilec

Recording (CZ Only)

CFO Community - CFO agenda in crisis and specific experience of CFOs

Thursday, 23 April 2020, 3.00 p.m.

Topics: 
How is the role of a CFO changing within a crisis? How does COVID-19 affect Czech businesses? Panel discussion. What is the opinion of Radka Dohnalová (ATAIRU)?

Our experts:
Olga Řehořková, Olga Cilečková

Special guests:
Martin Štefík (CFO, Microsoft), Jitka Kricnerová (CFO, Sephora), Radka Dohnalová, (founder, ATAIRU)

Recording (CZ Only)

CFO Community - Electronic legal transactions

Tuesday, 21 April 2020, 3.00 p.m.

Topics: 
How does the crisis affect electronic legal transactions? How can organisations deal with certification bodies, electronic signatures and timestamps?

Our experts:
Olga Řehořková, Michal Bobek, Jiří Urbanec, Petr Kincl

Recording (CZ only)

Agenda of CFOs during crisis

Thursday, 16 April 2020, 3.00 p.m.

Topics: 
How does the crisis affect the agenda of CFOs? Which issues do CFOs need to deal with? What are the companies, which are most successful in crisis solution, doing?

Our experts:
Olga Řehořková, Olga Cilečková

Recording (CZ only)

How to set the budget and costs for various development modes

Tuesday, 14 April 2020, 3.00 p.m.

Topics: 
Development scenario analysis, supply chain and cost reduction

Our experts:
Jan Hadrava, Jiří Jakoubek

Recording (CZ only)

How to protect data, claims and liabilities

Thursday, 9 April 2020, 3.00 p.m.

Topics: 
Cyber security & data management, litigation and disputes

Our experts:
Tomáš Kuča, Petr Špiřík, Linda Maršíčková, Kateřina Halásek-Dosedělová

Recording (CZ only)

How to deal with the volatility of the Czech crown and market risks

Monday, 6 April 2020, 3.00 p.m.

Topics: 
What are the crisis risks affecting the forex and capital markets? How to manage financial and commodity risks? How to use the fact that the Czech crown has weakened? How will the central bank policy affect the crisis solution?

Our experts:
Olga Cilečková, Pavel Holan

Special guest:
Jakub Seidler, Chief Economist at ING

Recording (CZ only)

How to find your bearings in tax exemptions, labour law and state aid

Thursday, 2 April 2020, 3.00 p.m.

Topics: 
State aid, tax measures and labour law

Our experts:
Petr Glogar, Tomáš Hunal, Vladimíra Jeřábková

Recording (CZ only)

How to manage cash flow and exchange rate risks

Tuesday, 31 March 2020, 3.00 p.m.

Topics: 
Management of cash flow and exchange rate risks

Our experts:
Jiří Moser, Petr Smutný, Olga Cilečková

Recording (CZ only)

How to handle the COVID-19 crisis?

Four-stage response

Immediate: RESCUE

Key steps

 

  • Establish a crisis response structure with established workstreams, clear responsibilities and accountabilities.
  • Develop likely and reasonable worst-case scenarios and their potential impact to support crisis and response planning.

 

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Short-term: MOBILISATION

Key steps

 

  • The health of our employees and clients is crucial. Fundamental decisions protecting their lives and health must be made immediately.
  • Crisis team: Complexity will increase along with the rangeprofundity of the practical challenges, however, the urgency level will remain. It is a good solution to create a crisis team with authority over the common operations of the company.
  • Workforce / mobility: Consider which employees can work remotely, including the HW and SW and demands on your company IT structure.
  • Financial reports / openness: Keep monitoring your instant financial KPIs regularly and communicate frankly with your parent companies, banks, employees and suppliers.

 

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Medium-term: STABILISATION

Key steps

  • Supply chain: Simulate problems in your supply chain -  both logistic and financial problems of your suppliers and customers can significantly affect your business.
  • Operation impact: In particular, it is necessary to ensure a sufficient workforce to keep your business running; clients and suppliers might be currently unstable.
  • Liquidity management: Management of company’s liquidity is now crucial for survival; set out various scenarios and pre-arrange options for provision of short-term liquidity with your banks.
  • Using state aid: ConsiderInspect all the options  of state aid and assess how  useful  it may be - it might involve concern interest-free loans or damages from the state.

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Long-term: STRATEGY

Key steps

  • M&A: Consider opportunities for consolidation in your industry or, conversely, possibilities of divestment of your non-core activities.
  • Strategy: During every crisis, there are great opportunities to take strategic steps, e.g. new-market penetration or consolidation activities.
  • Transformation of operation: It is necessary to adapt to the temporary as well as permanent changes in your business (supplier relationships, new legislation, etc.).
  • Disputes + claims: During the time of quarantine measures or afterthe subsequent periods of time, it is possible that many contracts will beare breached; solve the situation immediately, transparently and do not hesitate to use expert services

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Issues companies should discuss internally


Workforce

Assess potential impact and develop options to support, move or evacuate, using employee location/profile and emerging intelligent data.

Adjust HR policies to align with local regulations (e.g entitlement to continued pay during quarantine).


Communication strategy

Develop a rapid communications plan and approach to build and maintain trust and reputation during the crisis for key stakeholders.

Tailor best practice templates and communications materials such as emails, FAQs and intranet.


Customers and revenues

Revise your sales strategy to deal with the evolving customer behaviours and competitive environment (risks and opportunities).

Prioritize actions to protect customer relationships and commercial interests. Model customer behavioral change.


Operation and supply chain

Perform an operational risk assessment and consider and plan for the impact of disruption on critical business functions.

Understand your COVID-19 supply chain risks and impacts, including third party suppliers.


Data and cyber security

Identify data needs and develop protocols for data extraction, preparation and analysis.

Model the impact of scenarios on industry or business-level commercial performance and stress test commercial revenues against downside economic scenarios


Headquarters function

Legal, IT, Commercial and Insurance: review existing insurance coverage, IT infrastructure and resilience, force majeure contract clauses.

Finance, Treasury and Tax: financing, restructuring and cash-flow.

Investor Relations: market disclosure.


How is PwC handling the COVID-19 crisis?

Our people

  • Our employees work from home to the maximum extent; meetings are held virtually. We are protecting those who must be present in our offices.
  • We have launched coaching emergency services for those who urgently need it.
  • The frequented areas in our building are disinfected on a regular basis.
  • We have created a special microsite with  all necessary information - company actions, key contacts, tips for working from home, etc.

 

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Our clients

  • We have  postponed our most important events; other events have been moved to the online environment or, if  inevitable, cancelled.
  • We adhere to our clients’ internal policies. At the same time, we try to stay close to our clients and offer them the maximum support by providing our services without interruption and in the quality they are used to.
  • We communicate frankly and transparently with our clients in all the steps we take.

 

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Supply chain

  • We have verified settings of our services with our key suppliers and we synchronized our crisis plans.
  • We have reduced the operation of our building, the entrance to the building is restricted solely to the absolutely necessary scope and only while using the personal protection equipment.
  • We require all our suppliers to adhere to all the safety measures.

 

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Crisis management

  • Our crisis team meets on a regular basis monitoring closely the current situation and providing immediate operational reaction as necessary.
  • We have  strengthened our critical infrastructure.
  • We have elaborated variable scenarios of the crisis’ impact on our business along with associated measures that need to be taken.
  • We have set our cash flow management and reviewed  our expensesand planned purchases.

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Our crisis management experts

Petr Smutný

Partner, Business Recovery Services, PwC Czech Republic

+420 602 648 602

E-mail

Sirshar Qureshi

Partner, Forensic Services, PwC Czech Republic

+420 602 348 926

E-mail

Kateřina Halásek Dosedělová

Forensic services, PwC Czech Republic

+420 724 369 351

E-mail

Radim Škarpa

Business Recovery Services, PwC Czech Republic

+420 777 315 455

E-mail

Michal Wojnar

Information Security Management, Cyber & Privacy, PwC Czech Republic

+420 724 726 166

E-mail

Jan Hadrava

Mergers & Acquisitions, Strategy, PwC Czech Republic

+420 724 373 655

E-mail

Our experts in individual sectors

Jiří Moser

Country Managing Partner and CEE Advisory leader, PwC Czech Republic

+420 602 648 065

E-mail

Jan Brázda

Partner, Public Sector, Capital Projects and Infrastructure, Debt Advisory, PwC Czech Republic

+420 731 635 035

E-mail

David Borkovec

Market leader for Czech Republic, PwC Czech Republic

+420 724 369 345

E-mail

Miroslav Bratrych

Lead Partner, Advisory Services, PwC Czech Republic

+420 603 251 730

E-mail

Olga Cilečková

Partner, Treasury & Accounting Consultancy, PwC's Academy, PwC Czech Republic

+420 724 593 568

E-mail

Jiří Zouhar

Lead Partner, Assurance Services, PwC Czech Republic

+420 724 061 820

E-mail

Tomáš Kuča

Partner, Risk Assurance, PwC Czech Republic

+420 724 061 817

E-mail

Petr Ložek

Lead Partner, Technology Consulting, PwC Czech Republic

+420 724 258 609

E-mail

Mike Jennings

Partner, Consulting, PwC Czech Republic

+420 603 280 371

E-mail