下面是小编为大家整理的COVID-19将如何改变数字形式和内容,供大家参考。
G l o b al R e sear c h
26
Mar ch
2020
F und am e ntal
A nal y ti c s
Q1 - Q 2
n u m be r s
watch
ou t:
H ow
wi ll
CO VI D - 19 ch an g e
t h e
f or m
&
con ten t
of
th e
n u m be r s ?
COVID - 19
w ill
und o ub t e d l y
hav e
ma j o r
i mp li ca t i o ns
f o r
eco n o m i c
a ct i v i t y …
I n 2020 w e
ha ve
be e n w i t n es s
to
a
rap i d d ev el op men t
o f
th e
COV I D -19 v i r us
outbr ea k, d ri v i ng a
s i gn i fi c an t
numb er
o f
i n fec ti on s
g l ob al l y . M eas u res
taken
to
c on tai n th e
v i ru s ou tb reak
h ave
affected
ec ono mi c
ac ti v ity
g reatl y ,
w h i c h
i n
tu rn
w ill
h ave
maj or i mp li c ati on s
fo r futu re
fi n a n c i al
rep o rti ng. So m e
o f
th e
key
i mp ac ts
i n c l ud e , bu t
are
no t li m i t e d
t o
i nt e rrupt i o ns
of
pr oduc t i on,
s up pl y
c ha i n
di s rupt i ons ,
una va il a bili t y
of pe r s o nne l ,
r e d uc t i ons
i n
s a l e s ,
ea r ni ngs ,
or
pr oduc t i v i t y
a nd
t he
po ss ibl e
c l os ur e
of f ac ilit ie s
a nd st or e s.
W e" ve
s tri v ed
fo r a
b al an ce
betw een
h i gh li gh ti ng th e
i ss u es
s o t h ey are
on y our rad ar
an d d ep th
o f
tec hn i c al
d etai l
emb ed d ed
w i t h i n th e s e
i ss u es . … and
i n
t u r n
ma j o r
i mp li ca t i o ns
f o r
f i nan c i a l
r e p o r t i n g
W e
ex p ec t
c omp an i e s
w ill
n ee d to
rev iew , i n ad d i ti on to
go i ng c on c ern , al l
areas
o f
th e acc oun ts
th at
are
s ub j ec t
to
j udg eme n t
an d
es ti mati on
un c ertai n ty ,
i n c l ud i ng: acc oun ti ng es ti mates , fai r v al u e
meas u remen t s , as s et s
i mp ai r men t,
ex p ec ted
c red i t
l o ss as s es s me n ts , h ed g e
acc oun ti ng an d o th er
fi n an c i al
s tatemen t
d i s c l o s u re
req u i remen ts . The
i mp ac t
o f
b reac h es
o f
c o v enan ts ,
on ero u s
c on trac t
pro v i s i on s
an d
re s tru c tu ri ng p la n s
also
d e se r ve
c on side r a t io n. F o r
i nv e st o rs,
w e
hav e
g i v e n
a
g u i d e
t o
i d e n t i fy
r e si li e n t
co mpan i e s …
I n
our
rec en t
no te
( Y our
g ui d e
t o
i de nt i f y
w hi c h
c om pa ni e s
ha ve
t h e
r e s ili e nc e
t o w eath e r th e
COV I D -19 c r isis) , w e
unp ac k th e
b i g qu es ti on th at
as ks
w ho c an
w eath er th e
c u rren t
c limate,
i n to
an
as s es s men t
th at
fo c u s es
on c as h fl o w
g enerati on, f le x ib ilit y an d acc es s . W e
th en
take
th i s
v iew
to
ex ami n e
th e
fu ll
c om mitmen t
s p ec tr um fac i ng c omp an i es . No t
j u s t
d eb t
c o mmitmen ts . W e
v iew
an y
c o mmitmen t
w h ere
th e
c omp an y ne eds
t o pa y
ca s h o ut
a s
a
f i nanc i a l
obli ga t i on –
i t " s
not j u s t
a bo ut
de bt
now. T h es e o th er
ob li g ati on s
c an
c au s e
c ri ti c al
c as h fl o w
i ss u e s
fo r c omp an i es . … by
a sk i n g
d e t a il e d
qu e st i o ns .
Del v i ng d eeper
i n to
th e
d etai l
makes
al l
th e
d ifferen ce
w h en
tryi ng to
tri ag e
w ho c an w eath er
th e
s to rm.
W e
an al y s e
s ou rc es ,
res t ri c ti on s
an d
u s es
o f
li q ui d i t y ,
ca s h
burn rates
an d
run a w ay s
an d
d efen s i ve
i n terv al
rati o s .
W e
l ook
at
op erati ng
l ev erag e as s es s me n ts ,
c o s t
mi x es ,
an d
d eb t
c o v enan ts .
W e
fo c u s
on
th e
a n al y s i s
o f
h i dd e n gu arantee s , o ff -b al an ce
s h eet
c o mmitmen ts
a nd c on ti ng en cy
prob ab ility
reas s e ss men t.
Ren ier
Sw an ep o el ,
A C A ,
C A ( S A )
A na l ys t r e ni e r .s w a nepoe l @ ubs .com
+ 44-20-7568
9025
G e of f
R obins o n,
CF M ,
F CA
A na l ys t ge of f .robi nson@ u bs .com
+ 44-20-7567
1706
Yi di ng
L u,
CF A
A na l ys t yi ding.l u@ ubs .co m
+ 44-20-7568
9091
Cour t ne y
C ook ,
CF A
A na l ys t cour t ne y.c ook @ u bs .com
+ 44-20-7567
4871
www .u b s.co m / i nvestm ent r esea r ch
T hi s
r e por t
ha s
be e n pr e pa r e d by
U BS
A G
L ondon Bra nc h.
ANALYS T
C E R T I F IC AT I O N
AND
R E Q UI R E D
DIS C L O S UR E S
B E GI N O N
P AGE
18 .
UB S
do e s
an d s eeks
to
do bu s i n es s
w i t h c omp an i es
c o v ered
i n i ts
re s earc h r ep o rts . As
a
res u l t,
i n v es t o rs
s hou l d b e aw are
th at
th e
fi rm may
h ave
a
c on fl i c t
o f
i n teres t
th at
c ou l d affec t
th e
ob j ec ti v ity
o f
t h i s
rep o rt.
I n ve s to rs
s hou l d c on s i d er
th i s rep o rt
as
on l y
a
s i ng l e
fac to r i n maki ng th ei r i n v es tmen t
d ec i s i on. Fundam ent a l
An al yt i cs
G l o bal
Equit ies
C o n te n t s
CO VID - 19
pot ential
r epor t ing
is s ue s
................................... 3
A t
a
g l a n ce
................................................................................................. 4 I n a
b it
mor e
d e t a il
...................................................................................... 5 G oi ng c onc e rn
............................................................................................ 5 D is cl o s ur e s
.................................................................................................. 6 No n- f i n a n cia l
a ss e t s
.................................................................................... 6 Fi n a n c i a l
i n s t ru me n t s
a nd l ea s e s
.................................................................. 8 Re v e nu e
r e c o gni t i on
................................................................................. 10 No n- f i n a n cia l
ob li g a t i on s
........................................................................... 11 C om pa ny
a ud i t
opini o ns
........................................................................... 14 O ur
analyt i c al r es pons e
t o
CO VID - 19
................................ 15
Y our
g ui d e
t o
ide n t i f y i ng
w hi c h
c omp a ni e s
h a v e
t he
r e s ili e nc e
t o
w ea t he r CO V I D -19
................................................................................................. 15 " P r i ci ng- i n "
t h e
i mp a ct o f
CO V I D -19
........................................................ 16
Ren ier
Sw an ep o el ,
A C A ,
C A ( S A )
A na l ys t r e ni e r .s w a nepoe l @ ubs .com
+ 44-20-7568
9025
G e of f
R obins o n,
CF M ,
F CA
A na l ys t ge of f .robi nson@ u bs .com
+ 44-20-7567
1706
Yi di ng
L u,
CF A
A na l ys t yi ding.l u@ ubs .co m
+ 44-20-7568
9091
Cour t ne y
C ook ,
CF A
A na l ys t cour t ne y.c ook @ u bs .com
+ 44-20-7567
4871
COV ID - 19
pot e ntia l
r e por t ing
iss u e s
COV I D -19 ha s
gl obal
i m pl i c a t i ons
a s
a
c ons e q uenc e
of
mob il it y
r e s t r ic t io n s
I n
2020
w e
h a v e
be e n
w i t n e ss
t o
a
r a pid
de v e l opm e nt
of
t he
CO V I D -19
vir u s out br ea k,
dr i v i ng
a
s i gni f i c a nt
num be r
of
i nf e c t i ons
g l ob a ll y .
M ea s ur e s
t a k e n
t o c ont a i n
t he
v i r us
out br ea k
h a v e
a ff e c t e d
e c onom i c
a c t i v i t y
gr ea t l y ,
w h i c h
i n
t urn w ill
h ave
m a jor
imp l ica t ion s
f or
f u t ur e
f in a n cia l
r e por t ing.
S om e
of
t he
k e y
i m pa c t s
i nc lude ,
but
a r e
not
li m i t e d
t o:
I nterrup t i ons
of
pr oduc t i on.
S uppl y
c ha i n
di s r upt i ons .
U n ava il a b i lit y
o f
p e r s onn e l.
Re duc t i ons
i n
s a l e s ,
ea rning s ,
or
pr oduc t i v i t y .
C l os ur e
of
f a c ili t i e s
a nd
s t or e s .
D e l a y s
i n
pl a nn e d
bus i ne ss
e x pa ns i on s .
In a b ili t y
t o
r a is e
f in a n cin g.
Incr ea s e d
vo la t il it y
i n
t he
v a l u e
of
f i nanc i a l
i ns t rum e nt s .
Re duc e d
t our i s m,
di s r upt i on s
i n
none ss e n t i a l
t r a v e l
a nd
s por t s ,
c u l t ur a l
a nd o t h e r
l e is ur e
a ctivit ie s .
I n add i t i on, ent i t i es
s houl d cons i der
t he
i ncr eas i n gl y
br oad
ef f ect s
of
COV I D -19 as
a
r es ul t
of i t s
negati ve
i mp a ct on t he
gl obal
econom y
and
m aj or f i nanc i a l
m ar ket s . The
C O V I D - 19
o u t b r eak i s exp ec t ed t o
have ma t eri al ef f e c t s on
r e por te d
num be r s …
At
a
g l a n c e
C a r e f ul
c ons i d e r a t i on
s hould
be
gi v e n
t o
t h e
i m pa c t
of
CO V I D -19
on
bot h
i nt e r i m a nd
a nnual
f i nanc i a l
s t a t e m e nt
r e por t i ng.
W e
be li e v e
t he
i m pa c t
c ould
be s i gni f i c a nt
f or
m a ny
bus i ne ss e s .
Wh at
ar e
t h e
f in a n c ia l r e por t i ng c ons e que nc e s ?
… w e
h i g h li g h t
t h e
m o r e i mp o r t an t
i ss u es
h er e.
I mpl i c a t i on s
n ot
onl y
i nc lude
e ff e c t s
on
t he
m ea s ur e m e nt
of
a ss e t s
&
li a bi li t i e s
but a l s o
di s c l o s ur e
i ss ue s
a nd
mor e
i mpor t a nt l y
a n
e nt i t y " s
a bi li t y
t o
c ont inue
a s
a going
c onc e rn.
Be l ow
w e
h a v e
highl i ght e d
t he
m a j or
f i nanc i a l
s t a t e m e nt
e ff e c t s t ha t
w e
be li e v e
c ould
be
i mp a c t e d
by
t he
v i r us .
F i g u r e
1 :
A t
a
g l an c e
–
C O V I D - 19
co u l d
p o t e n t i a l
hav e
an
i mpa ct
o n
t h e se
a cco un t i n g
r u l e s
F i na nc i a l
St a t ement s
De sc ri p ti on
Po ss ibl e
r ea s oning
I A S
1
/
A S C
205/220
G o i ng c o nc er n P oten ti al i mp li c ati on s
o f
C OVID - 19 on t he
bus i nes s
a s
a
go i ng c o nce rn I A S
2
/
A S C
330
Inv entor i e s
R e duc e d i d l e
c ap ac i ty ,
th e
o ve rh e ad
c o s ts
m ay
no t
b e
al l o c ated I A...
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