#45 - Business news from the Economic Mission of the French Embassy in Denmark [fr]

Business news from the Economic Mission – 11/11/2020

Disclaimer - The Economic Mission strives to provide accurate and up-to-date information and will correct, to the extent possible, any errors that are brought to our attention. However, it cannot be held responsible for the use and interpretation of the information contained in this publication.


According to the latest Eurostat data, the tax revenue/GDP ratio in the EU averaged 41.1% in 2019 . In France, this ratio is 47.4% and in Denmark 46.9%. France recorded the fourth largest decline in the EU (-0.8 percentage points), while Denmark accounted for the second largest increase (+1.8 percentage points). Eurostat


The electrolysis company "Green Hydrogen Systems" expects to raise several hundred million kroners by December and is planning a future IPO. The young Danish company claims to have a decisive competitive advantage thanks to its technology, and hopes to be able to compete with NEL (Norway) and Mcphy Energy (France). In fact, the electrolysis market is supported by a growing voluntarism on the part of the States and the EU. While the electrolysis capacity installed in the EU today can be counted in hundreds of megawatts (MW), the EU’s objective is to reach 6 GW in 2024, then 40 GW by 2030. Finans

Finans Danmark, a business association representing financial institutions, is launching a tool to evaluate the carbon footprint of the financial sector. This tool measures the carbon footprint of various operations, from investments to mortgages and corporate loans. This initiative is the result of a request from the sector for a common methodology of emissions calculation, so that banks would publish concrete action plans. Each year, Finans Danmark will re-evaluate its tool to improve the precision of its operation.Børsen

Finance Minister Nicolai Wammen invited thirteen business leaders to formulate short and long term proposals for achieving Denmark’s climate targets These included proposals for general tax relief, rather than public investment in specific sectors and projects. However, for many analysts, this measure would not contribute sufficiently to the reduction of CO2 emissions. The Minister’s initiative comes in a context where some manufacturers (particularly in the construction industry, which is responsible for 30% of the country’s CO2 emissions) are becoming impatient with the lack of concrete environmental proposals from the government. Børsen


The majority of struggling companies did not make use of the work-sharing measure adopted in September.Only 4,636 employees in Denmark are benefiting from this scheme, according to the latest figures from the Ministry of Employment. According to HORESTA, the employers’ organization for tourism, this aid is of little use to restaurants and hotels, which have limited visibility in advance on the number of hours worked required. For the SME employers’ organization, SME Denmark, this measure is exclusively aimed at large companies with several employees doing similar work - which is rarely the case in smaller structures. In response to these criticisms, the Minister of Employment stated that discussions/negotiations were possible in order to adjust this measure. Børsen


Ørsted divests several of its businesses and multiplies its profits by eight in the third quarter of 2020..In August, the company sold its electricity distribution and public and private lighting businesses for a total of DKK 11.1 billion (€1.49 billion). This brings Ørsted’s after-tax profit for the third quarter of 2020 to DKK 12 billion (€1.61 billion), eight times higher than in the third quarter of 2019. This sale corresponds to the Danish giant’s desire to eventually focus exclusively on the development of renewable energies.Berlingske

ATP, Denmark’s largest pension fund, has more than compensated for the losses during the crisis. ATP’s investment portfolio generated a return of almost DKK 17 billion (€ 2.2 billion) in the third quarter. ATP’s investment portfolio generated a return of almost DKK 17 billion (€ 2.2 billion) in the third quarter. After the decline in return on investment for the first six months of the year of more than DKK 11 billion (€1.5 billion), the return after nine months is therefore DKK 5.1 billion (€0.7 billion). Finans

DSV Panalpina exceeds its expectations for the third quarter 2020. The transport and logistics company announced at the publication of its quarterly financial statements that it had achieved revenues of DKK 28.1 billion (€3.77 billion) and EBIT of DKK 2.7 billion (€0.36 billion) for the third quarter of 2020, compared with revenues of DKK 24.5 billion (€3.2 billion) and EBIT of only DKK 0.9 billion (€0.12 billion) for the same quarter in 2019. The positive results were mainly due to a lower number of flights, which caused a sharp increase in the price of air freight transport. Finans

The shares of Novo Nordisk, Genmab, DSV Panalpina and Simcorp are listed on a new European stock exchange index based on gender equality standards.. The "Europe Womenomics stock index", launched by Goldman Sachs, is composed of the shares of 50 European companies that meet strict gender equality criteria. A retrospective analysis shows that, on average, since 2015, the shares that currently constitute this index have outperformed the Stoxx 600 price by 2.5 points. Børsen

Vestas takes over Mitsubishi Heavy Industries’ (MHI) stake in the MHI-Vestas Offshore Wind (MVOW) joint venture. This transaction is valued at €709 million. In exchange, Vestas will issue 5 million shares to Mitsubishi, which will join the board of directors of the Danish giant with a 2.5% stake. The integration of MVOW into Vestas has already started Finans

Dernière modification : 18/11/2020

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