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Bisnode's Corona Index
This first edition covers the Swedish  market and is updated every Tuesday at 14:00

The coronavirus Covid-19 outbreak continues to impact the world. At Bisnode we have a  wealth of real-time data that can tell us, in many ways,  more about the health of our business environments and how society is being affected. Consequently we have created a Corona Index in order to share the very latest data with you.

This week's insights 
SWEDISH DATA COVERING WEEKS 10-21
Updated 2020-06-02
Public Holiday may have affected the data set for week 21

A notable increase in the total number of bankruptcies in Sweden can be seen from week 13 (23/3-29/3) and onwards. Recently the rate of increase has started to slow down but still remains on a high level compared to 2019. The average went from 137 to 168 during this period (weeks 13-21), indicating a clear trend. Larger companies with  a revenue of more than SEK 25 million have been hit to a greater extent, with an increase in bankruptcies of 51%, and subsequently affecting a relatively larger number of employees. So far we have seen no big changes in payment remarks. 

Industry Sectors:

Taxi In the taxi branch we can see a large increase in the number of bankruptcies compared to the previous year. From 22 to 38 for weeks 13-21 (+73%), and with the number of impacted employees being approximately 5 per company, we can see that the affected taxi companies are fairly small.

Retail Clothing  Compared to the same period last year (week 13-21, 2019) the number of bankruptcies within the Retail Clothing sector has soared. It has moved from 16 (2019) to 52 (2020) which is an increase of +225%. The average of 19 employees per company affected has remained the same, indicating that larger businesses are having greater problems.

 
Hospitality, Food & Beverages  This is a branch that has been severely impacted by the Coronavirus with +138% bankruptcies during weeks 13-21 compared to the same period last year (2019). There has been an even more dramatic increase in the number of employees affected; +273% (from 283 to 1057).



Comments and insights on the Index:
Bisnode's Corona Index Sweden is based on real-time data from Bolagsverket (the Swedish Companies Registration Office) and only covers limited companies. Please be aware that recently added results may be affected by a time lag in registered data – which adjusts over time. 

No tangible changes are currently visible in the data relating to actual payment remarks for limited companies. This will be an important parameter to keep under observation in the future since there is a natural lag in the reporting and changes will only become evident in a couple of months. 

Payment Remarks:

About the data:

The payment remark parameter only comprises active limited companies. Payment remarks corresponds to a "decision on payment order" and "tax account" (Public Claims). Also included are other debts to the state such as parking fees, congestion fees and delay fees. The information is obtained on a continuous basis from Kronofogdemyndighet (KFM) with a daily periodicity. The processing time at KFM for new cases relating to payment orders varies but is currently between 7-30 days. The statistics on payment remarks for the Corona index are updated monthly.

In general the rate of increase has slowed considerably but is still high. It is worth noting that companies with revenue in excess of SEK 25 million are still having greater difficulty compared to other segments.  
 
 
 
 
About the data:

Information on resolved bankruptcies is collected by Bisnode from Bolagsverket (the Swedish Companies Registration Office) 7 days a week. The source for bankruptcy applications is regional district courts, from which applications are collected manually 5 days a week. Delay in processing time from the authorities can be about 7 days. The statistics on resolved bankruptcies for the Corona index are updated weekly.

We notice an increase in the number of employees affected by bankruptcies. It has increased from 3.43 employees per bankrupt company (2019) to 3.75 in 2020. For corporations in excess of SEK 25 million in revenue the development has been more dramatic – an average of 39.3 employees per bankruptcy (2019) compared to 43.5 (2020).

 
About the data:
The information is collected from the limited companies' latest annual report submitted to Bolagsverket (the Swedish Companies Registration Office). Daily collection.

The same trend as for bankruptcies with an overall increase but a more dramatic one for larger businesses.
 

 About the data:

Company restructuring initiated, collected by Bisnode from Bolagsverket (the Swedish Companies Registration Office) 7 days a week. Delay in processing time from the authority can be about 7 days. The statistics on resolved bankruptcies for the Corona index are updated weekly.

A dramatic rise in number of employees affected by reconstructions when comparing 2019 to 2020. The trend is similar for the same period to the one for Bankruptcies and employees affected.
 

About the data:
Employees in companies where restructuring has been initiated, is collected by Bisnode from Bolagsverket (the Swedish Companies Registration Office) 7 days a week. Delay in processing time from the authority can be about 7 days. The statistics on resolved bankruptcies for the Corona index are updated weekly.

More companies were started in 2020 than during the same period in 2019. The trend is however heading towards a slower development for this year, close to the one for 2019, with a turning point around week 10.

 

About the data:
Registered new limited companies from Bolagsverket (the Swedish Companies Registration Office). Gathered daily. Statistics on start-ups related to the Corona index are updated weekly.

The Bisnode Corona Index is designed to present the latest developments from the Swedish corporate world. Just as the daily bulletins give information about the current physical health of the nation, the Corona Index is a snapshot of the current corporate trends which will impact the future of commerce and society. The index is based on the wealth of data available from Bisnode which is being openly shared during this crisis. Trends can be detected, predicted and analysed in good time.

About the data
TECHNICAL DESCRIPTION of the data in Bisnode Corona Index. The information reported covers only Swedish limited companies. In-depth information on how the data is collected and processed from official sources is described in more detail under each section above.

PRESS

For press inquiries about the Index, please contact Tomas Hedenius, Head of Marketing and Communications, 070 247 2902, tomas.hedenius@bisnode.com.

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