Deloitte European CFO Survey

Nov 11, 2017 - the insights from CFOs across 19 countries in Europe on market and .... later in the year, holding back the pace of recovery in the economy.
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European CFO Survey CFOs switch focus to the longer term Q3 | November 2017 Austria

Contents Foreword

01

Key findings

02

CFO optimism continues to improve

03

Changing views about uncertainty

05

Risk appetite remains weak but is growing

07

Positive expectations for revenues and margins

08

CAPEX intentions increase a little

11

Companies in the euro area on the lookout for talent 13 Perceptions of the biggest risks are changing

14

Some shift from a defensive to an expansionary mind-set

16

Sources of funding ratings virtually unchanged

17

Interest rates expected to go up in the euro area

18

Changes in interest rates too small to affect strategies 19

Authors Michela Coppola European CFO Survey Lead, Deloitte GmbH +49 (0) 892 9036 8099 [email protected] Kate McCarthy EMEA Research Lead, Deloitte LLP +44 (0) 20 7303 3450 [email protected] Contacts Mag. Gerhard Marterbauer Partner Audit, Austria Deloitte Austria +43 1 537 00 4600 [email protected] Alan Flanagan Partner, EMEA CFO Programme Lead, Deloitte Ireland +353 (1) 417 2873 [email protected] Sanford A. Cockrell III Managing Partner, Global Leader, CFO Programme, Deloitte DTTL +1 (212) 492 3840 [email protected] For more information please visit: www.deloitteresearchemea.com

About the data The findings discussed in this report are representative of the opinions of 1,546 CFOs based in 19 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey and the UK. CFOs were all contacted between August and September 2017. Russian responses represent preliminary data. Some of the charts in the Survey show results as an index value (net balance). This is calculated by subtracting the percentage of respondents giving a negative response from the percentage giving a positive response; responses that are neither positive nor negative are deemed to be neutral. Due to rounding, not all percentages shown in the charts will add up to 100. Acknowledgements We would like to thank all participating CFOs for their support in completing the survey. Data management by Ram Sahu. Further information For further information and a more detailed analysis please visit www.deloitteresearchemea.com. If you would like to contact us please complete the form on our website or email us at [email protected]

European CFO Survey | CFOs switch focus to the longer term

Foreword Welcome to the sixth edition of the Deloitte European CFO Survey. The Survey presents the insights from CFOs across 19 countries in Europe on market and business sentiment. The political shifts that affected the results in the Q1 2017 survey have now stabilised: this is reflected in a lower perception of uncertainty among CFOs. We see a divide between those based in the euro area and those who are not, with the former markedly more positive about the future. Overall CFOs seem to have turned their focus to the long term and looking at growth prospects. The special questions this edition focus on interest rate expectations, a topic clearly on the mind of central bank policymakers. The European CFO Survey is an important part of the Deloitte EMEA CFO Programme, an initiative that brings together multidisciplinary teams of senior Deloitte professionals and subject matter specialists across EMEA to help CFOs effectively address the challenges and demands they experience in their role. It is important that we have a clear understanding of what CFOs see as their primary concerns and focus areas. Overall the Deloitte EMEA CFO Programme helps inform, develop, empower and connect the CFO community across the region. It does this through offerings