CFO Survey Results 2016 Q2

Rising concerns

    Uncertainty increases

    Business confidence further down

    Risk appetite lower again

    Acquisitions in favour

CFO Survey Results 2016 Q2

Rising concerns

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 22% 26% Economic uncertainty 67% 69%
Balance sheet risk 25% 52% Availability of credit 33% 57%
Increase in cashflow 63% 61% Corporate M&A 74% 70%
Private equity 73% 67%

CFO Survey Results 2016 Q1

CFOs cautious about Brexit

    Uncertainty stable

    Business confidence decreases

    Risk appetite reduced

    Brexit fear

CFO Survey Results 2016 Q1

CFOs cautious about Brexit

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 28% 22% Economic uncertainty 69% 69%
Balance sheet risk 24% 25% Availability of credit 59% 33%
Increase in cashflow 69% 63% Corporate M&A 79% 74%
Private equity 72% 73%

CFO Survey Results 2015 Q4

Fundamentals remain strong

    Increased turnover expectation

    Workforce reduction in 2016

    Business confidence stable

    Growth via M&A

CFO Survey Results 2015 Q4

Fundamentals remain strong

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 28% 28% Private equity 68% 72%
Economic uncertainty 84% 69% Balance sheet risk 21% 24%
Availability of credit 72% 59% Increase in cashflow 64% 69%
Corporate M&A 78% 79%

CFO Survey Results 2015 Q3

CFOs on high alert

    Special topic

    Technology to reshape CFO role

    Uncertainty returns

    Risk appetite down

    Optimism fades away

    Renew current credit

CFO Survey Results 2015 Q3

CFOs on high alert

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 42% 28% Private equity 83% 68%
Economic uncertainty 46% 84% Balance sheet risk 54% 21%
Availability of credit 74% 72% Increase in cashflow 75% 64%
Corporate M&A 88% 78%

CFO Survey Results 2015 Q2

CFO’s risk appetite at an all-time high

    Risk appetite at an all-time high

    Positive sentiment about revenues

    Cash flows to increase

    Growth through acquisitions

CFO Survey Results 2015 Q2

CFO’s risk appetite at an all-time high

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 33% 42% Economic uncertainty 52% 46%
Balance sheet risk 48% 54% Availability of credit 68% 74%
Increase in cashflow 67% 75% Corporate M&A 96% 88%
Private equity 81% 83%

CFO Survey Results 2015 Q1

Optimism among CFO at highest level in two years

    Special topic

    CRISIS MANAGEMENT

    Optimism among Dutch CFOs recovers from dip

    Current economic and financial situation perceived as normal

    Risk appetite at highest level ever

CFO Survey Results 2015 Q1

Optimism among CFO at highest level in two years

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 3% 33% Economic uncertainty 59% 52%
Balance sheet risk 28% 48% Availability of credit 72% 68%
Increase in cashflow 62% 67% Corporate M&A 90% 96%
Private equity 76% 81%

CFO Survey Results 2014 Q4

CFO expects higher revenue in 2015 Increasing regulatory frameworks are a risk

    Optimism among Dutch CFOs drops further

    Current economic situation perceived as normal

    Regulatory frameworks seen as business risk

    Higher turnover, better margins in 2015

CFO Survey Results 2014 Q4

CFO expects higher revenue in 2015 Increasing regulatory frameworks are a risk

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 13% 3% Economic uncertainty 77% 59%
Balance sheet risk 45% 28% Availability of credit 67% 72%
Increase in cashflow 71% 62% Corporate M&A 87% 90%
Private equity 71% 76%

CFO Survey Results 2014 Q3

Risk appetite at an all-time high despite lower confidence

    Special topic

    Open innovation and grants & incentives

    Optimism among Dutch CFOs drops

    Economic uncertainty has returned

    Risk attitude increases further

CFO Survey Results 2014 Q3

Risk appetite at an all-time high despite lower confidence

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 25% 13% Economic uncertainty 56% 77%
Balance sheet risk 33% 45% Availability of credit 49% 67%
Increase in cashflow 81% 71% Corporate M&A 89% 87%
Private equity 78% 71%

CFO Survey Results 2014 Q2

CFOs less optimistic

    Less optimism among Dutch CFOs

    Economic uncertainty at lowest reading

    Risk attitude remains stable

    Ready for growth

CFO Survey Results 2014 Q2

CFOs less optimistic

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 41% 25% Economic uncertainty 66% 56%
Balance sheet risk 34% 33% Availability of credit 63% 49%
Increase in cashflow 78% 81% Corporate M&A 75% 89%
Private equity 78% 78%

CFO Survey Results 2014 Q1

Economic uncertainty fades away

    Special topic

    Impact of new business models

    CFOs remain optimistic about financial prospects

    Economic uncertainty fades away

    Risk attitude increases again

    53% of CFOs expect cash flows to increase by more than 10%

CFO Survey Results 2014 Q1

Economic uncertainty fades away

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 35% 41% Economic uncertainty 70% 66%
Balance sheet risk 32% 34% Availability of credit 36% 53%
Increase in cashflow 67% 78% Corporate M&A 91% 75%
Private equity 86% 78%

CFO Survey Results 2013 Q4

Ready for growth

    Dutch CFOs close the year in a good mood

    Less uncertainty about economy

    Outlook on M&A market remains very good

    CFOs ready to walk the path to growth

CFO Survey Results 2013 Q4

Ready for growth

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 24% 35% Economic uncertainty 76% 70%
Balance sheet risk 32% 32% Availability of credit 44% 36%
Increase in cashflow 68% 67% Corporate M&A 92% 91%
Private equity 83% 86%

CFO Survey Results 2013 Q3

More optimism, less uncertainty and the return of M&A

    Special topic

    The digital agenda

    Bank borrowing and issuing corporate debt favourite source of funding

    CFOs are willing to take more balance sheet related risk

    92% of the CFOs expect increase in strategic M&A

CFO Survey Results 2013 Q3

More optimism, less uncertainty and the return of M&A

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 14% 24% Economic uncertainty 89% 76%
Balance sheet risk 31% 32% Availability of credit 61% 44%
Increase in cashflow 69% 68% Corporate M&A 57% 92%
Private equity 63% 83%

CFO Survey Results 2013 Q2

Optimism rises further and risk appetite returns

    UK and Dutch CFOs optimistic about financial prospects

    Availability of credit back to level of two years ago

    31% of the CFOs are willing to take more balance sheet related risks

    69% of CFOs expect their cash flow to increase

CFO Survey Results 2013 Q2

Optimism rises further and risk appetite returns

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 4% 14% Economic uncertainty 88% 89%
Balance sheet risk 8% 31% Availability of credit 38% 61%
Increase in cashflow 67% 69% Corporate M&A 67% 57%
Private equity 54% 63%

CFO Survey Results 2013 Q1

Regulatory compliance incidents as a risk value killer?

    Special topic

    Regulatory compliance

    Two thirds of CFOs are positive

    Risk appetite levels remain low

    Sentiment on availability and cost of credit remains negative

    Corporate debt most attractive source of funding

CFO Survey Results 2013 Q1

Regulatory compliance incidents as a risk value killer?

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 4% Economic uncertainty 88% 88%
Balance sheet risk 12% 8% Availability of credit 33% 38%
Increase in cashflow 63% 67% Corporate M&A 55% 67%
Private equity 36% 54%

CFO Survey Results 2012 Q4

Uncertainty accepted?

    Special topic

    R&D Tax Incentives

    CFOs business outlook has not changed

    Financial risk on balance sheet decreased

    Bank borrowing most attractive source of funding

    Around 61% of CFOs expect M&A levels to increase

CFO Survey Results 2012 Q4

Uncertainty accepted?

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 26% 0% Economic uncertainty 84% 88%
Balance sheet risk 16% 12% Availability of credit 23% 33%
Increase in cashflow 61% 63% Corporate M&A 32% 55%
Private equity 16% 36%

CFO Survey Results 2012 Q3

Facing long-term uncertainty

    Special topic

    Risk paragraph in the annual report

    Dutch CFO optimism on the rise

    Cash flow expectations more or less consistent

    CFOs remain consistent in striving for organic growth

    Slight increase in risk appetite

CFO Survey Results 2012 Q3

Facing long-term uncertainty

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 3% 26% Economic uncertainty 87% 84%
Balance sheet risk 8% 16% Availability of credit 23% 23%
Increase in cashflow 55% 61% Corporate M&A 33% 32%
Private equity 26% 16%

CFO Survey Results 2012 Q2

Rearing to go... or not?

    Special topic

    Cyber security

    CFO optimists and pessimists equally divided about financial prospects

    Risk appetite has dropped again

    The overall sentiment regarding availability and cost of credit remains negative

    41% of CFOs expects M&A levels to increase

CFO Survey Results 2012 Q2

Rearing to go... or not?

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence -6% 3% Economic uncertainty 91% 87%
Balance sheet risk 19% 8% Availability of credit 25% 23%
Increase in cashflow 69% 55% Corporate M&A 56% 33%
Private equity 38% 26%

CFO Survey Results 2012 Q1

Gaining optimism in uncertain reality

    Special topic

    Government incentives policy

    CFO optimism on the rise

    Striving for organic growth remains most prioritized strategy

    Risk appetite increases

    Corporate debt is the most attractive source of funding

CFO Survey Results 2012 Q1

Gaining optimism in uncertain reality

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence -18% -6% Economic uncertainty 87% 91%
Balance sheet risk 18% 19% Availability of credit 26% 25%
Increase in cashflow 56% 69% Corporate M&A 13% 56%
Private equity 8% 38%

CFO Survey Results 2011 Q4

Adapting to a new reality

    Special topic

    Innovation

    CFO optimism remains negative

    More
    than Half of the CFOs still expect an increase of their company's cash flow

    Striving
    for organic growth remains the most prioritized strategy

    One third
    of CFOs expect M&A levels to increase in the next 12 months

CFO Survey Results 2011 Q4

Adapting to a new reality

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence -46% -18% Economic uncertainty 95% 87%
Balance sheet risk 5% 18% Availability of credit 23% 26%
Increase in cashflow 61% 56% Corporate M&A -8% 13%
Private equity -18% 8%

CFO Survey Results 2011 Q3

Caution and defense

    Special topic

    Financial issues

    Over 60% of CFOs expect an increase of their company's cash flow

    Risk appetite drops back to the earlier levels of 2009

    CFOs strech preparation period for refinancing debt

    Only 30% of CFOs expect M&A levels to increase

CFO Survey Results 2011 Q3

Caution and defense

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence -4% -46% Economic uncertainty 77% 95%
Balance sheet risk 19% 5% Availability of credit 85% 23%
Increase in cashflow 70% 61% Corporate M&A 73% -8%
Private equity 54% -18%

CFO Survey Results 2011 Q2

The spectre of a prolonged setback

    Special topic

    Cloud computing

    CFO optimism extremely low

    CFOs: Not a good time to issue equity

    CFOs' top priorities remain realizing organic growth and expansion strategies

    Fewer CFOs expect private equity activity to increase

CFO Survey Results 2011 Q2

The spectre of a prolonged setback

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 41% -4% Economic uncertainty 68% 77%
Balance sheet risk 27% 19% Availability of credit 49% 58%
Increase in cashflow 78% 70% Corporate M&A 86% 73%
Private equity 86% 54%

CFO Survey Results 2011 Q1

Exernal Conditions limit optimism

    Special topic

    M&A activities of Chinese companies

    CFO optimism decreased

    Peak in risk appetite did not last

    22% of CFOs expect more than 20% rise in free cash flow

CFO Survey Results 2011 Q1

Exernal Conditions limit optimism

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 49% 41% Economic uncertainty 66% 68%
Balance sheet risk 39% 27% Availability of credit 47% 49%
Increase in cashflow 79% 78% Corporate M&A 100% 86%
Private equity 84% 86%

CFO Survey Results 2010 Q4

The dawn of recovery

    Special topic

    The auditor's future role

    CFOs remain optimistic

    Risk appetite has increased to the highest level

    Corporate debt still most attractive source of funding

    Expectations for M&A and private equity activities sharply increased

CFO Survey Results 2010 Q4

The dawn of recovery

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 49% 49% Economic uncertainty 66%
Balance sheet risk 24% 39% Availability of credit 47% 47%
Increase in cashflow 80% 79% Corporate M&A 80% 100%
Private equity 56% 84%

CFO Survey Results 2010 Q3

Change in funding preferences

    Special topic

    XBRL, driving efficiencies in the reporting process

    CFO optimism recovered

    Increase in company's cash flow

    Bank borrowing is favoured over equity as a funding source

    Level of risk appetite remains unchanged

CFO Survey Results 2010 Q3

Change in funding preferences

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 22% 49% Balance sheet risk 22% 24%
Availability of credit 47% 47% Increase in cashflow 64% 80%
Corporate M&A 76% 80% Private equity 60% 56%

CFO Survey Results 2010 Q2

Uncertainty dampens optimism

    Special topic

    Conditions for business development

    CFOs' optimism about financial prospects has dropped

    Corporate debt most attractive source of funding

    Attractiveness of equity issuance shows a sharp decline

    New funding expected over the next 12 months

CFO Survey Results 2010 Q2

Uncertainty dampens optimism

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 49% 22% Balance sheet risk 22% 22%
Availability of credit 55% 47% Increase in cashflow 75% 64%
Corporate M&A 96% 76% Private equity 65% 60%

CFO Survey Results 2010 Q1

Reaching solid ground

    Special topic

    Key drivers in Corporate Real Estate

    Solid base level of optimism about financial prospects

    Cash flow expected to increase

    Bank borrowing more attractive source of funding

    New funding expected

CFO Survey Results 2010 Q1

Reaching solid ground

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 54% 49% Balance sheet risk 22% 22%
Availability of credit 48% 55% Increase in cashflow 84% 75%
Corporate M&A 91% 96% Private equity 87% 65%

CFO Survey Results 2009 Q4

Being optimistic and prepared for 2010

    Special topic

    Corporate pension plan

    CFO optimism highest level

    Reduced financial risk on balance sheet

    Free cash flow expected to increase

    Equity and bond issuance attractive

CFO Survey Results 2009 Q4

Being optimistic and prepared for 2010

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 45% 54% Balance sheet risk 13% 22%
Availability of credit 43% 48% Increase in cashflow 73% 84%
Corporate M&A 82% 91% Private equity 61% 87%

CFO Survey Results 2009 Q3

Flexibility drives optimism in uncertain times

    Special topic

    The flexible enterprise

    Optimism Increased

    Operating or free cash flow expected to increase further

    Cash return to shareholder ratios will remain low

    Bank borrowing out of favour

CFO Survey Results 2009 Q3

Flexibility drives optimism in uncertain times

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence 27% 45% Balance sheet risk 5% 13%
Availability of credit 17% 43% Increase in cashflow 64% 73%
Corporate M&A 86% 82% Private equity 73% 61%

CFO Survey Results 2009 Q2

Cautious optimism

    Special topic

    Pandemic preparedness

    Operating or free cash flow expected to increase

    Funding conditions remain difficult

    Not a good time to be taking greater risks on balance sheets

    Expectations have risen sharply

CFO Survey Results 2009 Q2

Cautious optimism

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence -7% 27% Balance sheet risk 2% 5%
Availability of credit 24% 17% Increase in cashflow 41% 64%
Corporate M&A 58% 86% Private equity 4% 73%

CFO Survey Results 2009 Q1

Short-term pessimism, Long-term optimism

    Special topic

    Compulsory diversity and sustainability

    Financial prospects for companies regarded as pessimistic

    External funding unattractive

    Not a good time to issue debt and/or Equity

    CFOs think equities are undervalued

CFO Survey Results 2009 Q1

Short-term pessimism, Long-term optimism

Previous Quarter Current Quarter Previous Quarter Current Quarter
Business confidence -7% Balance sheet risk 2%
Availability of credit 24% Increase in cashflow 41%
Corporate M&A 58% Private equity 4%