CFO Survey Results 2017 Q4

CFOs are hiring, but concerned about skills shortage

Hiring back on the agenda

Some 48 per cent of CFOs say that the workforce of their companies will increase over the next 12 months, compared to 13 per cent in 2017 Q3.
The risk of skills shortage

A shortage of skills and increasing wage costs are perceived as the main business risks facing CFOs’ companies over the next 12 months, followed by geopolitical risks.
Uncertainty fades aways

The general level of external financial and economic uncertainty facing CFOs’ businesses dropped significantly from 71 per cent in 2017 Q4 to 45 per cent in 2017 Q4.
Partnership

About 53 per cent of CFOs say that their companies will enter a strategic partnership in the next 12 months, while appetite for acquisitions decreased.

Shooter Las Vegas

On 1 October 2017, a shooting took place in Las Vegas in the US state of Nevada. With 58 deaths and more than 500 injured, it was the deadliest shooting in the modern history of the United States.
Paradise papers

The Paradise Papers are a collection of approximately 13.4 million texts (e-mail messages etc.) concerning international tax avoidance, which were leaked to the international press on November 5, 2017. From these texts it is shown which shortcuts  multinationals and some of the world's richest people use to pay as little taxes .as possible .
Zimbabwe's Robert Mugabe resigns

Zimbabwe's President Robert Mugabe resigned on November 15, bringing an end to 37 years of rule and sparking jubilant celebrations in the nation's streets.
Olympic Winter Games - Russia excluded due to doping scandals

In December, the IOC excluded Russia from participation in the Olympic Winter Games of Pyeongchang. However, Russian athletes who have never been caught on doping and who have been tested for doping outside Russia in the past few years are allowed to take part under a neutral flag. After a study by the Schmid Committee, the decision follows the extensive and state-supported doping system in Russia.

	Previous Quarter	Current Quarter		Previous Quarter	Current Quarter
Business confidence	25%	47%	Economic uncertainty	71%	45%
Balance sheet risk	58%	33%	Availability of credit	46%	66%
Corporate M&A	71%	74%	Private equity	60%	73%

CFO Survey Results 2017 Q3

Revenue outlook up despite higher uncertainty

Uncertainty increases

Some 71 per cent of CFOs in our panel rate current levels of economic and financial ucertainty as above normal, high or very high, compared to 59 per cent in 2017 Q2.
Revenue outlook up

The revenue outlook of CFOs improved considerably. Some 75 per cent expect their companies’ revenues to increase over the next 12 months, compared to 47 per cent last quarter.
Risk appetite stable

CFOs’ risk appetite came in at the highest level in the past 20 quarters: 58 per cent, versus 32 per cent one year ago.
Interest rates increase

Almost half of the CFOs, some 46 per cent, expect interest rates to rise over the next 12 months. Some 50 per cent expect the interest rates to remain at their present level.

IS attacks Spain

On the afternoon of 17 August 2017, a van drove into pedestrians on La Rambla in Barcelona, Spain, the attack ultimately killed 15 people and injuring at least 130 others. Nine hours after the Barcelona attack, five men thought to be members of the same terrorist cell drove into pedestrians in nearby Cambrils, killing one woman and injuring six others. All five attackers were shot and killed by police.
Hurricane Irma hits the Dutch Caribbean

The extremely poweful and catastrophic hurricane Irma caused major damage on the islands of Saint Maarten and Saint Eustatius. The hurricane reached wind speeds up to 300 km per hour. On September 18, the death toll of Irma was 84 deaths, of which 45 in the Caribbean and 39 in the United States.
The Catalan Independence referendum

An independence referendum, held on 1 October 2017 in the Spanish autonomous community of Catalonia, passed by the Parliament of Catalonia and called by the Generalitat de Catalunya. It was declared illegal on 7 September 2017 and suspended by the Constitutional Court of Spain after a request from the Spanish government, who declared it a breach of the Spanish Constitution of 1978. Due to the many irregularities in the administration of the vote , international observers declared that the referendum failed to meet the minimum international standards for elections.
Federal elections in Germany

On Sunday, 24 September 2017 federal elections were held in Germany on Sunday, 24 September 2017, to elect the members of the 19th Bundestag. The new Bundestag will in turn elect a Chancellor, who must ordinarily command the support of an absolute majority of its members in order to form a new government.

	Previous Quarter	Current Quarter		Previous Quarter	Current Quarter
Business confidence	47%	25%	Economic uncertainty	59%	71%
Balance sheet risk	56%	58%	Availability of credit	88%	70%
Corporate M&A	94%	71%	Private equity	88%	60%

CFO Survey Results 2017 Q2

Risk appetite increases, M&A activity to soar

Optimism slightly down

CFOs’ optimism about the financial prospects for their companies decreased from 52 per cent last quarter to 47 per cent in 2017 Q2.
Uncertainty increases

The general level of external financial and economic uncertainty facing CFOs’ businesses increased from 52 per cent in 2017 Q1 to 59 per cent now.
Risk appetite rises

Despite increased uncertainty about the external financial and economic situation, risk appetite among CFOs increased to 56 per cent, coming from 40 per cent.
Private equity deals to increase

Some 88 per cent of CFOs expect private equity acquisition activity to increase in the next 12 months. A year ago, this metric stood at 67 per cent.

Emmanuel Macron wins French presidential elections

On May 7 social-liberal politician Emmanuel Macron won the presidential election in France from the right-wing candidate Marine Le Pen. With this the French electorate has clearly chosen economic reforms, to the relief of the European Union. Macron's opponent aimed at leaving the EU.
HEMA reduces loss, turnover to record height

HEMA is pleased with the financial performance of 2016. The retail company managed to reduce further loss last year. On the other hand, revenue rose to record height. Sales in the first two months of 2017 were also encouraging. HEMA profited from the renewal of the assortment, higher online sales and international growth.
Tom Dumoulin wins Giro d’Italia

Tom Dumoulin is the first Dutchman to win the Giro d’Italia after a time-trial masterclass on the final stage from Monza to Milan, on May 28.
Ransomware

The WannaCry ransomware attack was a May 2017 worldwide cyberattack by the WannaCry ransomware cryptoworm, which targeted computers running the Microsoft Windows operating system by encrypting data and demanding ransom payments in the Bitcoin cryptocurrency.

	Previous Quarter	Current Quarter		Previous Quarter	Current Quarter
Business confidence	52%	47%	Economic uncertainty	52%	59%
Balance sheet risk	40%	56%	Availability of credit	70%	88%
Corporate M&A	95%	94%	Private equity	80%	88%

CFO Survey Results 2017 Q1

Optimism shooting up all over the place

Optimism increases sharply

CFOs’ optimism about the financial prospects for their companies increased to 52 per cent from 35 per cent last quarter, and is now back at the same level as in 2015 Q1.
Corporate M&A outlook bright

CFOs’ outlook on the market for corporate M&A increased steeply. Some 95 per cent expect the corporate M&A market to grow over the next 12 months, compared to 65 per cent in 2016 Q4.
Multi-speed EU preferred

Some 60 per cent of CFOs believe that a multi-speed Europe (increased integration for some member states and looser alliance between others) will ensure future success of the EU.
Negative impact CCCTB on Dutch foreign business climate

Some 63 per cent of CFOs believe that the potential impact of the Common Consolidated Corporate Tax Base on the Dutch foreign business climate will be negative.

Wikileaks releases new series of leaks on CIA named Vault 7

WikiLeaks publishes its new series of leaks on the U.S. Central Intelligence Agency on March 7 . Code-named "Vault 7" by WikiLeaks, it is the largest ever publication of confidential documents on the agency.
M&A in the automotive industry:

Peugeot acquires Opel

French automotive manufacturer PSA has reached an agreement with the American owner of Opel, General Motors. They pay approx. 2 billion for the acquisition of Opel.
Dutch Parliament Elections 2017

On Wednesday, March 15th 10,563,456 of the 12,893,466 electors voted for the election of members of parliament. The turnout of this election (81.9%) was the highest since the parliament election of 1986 (85.82%). Thirteen parties have gained enough votes to win a seat in parliament. This is the highest number of parties since 1972 (14).
Terrrorist attacks on Istanbul and London

Terrorist attacks on January 4 in Istanbul, Reina nightclub, and on March 22 in London, Westminster Bridge, took many lives and injured numerous. IS has claimed both attacks.

	Previous Quarter	Current Quarter		Previous Quarter	Current Quarter
Business confidence	35%	52%	Economic uncertainty	55%	52%
Balance sheet risk	40%	40%	Availability of credit	100%	70%
Corporate M&A	65%	95%	Private equity	70%	80%

CFO Survey Results 2016 Q4

Good mood, outlook fragile

Uncertainty down

The uncertainty about the external economic and financial environment has decreased from 68 per cent in 2016 Q3 to 55 per cent now.
Business optimism increases

CFOs’ optimism about the financial prospects for their companies increased to 35 per cent from 23 per cent last quarter.
Number of employees will increase

Some 40 per cent of CFOs expect to increase their workforce over the next 12 months, compared to 21 per cent one year ago.
Negative impact Trump foreseen

Some 47 per cent of CFOs believe that the US administration under Donald Trump will have a negative impact on the global economy.

Political news

Donald Trump wins the US presidential election of Hillary Clinton. The elections took place on November 9, 2016.
Berlin Christmas market attack

IS terror has claimed responsibility for the attack on the Christmas market in Berlin. IS has announced this in a statement. 12 people died from the attack on Monday, December 19. 48 people where injured, including 18 seriously.
Death of Fidel Castro

The former Cuban leader Fidel Castro died Saturday November 25 at the age of 90. His death marks the end of an era for Cuba and Latin America.
Financial news

The Lower House has established a parliamentary inquiry in to tax structures that run through the Netherlands. This following various disclosures in the Panama Papers.

	Previous Quarter	Current Quarter		Previous Quarter	Current Quarter
Business confidence	23%	35%	Economic uncertainty	68%	55%
Balance sheet risk	32%	40%	Availability of credit	80%	100%
Increase in cashflow	55%	60%	Corporate M&A	67%	65%
Private equity	81%	70%

CFO Survey Results 2016 Q3

Brexit and the return of concern

Uncertainty increases further

The uncertainty about the external economic and financial environment has increased from 53 per cent in 2016 Q2 to 68 per cent now.
Business optimism down again

CFOs’ optimism about the financial prospects for their companies slightly decreased to 23 per cent from 26 percent last quarter.
Corporate M&A sentiment down

Some 67 per cent of CFOs expect corporate M&A levels to increase over the next 12 months, compared to 78 per cent one year ago.
Negative impact Brexit foreseen

Some 48 per cent of CFOs believe that Brexit negotiations between the EU27 and the UK will have a negative impact on their business.

Turkey Coup

On 15 July 2016, a coup d'état was attempted in Turkey against state institutions, the government, and President Erdoğan. The attempt was carried out by a faction within the Turkish Armed Forces that organized themselves as the Peace at Home Council.
2016 Nice attack

On the evening of 14 July 2016, a 19 tonne cargo truck was deliberately driven into crowds celebrating Bastille Day on the Promenade des Anglais in Nice, France, resulting in the death of 86 people and injuring 434.
Summer Olympics 2016

In August and September 2016, the Olympic Games and Paralympic Games were held in Rio de Janeiro. It is the first time that the event took place in South America.
Political news

In September Russia held parliamentary elections. Also in September the first TV debate between US presidential candidates Hillary Clinton and Donald Trump took place.
CFO Insights Brexit looms large

Read more

	Previous Quarter	Current Quarter		Previous Quarter	Current Quarter
Business confidence	26%	23%	Economic uncertainty	69%	68%
Balance sheet risk	52%	32%	Availability of credit	57%	80%
Increase in cashflow	61%	55%	Corporate M&A	70%	67%
Private equity	67%	81%

CFO Survey Results 2016 Q2

Rising concerns

Uncertainty increases

Although on a quarterly basis the percentage of CFOs who rate the current economic situation as uncertain decreased from 69 per cent to 53 per cent, the moving average (interval is four quarters) deteriorated from 67 per cent to 69 per cent in 2016 Q2.
Business confidence further down

CFOs’ optimism about the financial prospects for their companies slightly improved from 22 per cent to 26 percent in 2016 Q2, but the moving average was down from 29 per cent to 26 per cent.
Risk appetite lower again

In 2016 Q2, some 52 percent of CFOs believe that now is a good time to be taking greater balance-sheet-related risks, but on a 4-quarters rolling basis the metric decreased for the third-consecutive time and came in at 31 per cent.
Acquisitions in favour

Some 55 percent of CFOs report that their companies will realize one of more acquisitions over the next 12 months, compared to 37 in the previous quarter.

Dutch referendum on the Association Agreement between the EU and Ukraine

The national referendum on the Association Agreement between the EU and Ukraine took place in the Netherlands on 6 April. 61% of the voters voted against it. The turnout was 32%, which means the required number was reached. The treaty could not be ratified by the Netherlands; currently the council of Ministers is considering the next steps.
Max Verstappen becomes youngest F1 winner in history at Spanish Grand Prix

Max Verstappen became the youngest and first Dutch winner ever in F1 history, after winning the Spanish GP following a first-lap collision between Nico Rosberg and Lewis Hamilton. Verstappen held off Ferrari's Kimi Raikkonen for victory with Red Bull team-mate Daniel Ricciardo third after running a three-stop strategy.
Shooting causes at least 50 deaths in a bar in Orlando, Florida

A shooting in a gay bar in Orlando, Florida has caused at least 50 deaths. This makes it the deadliest shooting by a single gunman ever in the United States.
Brexit: Britain has voted to leave the EU

A majority of the British people voted on June 23 in the Brexit referendum, for a departure from the EU. With over 1.2 million difference in votes, the British people opted for a Brexit. The “Brexit” camp ended up with 51.9%, the "Bremain" camp reached 48.1%. Nearly 17.5 million Britons voted for a Brexit. Consequently, Prime Minister David Cameron announced his resignation.
(Non-)executives talking about "Integrated Thinking & Acting".

The Future of Supervision #7

Read more
How crisis-ready organizations can operate more effectively in today's environment From crisis awareness to crisis readiness

From crisis awareness to crisis readiness

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	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

The percentage of CFOs who rate the current economic situation as uncertain has remained stable at 69 percent.
Business confidence decreases

CFOs’ optimism about the financial prospects for their companies was 22 percent, compared to 28 percent in 2015 Q4.
Risk appetite reduced

In 2016 Q1, some 25 percent of CFO believe that now is a good time to be taking greater balance-sheet-related risks, versus 54 percent one year ago.
Brexit fear

Some 44 percent of CFOs say that an exit of the United Kingdom from the European Union would impact their business negatively. Compared to other European countries, only Irish CFOs fear a Brexit more.

ECB cuts deposit rate by 10 basis points to -0.4pc

The ECB cut the deposit rate by 10 basis points to -0.4pc and stepped up the pace of quantitative easing from €60bn to €80bn a month.
Bombings at airport and metro station in Brussels

Coordinated bombings in Brussels, Belgium kill at least 32 and injure at least 250. The Islamic State of Iraq and the Levant claims responsibility for the attacks.
CPB predicts downturn of Dutch economic growth

The Government economic forecasting agency CPB expects the Dutch economy to grow at 1.8 percent in 2016, down from 2.1 percent in its December estimate.
Johan Cruyff, Dutch football legend, dies

Johan Cruyff has died at the age of 68. He guided Holland to the World Cup final in 1974 and as a manager he spent eight years in charge of Barcelona.
Tax policy as a strategic priority

Read more
An alert boardroom, a resilient organization

Read more
What's on the mind of EUROPEAN CFOS?

Politics dominates business worries.

Read more

	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

CFOs’ revenue expectations have remained confident. Some 52 percent expect higher revenues over the next 12 months versus 44 percent a quarter ago.
Workforce reduction in 2016

Some 45 percent of CFOs say that they expect a decrease in the number of employees in their businesses over the next 12 months, while 21 percent expect an increase.
Business confidence stable

CFOs’ optimism about the financial
prospects for their companies was
28 percent, a stabilization compared
to previous quarter’s score.
Growth via M&A

Given low interest rates, available financing and strong balance sheets, growth through mergers and acquisitions is a viable option. 48 percent of CFOs expect to realize an acquisition in 2016.
Cash flow increase

A majority of CFOs expect their companies’
free or operating cash flow to increase over
the next 12 months. Some 21 percent of CFOs
expect a decline, the highest score since the
first quarter of 2014.

US Central Bank raises short-term interest rates

For the first time since the financial crisis and after a seven-year experiment with near-zero interest rates, the short-term interest rates are raised.
Terrorists intensify cross-border activities

Major attacks in amongst others Paris, Beirut, Ankara and Sinai.
Global agreement on climate change

Historic commitment which applies throughout 195 countries with a temperature increase target of 2 degrees celsius.
Dutch retailers in trouble

V&D and MacIntosh apply for moratorium.
"Cybercrime is exponential, automated and threedimensional."

Marc Goodman

Global Security Advisor and Futurist
Read more >

"Cybercrime is exponential, automated and threedimensional."

Marc Goodman

Global Security Advisor and Futurist
Read more
✕
"Wikipedia has never spent a penny on advertising."

Jimmy Wales

Founder of Wikipedia
Read more >

"Wikipedia has never spent a penny on advertising."

Jimmy Wales

Founder of Wikipedia
Read more
✕

	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

Uncertainty returns

Some 84% of CFOs rate the general level of external financial and economic uncertainty facing their business as above normal, compared to 46% in 2015 Q2
Risk appetite down

Compared to last quarter’s record breaking of 54%, now only 21% believe that this is a good time to be taking greater risk onto their balance sheets
Special topic

Technology to reshape CFO role
Read more >
Technology to reshape CFO role
71% van de CFO’s verwacht in data-analisten te investeren en zo meer toegevoegde waarde te leveren. Technologie is de komende jaren één van de belangrijkste drivers voor de doorontwikkeling van de financiële functie. Uit de special questions van Deloitte’s CFO Survey blijkt dat 58% van de CFO’s van mening is dat disruptive technologieën zoals big data, predictive en cognitive analytics en het gebruik van social media leidt tot nieuwe deliverymodellen en dat deze technologiën helpen meer waarde te creëren voor de business. Tegelijkertijd geeft slechts 10% van de CFO’s aan ook daadwerkelijk gebruik te maken van deze technologieën. Naast de onbekendheid met deze technologieën blijkt ook de personeelsmix een belangrijke belemmering te zijn om nu al gebruik te maken van de laatste technologische mogelijkheden. Meer dan 70% van de respondenten zegt de komende jaren vooral te willen investeren in het aantrekken van data-analisten, terwijl slechts 38% verwacht dat het aantrekken van nieuwe controllers zal helpen om deze technologische slag te maken. Toch zijn de CFO’s optimistisch over de inzet van nieuwe technologieën in de financiële functie. Zo blijkt dat inmiddels tussen de 40 en 55% van de financiële functies in ruime mate visualisatie en in-memory technologie inzet om de toegevoegde waarde van finance te vergroten.
Optimism fades away

The percentage of CFOs who are optimistic about the financial prospects for their company now stands at 28% – compared to 42% in Q2
Renew current credit

About 36% of CFOs is likely to renew current credit over the next 12 months and 24% is likely to attract new credit

What's on the mind of EUROPEAN CFOS?

The second Deloitte European CFO Survey is launched! Discover the opinions of close to 1,300 CFOs in 15 European countries.

Read more
Migrant crisis intensified

The migrant problem in Europe has intensified sharply. EU policy makers try to deal with it through a migrant quota system and the introduction of so-called "hotspots"
Grexit delayed

The EU have agreed measures withGreece to provide bridge financingand open discussions about anESM package to meet itsfinancing needs overa three-year period
Dutch Budget 2016 presented

The Dutch cabinet presented its budget for 2016. It plans tax reductions of around €5bn, equivalent to about 0.7% of GDP. This will boost private consumption and overall growth next year
Black Monday on Chinese stockmarket

Another bumpy ride: August 24th ended with Chinese equities down 8.5%, wiping out hundreds of billions of euros in market capitalisation
'The Internet of Things: We are in the middle of the paradigm shift of all paradigm shifts'

Lorna Goulden

Director Creative Innovation and IoT-expert
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'The Internet of Things: We are in the middle of the paradigm shift of all paradigm shifts'

Lorna Goulden

Director Creative Innovation and IoT-expert
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✕
'Succesfull companies think digital first'

Wassili Bertoen

Managing Director Deloitte Center for the Edge EMEA
Read more >

'Succesfull companies think digital first'

Wassili Bertoen

Managing Director Deloitte Center for the Edge EMEA
Read more
✕

	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

54% believe that now is a good time to be taking greater balance-sheet-related risks
Positive sentiment about revenues

68% of the CFOs expect turnover to grow
Cash flows to increase

75% expect cash flows to increase
Growth through acquisitions

About 63 percent of CFOs say that their company will realize one or more acquisitions in the next 12 months

Upward revision Dutch economic growth

According to CPB Netherlands Bureau for Economic Policy Analysis, the Dutch economy will grow 2.0 percent and 2.1 percent this year
HSBC to cut 25,000 jobs

UK bank HSBC will cut costs by as much as $5 billion within two years, laying off as many as 25,000 staff
Greece refuses to repay IMF loan

Greece defaulted on a €1.55-billion repayment that was due 1st of July, becoming the first in the seven-decade history of IMF to default on its loan payments
Deal unites major Dutch and Belgian supermarkets

Ahold and Delhaize announced their merger. With more than 6,500 stores, Ahold Delhaize will serve up to 50 million customers a week
"You can't solve a crisis with existing structures"

Jacob Middeldorp

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"You can't solve a crisis with existing structures"

Jacob Middeldorp

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✕
"The biggest crises are non-executive boardmembers who don't see a crisis coming"

Willem Stevens

Read more >

"The biggest crises are non-executive boardmembers who don't see a crisis coming"

Willem Stevens

Read more
✕

	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

Optimism among Dutch CFOs recovers from dip

Financial prospects recovered from 3 percent
last quarter to 33 percent now
Special topic

CRISIS MANAGEMENT
Read more >
CRISIS MANAGEMENT
Today, companies operate in a more volatile risk environment than ever before. From an accident that disrupts a supply chain to a firestorm in social media, companies are confronted with events that impact business as usual. It’s part of doing business. But dealing with a major crisis is a different matter. The pressures on delivering customer and service excellence are high, and the changing nature of potential disruptions has highlighted the need to prepare for unexpected events.

Organizations should accept the fact that however good their defenses are, incidents and crisis situations will occur. A single mega event – or a combination of them – can trigger a crisis situation that potentially threatens the very survival of the business. CFOs were asked how well they are prepared for a crisis, resulting in these main findings:

One out of three CFOs expect a crisis situation that may jeopardize critical assets, reputation or financial standing, taking into account that 42 percent of the panelists indicate that he or she does not feel (very) confident to handle a major crisis;

The top 5 potential crisis situations that CFOs’ companies are tracking and preparing for are:

Financial disruption;

Technological and industrial crisis;

Malevolence and cyber;

Misdeeds and financial crime;

Confrontations.

Less than half of the organizations questioned, review or audit its crisis management on a regular basis.
Current economic and financial situation perceived as normal

46 percent of CFOs rate external financial
and economic uncertainty as normal
Risk appetite at highest level ever

A record breaking 48 percent of CFOs say
that now is a good time to be taking greater
balance-sheet-related risks

The “Teeven deal”

Ivo Opstelten resigns as the Minister of Security and Justice in the Netherlands. Fred Teeven resigns as State Secretary of Justice almost simultaneously
Gas exploration in Groningen is scaled back

Reduced gas exploration cuts income up to 2 billion, according to Minister Dijsselbloem
ECB purchases corporate and state bonds

The ECB will purchase €60 billion worth of corporate and state bonds from March 2015 to end of September 2016
Russian opposition leader assassinated

Russian opposition leader Boris Nemtsov is assassinated nearby the Kremlin in Moscow
Terrorist attack on Charlie Hebdo

Several people dead and wounded in Paris during a terrorist attack on the satirical magazine Charlie Hebdo
Artificial intelligence: not as futuristic as it seems

Neil Jacobstein

Read more >

Artificial intelligence: not as futuristic as it seems

Neil Jacobstein

Read more
✕
"A smart robot should be able to communicate with the world"

Dan Barry

Read more >

"A smart robot should be able to communicate with the world"

Dan Barry

Read more
✕

	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

CFO optimism drops to 31 percent
Current economic situation perceived as normal

Now, 41 percent of the CFOs see the
current situation as business as usual
Regulatory frameworks seen as business risk

Increasing regulatory frameworks
seen as high risk in 2015
Higher turnover, better margins in 2015

Operating margins expected
to improve in 2015

Oil price continues to drop

The brent oil price keeps on falling to its lowest point in 2014
New EU Commissionin office

A new European Union Commission is in office on 1 November and consists of, among others, Jean-Claude Juncker and the Dutch Minister of Foreign Affar is Frans Timmermans
Dutch Insurers fail to pass stress test

Several Dutch insurers have not passed the major European stress test SCR
AA+ rating Netherlands confirmed

Rating agent Standard & Poor's has confirmed it's AA+ rating for the Netherlands
"Look beyond the obvious"

Giuseppe van der Helm

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"Look beyond the obvious"

Giuseppe van der Helm

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✕
"Statistics is often too difficult"

Wim Scheper

Read more >

"Statistics is often too difficult"

Wim Scheper

Read more
✕

	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

Optimism among Dutch CFOs drops

Optimism drops from
25% to 13%
Special topic

Open innovation and grants & incentives
Read more >
Open innovation and grants & incentives
Open innovation has become an important growth lever for companies. Once open innovation is adopted, a company’s boundaries become permeable and that allows combining the company resources with the external co-operators. Many landscapes have changed and new business models, based on alliances, are increasingly being adopted.

Grants and incentives are important enablers for innovation and research and development. CFOs were asked about their opinion of grants and incentives in relation to innovation, resulting in these main findings:

• The importance of grants and incentives seems to be underestimated, especially concerning regional, national and EU cash grants, for which strategic alliances are often a prerequisite;

• However, awareness of grants and incentives at various levels is limited, leading to them not being fully optimized;

• Using cash obtained from grants and incentives programmes could accelerate innovation and contribute to the creation of strategic alliances;

• Organizing grants and incentives at a central level could be a key to optimize the process of applying for grants and incentives. Nowadays, it is most often a local matter in companies.
Economic uncertainty has returned

The percentage of CFOs who feel
uncertain about the economy increases
from 56% in Q2 to 77% this quarter
Risk attitude increases further

Risk appetite among the Netherlands'
corporate CFOs has reached a five-year high

IPO Alibaba

US$25 billion initial public offering is largest ever
IS beheads US journalist

Islamic militants behead American journalist James Foley in response to US-led airstrikes in Iraq
Malaysian Airlines flight MH17 crashes near the Ukrain-Russia border

196 victims have the Dutch nationality, the Netherlands mourns
Finance minister presents cautious Dutch budget for 2015

'Painful measures are still needed,' he says
"Success seems to be the greatest barrier in the thought process for innovation."

Wim Eysink and Wim Scheper

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"Success seems to be the greatest barrier in the thought process for innovation."

Wim Eysink and Wim Scheper

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"For a supervisory board member it is essential to enjoy your work."

Rob Ruijter

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"For a supervisory board member it is essential to enjoy your work."

Rob Ruijter

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	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

Optimism dropped because of heightened
geopolitical risks, exchange rate developments
and uneven economic recovery in the Euro-zone
Economic uncertainty at lowest reading

CFOs who feel uncertain about the economy
decreased to 56% from 66% in Q1
Risk attitude remains stable

33% CFOs believe that now is the
right time to be taking greater
balance-sheet-related risk
Ready for growth

53% of CFOs expect their companies to enter
a strategic partnership or realize one or
more acquisitions in the next 12 months

Pro-Russian activists declare Donetsk a sovereign republic

President Putin is asked to send peacekeeping troops
ECB interest to lowest level ever

ECB interest reaches lowest level ever due to low inflation
Housing market recovers

NVM reports rising sales due to the historically low mortgage interest rates and the growing confidence
"We have to move from strategic planning to strategic learning."

Annet Aris

"We have to move from strategic planning to strategic learning."

Annet Aris
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"Innovation is often a fraction too late."

Mijntje Lückerath-Rovers

Toekomst van Toezicht
Read more >

"Innovation is often a fraction too late."

Mijntje Lückerath-Rovers

Toekomst van Toezicht
Read more
✕

	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

CFOs remain optimistic about financial prospects

The score of 41% equals last quarter
and is considerably higher than the
31% of their UK counterparts
Economic uncertainty fades away
Special topic

Impact of new business models
Read more >
Impact of new business models
Many organizations are transforming their business model – apparently for different reasons. Some are positioning themselves for new growth opportunities or trying to stay ahead of shifting consumer preferences. Others are restructuring in order to improve efficiency and reduce costs, or they are seeking to capitalize on lower labor rates offshore. Many others are playing catch up on changes that were put on hold during the downturn and are now long overdue. However, one thing they have in common in the desire to dramatically improve business performance.

CFOs were asked to answer questions that address the impact of the changing business landscape on finance in terms of the roles to play and the enablers to change. Some 72% of the CFOs indicated that their organization has undergone significant changes in their business model in the past five years. Financial systems and information appears to be the most important enabler to align the finance function with the new business model.

Also, the change in business model apparently caused a shift from transaction processing to reporting and analysis and mostly business decision support. Before the change in business model, most finance departments’ service delivery model was based on roles as steward and operator (84% in these roles). Once the business mode was adapted, the service delivery model for finance completely shifted towards strong roles as catalyst and strategist. This reflects the trend that CFOs increasingly focus on being a business partner.
Risk attitude increases again

Highest score in risk-taking since 2010 Q4
53% of CFOs expect cash flows to increase by more than 10%

This is the highest score since the launch
of the Deloitte CFO survey in 2009

President Putin announces the annexation of the Crimean Peninsula
Frans Weekers resignsafter heavy critiques from the Dutch parliament

The critiques concern his approach to the problems at the Dutch tax authority
"At Philips, we are working on radically innovating archaic processes."

Frans van Houten

Toekomst van Toezicht
Read more >

"At Philips, we are working on radically innovating archaic processes."

Frans van Houten

Toekomst van Toezicht
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✕
"Digital world, global innovation."

Nancy McKinstry

AC Dialogue
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"Digital world, global innovation."

Nancy McKinstry

AC Dialogue
Read more
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	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

Dutch CFOs now equalling
UK CFOs optimism
Less uncertainty about economy

30% of the CFOs rate current
conditions at a normal level
Outlook on M&A market remains very good
CFOs ready to walk the path to growth

Banks fined record €1.7 billion by EC

The EC slapped global financial institutions with €1.7 billion fine after finding that they had broken antitrust laws by rigging interest-rate benchmarks
Statistics of CBS show the Dutch recession has come to an end
AEX index breaks the 400 points barrier
The digital agenda of the CFO and the Non Executive Director

CFO & Commissarissen Survey

Around the Boardroom
Read more >

The digital agenda of the CFO and the Non Executive Director

CFO & Commissarissen Survey

Around the Boardroom
Read more
✕
"You have to reinvent your own business model."

Willem Eelman

Toekomst van Toezicht
Read more >

"You have to reinvent your own business model."

Willem Eelman

Toekomst van Toezicht
Read more
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	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

Bank borrowing and issuing corporate debt favourite source of funding
Special topic

The digital agenda
Read more >
The digital agenda
The world is changing rapidly due to on-going digitization, and for CFOs who embrace the digital world there are many opportunities. Key themes of digitization include, among others, mobile, social media, data analytics and cyber security.

The digital theme that requires most investment at this time is cyber security, which is not a surprise given the recent news about cyber-attacks. The digital trend having the most impact on CFOs’ organization in the last two years is definitely mobile, followed by data analytics.

The on-going digitization is relevant to almost all organizations both in a business-to-business environment and in a business-to-consumer environment. Adopting breakthrough digital technologies, however, may mean major strategic challenges of change, adoption, and innovation and requires investment.

Some 74% of CFOs expect to increase their investments in mobile, social media, data analytics and cyber security next year.
CFOs are willing to take more balance sheet related risk

Slight increase compared
to previous quarter
92% of the CFOs expect increase in strategic M&A

83% expect an increase in
private equity transactions

Microsoft buys Nokia's Devices and Services unit for €5.4 billion
Jeff Bezos (Amazon) officially takes over as owner of The Washington Post
Oad Reizen is declared bankrupt
"A world of pull, flow, and scalable learning."

John Hagel

Around the Boardroom
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"A world of pull, flow, and scalable learning."

John Hagel

Around the Boardroom
Read more
✕
"To govern digital transformation you need to have close cooperation within the executive team."

Vincent Rutgers

Toekomst van Toezicht
Read more >

"To govern digital transformation you need to have close cooperation within the executive team."

Vincent Rutgers

Toekomst van Toezicht
Read more
✕

	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

Highest score in two years
concerning risk taking
69% of CFOs expect their cash flow to increase

Cutting headcount one of the reasons
for increasing cash flow

S&P downgrades Cyprus credit rating to CCC from CCC-plus
Edward Snowden provides the Guardian with top-secret NSA documents
POOL

Willem-Alexander ascends the Dutch throne

Queen Beatrix abdicates after 33 year reign
"It's not a question of whether or not you will be hacked, but more a question of when you will be hacked."

Dick Berlijn

AC Dialogue
Read more >

"It's not a question of whether or not you will be hacked, but more a question of when you will be hacked."

Dick Berlijn

AC Dialogue
Read more
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"The digital economy is nothing more than a connected economy."

Ben Verwaayen

Toekomst van Toezicht
Read more >

"The digital economy is nothing more than a connected economy."

Ben Verwaayen

Toekomst van Toezicht
Read more
✕

	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?

Two thirds of CFOs are positive

Increase in cash flow is expected
Risk appetite levels remain low

92% of the CFOs are not taking greater
balance sheet related risks
Special topic

Regulatory compliance
Read more >
Regulatory compliance
Regulatory compliance relates to the efforts of companies to ensure they comply with relevant laws and regulations. Due to the increasing number of regulations, the need for operational transparency and enforcement by regulatory bodies, companies increasingly need to organize ‘compliance’ within their organization. This organization and prevention of compliance incidents is one of the CFOs areas of responsibility.

The survey results show that half of the CFOs rate the impact of potential regulatory compliance incidents on the value of the firm to be high to very high. Of the CFOs asked in this survey, 61% believe stronger enforcement and penalties will not change or affect the priority for regulatory compliance.

Safety, Health & Environment is indicated by 57% of the CFOs as the compliance area that can impact the company’s operational results most, followed by anti-bribery and corruption and product restrictions.
Sentiment on availability and cost of credit remains negative
Corporate debt most attractive source of funding

Dutch Finance Minister Jeroen Dijsselbloem is elected as the new president of the group of Euro area Finance Ministers
Bailout Cyprus

A €10 billion international bailout by the Eurogroup, EC, ECB and International Monetary Fund is announced
Dutch Minister of Finance nationalizes SNS Reaal

The Dutch State transferred its shares to NLFI in 2013
11,235 businesses and natural persons were declared bankrupt last year

That is an increase by 18% relative to 2011
"It's important for a Prime-Minister and a Minister of Finance to operate as a team, just like a CEO and CFO."

Jan Kees de Jager

CFO Dinerbijeenkomst
Read more >

"It's important for a Prime-Minister and a Minister of Finance to operate as a team, just like a CEO and CFO."

Jan Kees de Jager

CFO Dinerbijeenkomst
Read more
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"At this moment I find that the Dutch Corporate Governance Code shows shortcomings, especially regarding complex corporations."

Antony Burgmans

Toekomst van Toezicht
Read more >

"At this moment I find that the Dutch Corporate Governance Code shows shortcomings, especially regarding complex corporations."

Antony Burgmans

Toekomst van Toezicht
Read more
✕

	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?

CFOs business outlook has not changed

Optimists and pessimists
maintain a perfect balance
Financial risk on balance sheet decreased
Special topic

R&D Tax Incentives
Read more >
R&D Tax Incentives
Cash grants being abolished and budgets subsequently being transferred to fiscal incentives is a trend both in The Netherlands as in many other countries around the world. Different types of tax incentives are available, of which each will influence the cash flow of a company differently. Therefore, it is interesting to see which of these types CFOs prefer the most.

More than half of the CFOs rate fiscal incentives high to very high. 30% of the CFOs state the benefits gained from R&D incentives will be invested again in future R&D. However, 70% of the CFOs remains undecided or will not invest these benefits in future R&D.

The results also show that CFOs are more reluctant to apply for R&D incentives because of the administrative burden than because of the potential compliance risks. Some 43% of CFOs do not apply for available R&D incentives because of the administrative burden.
Bank borrowing most attractive source of funding
Around 61% of CFOs expect M&A levels to increase

The Eurozone recession has deepened in the final three months of 2012
President Barack Obama is re-elected for a second term
Cabinet Rutte II is installed
Budget cuts and tax hikes of €16 billion,and a new goverment theme:

Building Bridges
"Governance codes are more or less formed by whatever is top of mind at a certain moment in time."

Jeroen van der Veer

Toekomst van Toezicht
Read more >

"Governance codes are more or less formed by whatever is top of mind at a certain moment in time."

Jeroen van der Veer

Toekomst van Toezicht
Read more
✕
The risk paragraph lacks a predictive significance.

Deloitte Analyse

Read more >

The risk paragraph lacks a predictive significance.

Deloitte Analyse

Read more
✕

	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

Dutch CFO optimism on the rise
Cash flow expectations more or less consistent
Special topic

Risk paragraph in the annual report
Read more >
Risk paragraph in the annual report
Stakeholders demand transparency in terms of the overall functioning of organizations and require insight into companies’ risk profiles, as well as a broad and proactive role of auditors in this respect. How do CFOs perceive the contents of the risk paragraph in the annual report?

Over 80% of CFOs underline the importance of describing the five most important risks within the risk paragraph in the annual report, while over 70% of CFOs agree to include an impact analysis of these risks on the organization’s financial stability.

Furthermore, some 61% of CFOs would like the auditor to assess the quality of the risk management process. Over half of the CFOs prefer the auditor to also assess the quality of the risk paragraph in the annual report.
CFOs remain consistent in striving for organic growth
Slight increase in risk appetite

Risk appetite returned to level of Q1

Samsung's Galaxy powers record $5.9 billion profit
Apple becomes the most valuable company in history in terms of market capitalization
André Kuipers returns back home after 193 days in space
"The biggest problem is that whatever can go wrong most often doesn't."

Benno Baksteen

CFO Dinerbijeenkomst
Read more >

"The biggest problem is that whatever can go wrong most often doesn't."

Benno Baksteen

CFO Dinerbijeenkomst
Read more
✕
"If the auditor, based on his audit, holds the opinion that a company's risk management processes are weak, then I expect to read that in the management letter."

Ben van der Veer

Toekomst van Toezicht
Read more >

"If the auditor, based on his audit, holds the opinion that a company's risk management processes are weak, then I expect to read that in the management letter."

Ben van der Veer

Toekomst van Toezicht
Read more
✕

	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?

CFO optimists and pessimists equally divided about financial prospects
Risk appetite has dropped again

Only 8% of the CFOs is willing to take greater balance sheet related risks
Special topic

Cyber security
Read more >
Cyber security
How do CFOs perceive the effects and risks of a cyber-attack, should their organization be compromised? After a company has been compromised in this area, this theme is sure to enter the corporate board room. It is advised to put it on the board agenda earlier on, before any real harm is done.

The CFO Survey results show that 36% of the CFOs consider cyber security as mainly an IT theme, whereas 38% consider this theme to be mainly organizational. Furthermore, CFOs do not appear convinced of their organization’s cyber security. On average, they rate their company with a moderate 6.8 out of 10, implying that there is still a lot of work to be done.

By far, CFOs perceive the greatest risk of a potential cyber-attack to be loss of reputation among stakeholders. Theft of competitor-sensitive information takes the second place after reputational risk, implying a fear of cyber industrial espionage, which would lead to a competitive disadvantage.

Additionally, CFOs perceive reputational impact to have the greatest effect on the value of their organization, either materially or immaterially.
The overall sentiment regarding availability and cost of credit remains negative
41% of CFOs expects M&A levels to increase

A drop in perception compared
with the previous quarter

Facebook buys Instagram for $1 billion
The Netherlands plumbs into economic recession once again

The economy will shrink by 0.5% next year
ANP

Cabinet-Rutte has fallen
"The CFO will start
playing a role regarding
the non-financial decisions
within a corporation."

Sweder van Wijnbergen

CFO Dinerbijeenkomst
Read more >

"The CFO will start
playing a role regarding
the non-financial decisions
within a corporation."

Sweder van Wijnbergen

CFO Dinerbijeenkomst
Read more
✕
"The CEO is much like a professional soccer coach:
you either have the momentum or you don't."

Arnoud Boot

AC Dialogue
Read more >

"The CEO is much like a professional soccer coach:
you either have the momentum or you don't."

Arnoud Boot

AC Dialogue
Read more
✕

	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

CFO optimism on the rise
Striving for organic growth remains most prioritized strategy

Developing new products or expanding
into new markets gains priority
Special topic

Government incentives policy
Read more >
Government incentives policy
The Dutch government policy makers are negotiating government spending cuts and reform measures in order to reduce the Dutch budget deficit, which is forecasted to be 4.6% of the GDP for 2013. However, alongside spending cuts the Dutch government wants to stimulate the Dutch economy, as a way out of the current recession.

The Deloitte CFO Survey indicates that generating cash flow and organic growth are big business priorities for Dutch corporates. What measures will best help our Dutch companies accelerate and generate cash flow?

The results show that CFOs especially consider corporate taxed and wage taxes to have a high impact on the company’s cash flow. During the 2008 crisis, the Dutch government helped companies to reduce the impact of the crisis by introducing a package in incentives policy measures. According to the CFOs, corporate tax measures are perceived to have had the greatest impact over the past few years.

Furthermore, most CFOs assess that wage tax related incentives policy have the highest impact. However, CFOs mostly consider extension of loss compensation to be the measure with a very high impact.
Risk appetite increases

Almost a quarter of CFOs think it is
a good time to take greater
balance sheet related risks
Corporate debt is the most attractive source of funding

Equity also gains attractiveness

The new treaty to create a European stability mechanism (ESM) issigned on February 2
Apple customers downloaded 25 billion apps

That is more than three apps per person in the world
Highest price ever for gasoline has been recorded

One litre gasoline now costs €1,757
Rabobank takes over Friesland Bank with immediate effect
"Many CFOs have quietly regained their confidence in the future."

CFO Global Signals
Read more >

"Many CFOs have quietly regained their confidence in the future."

CFO Global Signals
Read more
✕
"As lead auditor, you have to be able to discuss certain topics with the audit committee leader without it ending up on the CFOs' desk immediately."

Frans Cremers

Read more >

"As lead auditor, you have to be able to discuss certain topics with the audit committee leader without it ending up on the CFOs' desk immediately."

Frans Cremers

Read more
✕

	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

CFO optimism remains negative

However, less negative than
in the previous quarter
More
than Half of the CFOs still expect an increase of their company's cash flow
Special topic

Innovation
Read more >
Innovation
Cloud computing refers to providing computational resources (data, software) on-demand, through a computer network rather than from a local computer. Users can perform a task, such as word processing, by using cloud services without actually possessing the software or hardware.

The Deloitte CFO Survey results show that more than half of the CFOs already use Cloud computing for some of their applications, or intend to start using it within the next two years. However, the level of core application users is low. For 18% of the CFOs Cloud computing is one of their strategic themes during board meetings or meetings with CIOs, no less than 78% of the CFOs do not consider this theme to be of strategic importance.

More than half of the CFOs indicate that reduction of IT investment levels would be their most important business driver for switching to Cloud computing. The biggest concern concerning Cloud computing is considered to be data security issues.
Striving
for organic growth remains the most prioritized strategy

Increasing cash flow gains priority
One third
of CFOs expect M&A levels to increase in the next 12 months

Steve Jobs, iconic leader of Apple, dies at the age of 56
Dutch consumer confidence at all-time low

Statistics Netherlands reports that the consumer confidence indicator has dropped 5 points to -37, an all-time low
Substantial job losses at ING
AP

More substantial job losses at Philips
"We have to protect our cash flow by working smarter and more efficiently."

Keith Nichols

AkzoNobel
Read more >

"We have to protect our cash flow by working smarter and more efficiently."

Keith Nichols

AkzoNobel
Read more
✕
"It's hard to predict whether we have a more integrated or fragmented world in 5 to 10 years."

Lex Hoogduin

CFO Dinerbijeenkomst
Read more >

"It's hard to predict whether we have a more integrated or fragmented world in 5 to 10 years."

Lex Hoogduin

CFO Dinerbijeenkomst
Read more
✕

	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

Over 60% of CFOs expect an increase of their company's cash flow
Risk appetite drops back to the earlier levels of 2009
Special topic

Financial issues
Read more >
Financial issues
Deloitte interviewed fourteen CFOs of large Dutch companies with the purpose to talk about current finance trends and real business issues. Topics such as financial reporting legislation, talent and leadership, and integrated reporting were discussed. This quarter, these topics were included in the Deloitte CFO Survey as a special topic.

To summarize, one third of the CFOs assesses the impact of financial reporting legislation on their company’s financial reporting to be negative. Regarding integrated reporting, the CFOs seem divided in their support for this. More than half of the CFOs supports the introduction, whereas 16% opposes it.

Regarding talent, half of the CFOs assesses that the competency profile of a successful financial professional or executive within their company requires more interpersonal skills and more emphasis on business cultural skills and financial skills than ten years ago.

Furthermore, CFOs clearly start earlier to prepare for a refinancing these days. Before the credit crisis, most CFOs started to prepare 3-6 months before the debt was due. Today, most CFOs are stretching this period to 6-12 months.
CFOs strech preparation period for refinancing debt

From 3 till 6 months to
6 till 12 months
Only 30% of CFOs expect M&A levels to increase

Compared with 77% of the
CFOs last quarter

Occupy Wall Street begins

Their main issues aresocial and economic inequality, greed, corruption and the perceived undue influence of corporations on government
S&P lowers US triple A rating on long-term sovereign credit to AA+
European Central Bank drives yields lower

ECB buyssovereign bonds of Italy and Spain
Commission de Wit commences

Investigation on measurestaken to fight problems in the Dutch financial system
Growth of Dutch economy drops to a minimum
"The pressure that stakeholders exert on corporations to really embrace corporate responsibility increases."

Roger Dassen

Deloitte
Read more >

"The pressure that stakeholders exert on corporations to really embrace corporate responsibility increases."

Roger Dassen

Deloitte
Read more
✕
"A difficult environment is no excuse. The problems to grow in Europe are no excuses. You have to win everywhere."

Jean-Marc Huët

Unilever
Read more >

"A difficult environment is no excuse. The problems to grow in Europe are no excuses. You have to win everywhere."

Jean-Marc Huët

Unilever
Read more
✕

	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

CFO optimism extremely low

Optimism has reached its lowest
level of the last two years
CFOs: Not a good time to issue equity
Special topic

Cloud computing
Read more >
Cloud computing
Cloud computing refers to providing computational resources (data, software) on-demand, through a computer network rather than from a local computer. Users can perform a task, such as word processing, by using cloud services without actually possessing the software or hardware.

The Deloitte CFO Survey results show that more than half of the CFOs already use Cloud computing for some of their applications, or intend to start using it within the next two years. However, the level of core application users is low. For 18% of the CFOs Cloud computing is one of their strategic themes during board meetings or meetings with CIOs, no less than 78% of the CFOs do not consider this theme to be of strategic importance.

More than half of the CFOs indicate that reduction of IT investment levels would be their most important business driver for switching to Cloud computing. The biggest concern concerning Cloud computing is considered to be data security issues.
CFOs' top priorities remain realizing organic growth and expansion strategies
Fewer CFOs expect private equity activity to increase

Stock price rise of 6%

€3.2 bilion initial public offering (IPO) of ArcelorMittal spin-off Aperam on Euronext Amsterdam soars with a stock price rise of 6% in comparison of its opening price
European leaders appoint Mario Draghi as the new president of the European Central Bank
Capital transfer tax for homes lowered from 6% to 2%
ANP

Klaas Knot new president of DNB

Nout Wellink resigns after 14 years
"We have used the financial crisis as an opportunity to bring about a fundamental change within the organisation."

Simon Henry

Shell
Read more >

"We have used the financial crisis as an opportunity to bring about a fundamental change within the organisation."

Simon Henry

Shell
Read more
✕
"International collaboration takes up vast amounts of time, but is absolutely necessary."

Pieter Verboom

Schiphol
Read more >

"International collaboration takes up vast amounts of time, but is absolutely necessary."

Pieter Verboom

Schiphol
Read more
✕

	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

CFO optimism decreased

After two quarters of recovery
optimism has decreased
Peak in risk appetite did not last

Risk appetite returned to
former levels
Special topic

M&A activities of Chinese companies
Read more >
M&A activities of Chinese companies
China, currently the second largest economy of the world and still growing at a fast rate, is expected to show increased M&A activity within the next years. How will this impact Dutch corporates and their competitive position?

According to the survey results, over 60% of the responding CFOs stated they currently do not have any corporate activities in China. Most of these CFOs are not planning to start activities in China at this point. Over 40% of the responding CFOs consider the Chinese takeovers in Europe to be an opportunity for their company, despite failed attempts, such as the efforts of Xinmao to buy Draka.

Chinese companies have to learn about the European way of doing business when dealing with takeovers since Chinese companies are expected to increase their M&A activities in Europe.

Therefore, European companies should prepare themselves strategically to effectively compete with Chinese companies in making deals.
22% of CFOs expect more than 20% rise in free cash flow

Earthquake in Japan leads to tsunami and Fukushima nuclear disaster
Estonia to join the Eurozone
Legislation on bonus policy becomes stricter

All State aided banks are not allowed to give bonuses to senior executives
"The ever growing number of rules and regulations makes it more difficult to mainain a level playing field."

Bert Bruggink

Rabobank
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"The ever growing number of rules and regulations makes it more difficult to mainain a level playing field."

Bert Bruggink

Rabobank
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"Every CFO wants to be in control. No surprises."

Cees de Boer

Deloitte
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"Every CFO wants to be in control. No surprises."

Cees de Boer

Deloitte
Read more
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	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

CFOs remain optimistic

Financial prospects are
similar to Q3
Risk appetite has increased to the highest level
Special topic

The auditor's future role
Read more >
The auditor's future role
The auditor’s natural role and responsibility is evolving. The financial crisis showed the public, the supervisory board and other stakeholders to have a changing need for information and assurance. It is conceivable that organizations will broaden the scope of their formal reporting process in the future.

According to the survey results, most CFOs already externally report on other than merely financial information, or are planning to do so within the next two years. Interestingly, CFOs report, or are planning to report, nearly as much about risk management processes as risk information itself.

Some 60% to 70% of the CFOs consider assurance on these types of non-financial information and processes useful. A majority of CFOs consider it desirable that their auditor reports financial information directly to shareholders whereas communication by the auditor directly to regulatory bodies is less desired. Likewise, CFOs consider it desirable to have the auditor directly communicate to the supervisory board on most aspects.
Corporate debt still most attractive source of funding
Expectations for M&A and private equity activities sharply increased

Emergency financial support for Ireland
WikiLeaks publishes secret US government information
Beginning of the Arabic spring
After 111 days of negotiation, Cabinet-Rutte I is a fact
"We have changed from a knowledge economy to an opinion economy."

Wubbo Ockels

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"We have changed from a knowledge economy to an opinion economy."

Wubbo Ockels

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"Three roads lead to sustainability:
international treaties, trade measures and corporate social responsibility."

Alexander Rinnooy Kan

Read more >

"Three roads lead to sustainability:
international treaties, trade measures and corporate social responsibility."

Alexander Rinnooy Kan

Read more
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	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

CFO optimism recovered

Dip in Q2 about financial prospects
does not last
Increase in company's cash flow

As expected by 80% of the CFOs
Special topic

XBRL, driving efficiencies in the reporting process
Read more >
XBRL, driving efficiencies in the reporting process
eXtensible Business Reporting Language (XBRL) is an XML-based non-proprietary open standard that is used for the preparation, exchange and publishing of financial and business information across disparate computer platforms, software applications and accounting standards. Although awareness is growing among CFOs that XBRL can be used for tax filings (28%) and statistics reporting (26%), few companies are currently using XBRL or are even aware of its advantages.

Both applications of XBRL are part of the Standard Business Reporting (SBR) Program that has been initiated by the Dutch government. The CFOs clearly agree that the Dutch Tax Authority and the financial supervisory bodies are best positioned to drive XBRL adoption.

If XBRL would become mandatory, 55% of the CFOs would value a disclosure management solution that supports the creation of XBRL reports through a workflow systems as an attractive option. XBRL can be complementary to data warehouse solutions to gain control over data definitions across the enterprise and linking disparate information systems. Although 83% of CFOs answered not to have considered this use of XBRL, 6% has plans for implementation within 3-5 years.
Bank borrowing is favoured over equity as a funding source

For the first time, since
this survey started
Level of risk appetite remains unchanged

For the fourth consecutive quarter
Outlook for M&A remains high

Expectations dropped slightly since the last quarter

Flitch Ratings has lowered the credit rating of Ireland
Stresstest: 84 of the 91 banks tested are solid to withstand an economic crisis
Wellink, president of DNB, announces his resignation as of 2011
According to CBS the Dutch economy has improved substantially

Dutch economy now enters a phase of recovery
"One thing we did not do during the crisis was put our investments in sustainabilty on the back burner."

Kees van der Waaij

Unilever
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"One thing we did not do during the crisis was put our investments in sustainabilty on the back burner."

Kees van der Waaij

Unilever
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"We are strongly committed to responsible investments."

Marcel Jeucken

PGGM
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"We are strongly committed to responsible investments."

Marcel Jeucken

PGGM
Read more
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	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

CFOs' optimism about financial prospects has dropped

CFOs' optimism about their financial
prospects has dropped
Corporate debt most attractive source of funding

Equity and bank borrowing are
perceived as less attractive
Special topic

Conditions for business development
Read more >
Conditions for business development
The special questions of this quarter’s CFO Survey focus on tax measures to improve the conditions for business development in The Netherlands. Current fiscal policies regarding Dutch conditions for business development mainly focus on lowering the tax burden on capital.

The results of this survey show that CFOs prefer mitigation of the tax burden on labour in order to improve the conditions for business developments in The Netherlands. CFOs prefer a substantial reduction of the administrative burden as the second favoured measure.

As from 2011, the cost allowance facility for employees will be replaced by a general labour costs facility, with which the size of the maximum tax-free allowance to be provided to all employees together is determined in accordance with the wage bill (1.4% of the wage bill), while the Tax Administration will no longer check individual cost allowances.

Almost 60% of CFOs expect this measure will lower the administrative burden. However, 60% of CFOs also expect this measure will the raise the operating expenses.
Attractiveness of equity issuance shows a sharp decline
New funding expected over the next 12 months

By more than half of CFOs
Outlook for M&A is still high

However, expectations have dropped
since the last quarter of 2009

Spanish banks in bad weather

Financial crisis hits hard
16 Eurozone countries and IMF lend Greece €110 billion
ANP

VVD defeats PvdA

In the elections for the Dutch House of Representatives
Vulcanic Eruption in Iceland

Ash cloud closes down Amsterdam Schiphol Airport
"Small companies push big companies."

Harry Hendriks

Philips
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"Small companies push big companies."

Harry Hendriks

Philips
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"The financial sector will have to transform and modernize itself in part, to stay competitive and meet the demands of its clients."

Sjoerd van Keulen

Holland Financial Center
Read more >

"The financial sector will have to transform and modernize itself in part, to stay competitive and meet the demands of its clients."

Sjoerd van Keulen

Holland Financial Center
Read more
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	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

Solid base level of optimism about financial prospects
Cash flow expected to increase

Three-quarters of CFOs expect an increase
over the next 12 months
Special topic

Key drivers in Corporate Real Estate
Read more >
Key drivers in Corporate Real Estate
One third of the CFOs have considered cost reductions in square meters of company space and renegotiations of lease contracts in order to support their real estate portfolio key driver ‘cost reduction’.

The other significant key driver according to the CFOs is sustainable accommodation. Not all CFOs consider Corporate Real Estate to be a strategic theme for this year. 30% of the CFOs have not yet analyzed the key drivers of their corporate real estate portfolio for this year. One could say that real estate is not listed on top of their agenda (yet). As already mentioned, cost reduction is a significant key driver. 37% of the CFOs are considering reduction of company usable space and 29% are considering renegotiation of their lease contracts. This way, the CFOs exert pressure on the corporate real estate market.

The second significant key driver for real estate portfolio’s in 2010 is sustainable accommodation. A healthy, productive working environment and image are the main reasons to choose for sustainable accommodation. Sustainability is therefore driven by both internal and external business factors.
Bank borrowing more attractive source of funding

For the first time since the start
of the Deloitte CFO survey
New funding expected

Half the CFOs expect to arrange this
over the next 12 months

"We want to grow - and prehaps it will not stop at a twelve per cent market share"

Tom van Veen

Jumbo
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"We want to grow - and prehaps it will not stop at a twelve per cent market share"

Tom van Veen

Jumbo
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"The recession will have the consequence that even more mergers and acquisitions will fail."

Norbert Vanbeselaere

Universiteit van Leuven
Read more >

"The recession will have the consequence that even more mergers and acquisitions will fail."

Norbert Vanbeselaere

Universiteit van Leuven
Read more
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Iceland votes against repaying Icesave losses
Louisa Gouliamaki/AFP

Greekdemonstratorsclash with police

Extreme cuts needed for an EU and IMF loan - worth as much as€120 billion
ANP

Cabinet-Balkenende IV has fallen

Dutch House of Representatives against a prolonged stay in Afghanistan
Parlementary committee starts an investigation into the cause of the financial crisis in The Netherlands

	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

CFO optimism highest level

Optimism on financial prospects reached
highest level of 2009
Reduced financial risk on balance sheet

CFOs continued to actively reduce levels of
financial risk
Special topic

Corporate pension plan
Read more >
Corporate pension plan
CFOS experience a low impact of the pension plan on the results of the organization. CFOs with a company pension clearly experience the most impact on their company results, but in return they also feel most in control with regard to both the plan design and the execution of the plan.

One of the options to reduce pension plan related risks and to increase the economies of scale is to collaborate with other organizations in the execution of the pension plan.

The results of our survey show that the opinion of CFOs regarding collaboration is rather neutral. A large majority of CFOs does not intend to reduce their balance sheet risks any further with respect to the pension plan within the next three years. This indicates that they are in control after necessary actions last years. Committee Frijns and Committee Goudswaard recently concluded that the Dutch pension system is wavering.

There are a number of elements which will feed the debate between employees and companies. In the end, this could create a renewed sense of urgency to adjust pension plans to modern standards.
Free cash flow expected to increase

Majority of CFOs expect an increase
over the next 12 months
Equity and bond issuance attractive

CFOs do not favour bank borrowing
CFOs do not expect to issue bond or equity at a large scale in 2010

"As an economic liberal, I suppose I'd been somewhat sceptical about the need for regulation."

Hans Hogervorst

AFM
Read more >

"As an economic liberal, I suppose I'd been somewhat sceptical about the need for regulation."

Hans Hogervorst

AFM
Read more
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Sharp reduction rating greek government bonds
Budgetary deficit not toexceed 3%

Eurozone obligatesmember states
"We've recently seen examples of companies where that
balance has been sadly lacking."

Feike Sijbesma

DSM
Read more >

"We've recently seen examples of companies where that
balance has been sadly lacking."

Feike Sijbesma

DSM
Read more
✕
DSB bank declared bankrupt

Take over by Americanparty failed

	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

Optimism Increased

Optimism regarding financial prospects of
corporate sector increased substantially
Operating or free cash flow expected to increase further

Almost three-quarters of CFOs expect increase
over the next 12 months
Special topic

The flexible enterprise
Read more >
The flexible enterprise
As a result of the continuously changing economic climate, uncertainty about growth in their own industry has increased over the last 12 months according to 80% of the CFOs. This uncertainty affects decision making, such as the strategy or budget planning process.

As a result of this uncertainty, CFOs want to make their organization more flexible. Low-hanging fruit has already been picked by most organizations, such as postponing investments (64%), introduction of scenario planning (70%), or increased flexibility of the workplace (57%). As a next step, CFOs contemplate to take measures with more impact to make their organizations even more flexible.

Survey results show that CFOs seriously consider entering into alliances or joint ventures with business partners (41%), or increasing organizational efficiency by introducing shared services (36%). In spite of this increasing uncertainty, CFOs are reluctant to introduce options which will impact business.

Long-term planning remains intact. Three-quarters of CFOs will not consider offshoring, 54% will not adjust their business models, or divest activities (52%). The CFOs want to steer a steady course.
Cash return to shareholder ratios will remain low

According to 65% of CFOs, shareholders wil
not profit immediately from a positive
change in operating cash flow
Bank borrowing out of favour

Corporate bond and equity issuance
increasingly in favour
AEX reaches highest index in september 2009 (313.88)

CFOs expect a further increase in a year's time

False statistics Greece revealed

Greece does not meet therequirements for joining the Eurozone
"If judgements and estimates have to be made, they should be made at the top - nowhere else."

Gilles Izeboud

Robeco
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"If judgements and estimates have to be made, they should be made at the top - nowhere else."

Gilles Izeboud

Robeco
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✕
"We share everything here - we keep nothing secret."

Peter Wennink

ASML
Read more >

"We share everything here - we keep nothing secret."

Peter Wennink

ASML
Read more
✕
Pension funds below minimum requirements

Low interest and stockmarket malaise affect 20 Dutch pensionfunds

	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

Operating or free cash flow expected to increase

Almost two-thirds of CFOs
expect increase over the next 12 months
Funding conditions remain difficult

Funding is characterized as
costly and hard to get
Special topic

Pandemic preparedness
Read more >
Pandemic preparedness
As of July 31st, 2009, 168 countries and overseas territories have reported at least one laboratory confirmed case of Influenza (H1N1). For corporate CFOs a clear reminder that they need to think about their preparedness and resilience to a variety of threats and resulting impacts. And protect the most important asset of the organization – its people. A pandemic impacts an organization’s ability to mobilize its work force to provide products and serve its customers.

The survey results show that a majority of the CFOs (72%) believes that their business is prepared for the pandemic. Almost half (45%) of the CFOs expects the influenza to bring about at least an average decrease of 3,5% on their net revenue.

In the next six months, crisis management communications, operational continuity, human resources, and third parties will be the most impacted business areas according to the corporate CFOs.
Not a good time to be taking greater risks on balance sheets

CFOs still unanimously agree
Expectations have risen sharply

A vast majority expects an increase on M&A and
private equity activity in the next 12 months

Demonstrations during G20 summit

Demonstrants call summit Financial Fools Day
"If something goes wrong, we get to hear about it too late."

André Olijslager

ABN AMRO, Heijmans
Read more >

"If something goes wrong, we get to hear about it too late."

André Olijslager

ABN AMRO, Heijmans
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✕
"No single individual feels responsible for bringing the system down, but ultimately it's the banks that are collectively responsible."

Morris Tabaksblat

Read more >

"No single individual feels responsible for bringing the system down, but ultimately it's the banks that are collectively responsible."

Morris Tabaksblat

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✕
IMF's fund lending capacity tripled to $750 billion

Extra liquidity injectinginto the world economy enabled
ABN AMRO requires more state aid

Total value of state aid now €2.5 billion
Dutch bank Fortis has reimbursed €34 billion

Full state aid loan reimbursed

	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

Download PDF

Financial prospects for companies regarded as pessimistic

Dominant sentiment among CFOs
External funding unattractive

Bank borrowing, corporate bonds, and equity
rated unattractive by CFOs
Special topic

Compulsory diversity and sustainability
Read more >
Compulsory diversity and sustainability
On May 26th, 2009, the Dutch government enacted into law the updated Corporate Governance Code. From January 2010 on, Dutch listed companies will be obliged to report on their compliance with the ‘Frijns Code’, which succeeds the earlier Tabaksblat Code of 2004. The Frijns Committee states that diversity in supervisory boards is an important factor in supporting its independence.

The survey results show that most CFOs agree with this statement. Moreover, almost two thirds (63%) of the CFOs believe diversity in supervisory boards should be compulsory.

In November 2008, a committee led by Antony Burgmans presented its guidelines on sustainability (by order of the Ministry of Economic Affairs). Burgmans states that corporate governance and sustainability are inseparably connected and should therefore be included in the Tabaksblat Code. His recommendations will largely be adopted in the new Frijns Code (2010) and are supported by 58% of the CFOs, who believe sustainability should have a more prominent place in corporate governance.
Not a good time to issue debt and/or Equity

A vast majority
of CFOs agrees
CFOs think equities are undervalued

In general as well as for
their own companies

Government takes measuresin the financial sector

Capital injections andstate guarantees forbanks and insurancecompanies
"Everything we thought was certain over the past decades has become uncertain. That uncertainty is stronger than ever"

Wim Kok

Shell, KLM, ING
Read more >

"Everything we thought was certain over the past decades has become uncertain. That uncertainty is stronger than ever"

Wim Kok

Shell, KLM, ING
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✕
"People are under more and more pressure:
if they're not to succumb to it they need to keep a straight back."

Arnold Schilder

IAASB
Read more >

"People are under more and more pressure:
if they're not to succumb to it they need to keep a straight back."

Arnold Schilder

IAASB
Read more
✕
House prices decreasewith 18.2%

Financial crises hits hard in the USA
ING asks employees to giveback their bonus

CEO Jan Hommen speaks of 'moral appeal'
Dutch economy expectedto shrink 3.5%

CPB speaks ofworsening prognoses

	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%

Hiring back on the agenda

The risk of skills shortage

Uncertainty fades aways

Partnership

Hiring back on the agenda

The risk of skills shortage

Uncertainty fades aways

Partnership

Shooter Las Vegas

Paradise papers

Zimbabwe's Robert Mugabe resigns

Olympic Winter Games - Russia excluded due to doping scandals

Uncertainty increases

Revenue outlook up

Risk appetite stable

Interest rates increase

Uncertainty increases

Revenue outlook up

Risk appetite stable

Interest rates increase

IS attacks Spain

Hurricane Irma hits the Dutch Caribbean

The Catalan Independence referendum

Federal elections in Germany

Optimism slightly down

Uncertainty increases

Risk appetite rises

Private equity deals to increase

Optimism slightly down

Uncertainty increases

Risk appetite rises

Private equity deals to increase

Emmanuel Macron wins French presidential elections

HEMA reduces loss, turnover to record height

Tom Dumoulin wins Giro d’Italia

Ransomware

Optimism increases sharply

Corporate M&A outlook bright

Multi-speed EU preferred

Negative impact CCCTB on Dutch foreign business climate

Optimism increases sharply

Corporate M&A outlook bright

Multi-speed EU preferred

Negative impact CCCTB on Dutch foreign business climate

Wikileaks releases new series of leaks on CIA named Vault 7

M&A in the automotive industry: Peugeot acquires Opel

Dutch Parliament Elections 2017

Terrrorist attacks on Istanbul and London

Uncertainty down

Business optimism increases

Number of employees will increase

Negative impact Trump foreseen

Uncertainty down

Business optimism increases

Number of employees will increase

Negative impact Trump foreseen

Political news

Berlin Christmas market attack

Death of Fidel Castro

Financial news

Uncertainty increases further

Business optimism down again

Corporate M&A sentiment down

Negative impact Brexit foreseen

Uncertainty increases further

Business optimism down again

Corporate M&A sentiment down

Negative impact Brexit foreseen

Turkey Coup

2016 Nice attack

Summer Olympics 2016

Political news

CFO Insights Brexit looms large

Uncertainty increases

Business confidence further down

Risk appetite lower again

Acquisitions in favour

Uncertainty increases

Business confidence further down

Risk appetite lower again

M&A in the automotive industry:

Peugeot acquires Opel