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.
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.
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.
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.
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.
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 President Robert Mugabe resigned on November 15, bringing an end to 37 years of rule and sparking jubilant celebrations in the nation's streets.
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% |
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.
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.
CFOs’ risk appetite came in at the highest level in the past 20 quarters: 58 per cent, versus 32 per cent one year ago.
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.
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.
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.
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.
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% |
CFOs’ optimism about the financial prospects for their companies decreased from 52 per cent last quarter to 47 per cent in 2017 Q2.
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.
Despite increased uncertainty about the external financial and economic situation, risk appetite among CFOs increased to 56 per cent, coming from 40 per cent.
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.
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 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 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.
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% |
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.
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.
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.
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 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.
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.
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).
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% |
The uncertainty about the external economic and financial environment has decreased from 68 per cent in 2016 Q3 to 55 per cent now.
CFOs’ optimism about the financial prospects for their companies increased to 35 per cent from 23 per cent last quarter.
Some 40 per cent of CFOs expect to increase their workforce over the next 12 months, compared to 21 per cent one year ago.
Some 47 per cent of CFOs believe that the US administration under Donald Trump will have a negative impact on the global economy.
Donald Trump wins the US presidential election of Hillary Clinton. The elections took place on November 9, 2016.
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.
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.
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% |
The uncertainty about the external economic and financial environment has increased from 53 per cent in 2016 Q2 to 68 per cent now.
CFOs’ optimism about the financial prospects for their companies slightly decreased to 23 per cent from 26 percent last quarter.
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.
Some 48 per cent of CFOs believe that Brexit negotiations between the EU27 and the UK will have a negative impact on their business.
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.
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.
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.
In September Russia held parliamentary elections. Also in September the first TV debate between US presidential candidates Hillary Clinton and Donald Trump took place.
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% |
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.
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.
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.
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.
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 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.
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.
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.
The Future of Supervision #7
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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% |
The percentage of CFOs who rate the current economic situation as uncertain has remained stable at 69 percent.
CFOs’ optimism about the financial prospects for their companies was 22 percent, compared to 28 percent in 2015 Q4.
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.
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.
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.
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.
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 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.
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% |
CFOs’ revenue expectations have remained confident. Some 52 percent expect higher revenues over the next 12 months versus 44 percent a quarter ago.
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.
CFOs’ optimism about the financial
prospects for their companies was
28 percent, a stabilization compared
to previous quarter’s score.
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.
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.
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.
Major attacks in amongst others Paris, Beirut, Ankara and Sinai.
Historic commitment which applies throughout 195 countries with a temperature increase target of 2 degrees celsius.
V&D and MacIntosh apply for moratorium.
"Cybercrime is exponential, automated and threedimensional."
Marc Goodman
Global Security Advisor and Futurist
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% |
Technology to reshape CFO role
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
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
The percentage of CFOs who are optimistic about the financial prospects for their company now stands at 28% – compared to 42% in Q2
About 36% of CFOs is likely to renew current credit over the next 12 months and 24% is likely to attract new credit
The second Deloitte European CFO Survey is launched! Discover the opinions of close to 1,300 CFOs in 15 European countries.
Read more
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"
The EU have agreed measures withGreece to provide bridge financingand open discussions about anESM package to meet itsfinancing needs overa three-year period
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
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
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% |
54% believe that now is a good time to be taking greater balance-sheet-related risks
68% of the CFOs expect turnover to grow
75% expect cash flows to increase
About 63 percent of CFOs say that their company will realize one or more acquisitions in the next 12 months
According to CPB Netherlands Bureau for Economic Policy Analysis, the Dutch economy will grow 2.0 percent and 2.1 percent this year
UK bank HSBC will cut costs by as much as $5 billion within two years, laying off as many as 25,000 staff
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
Ahold and Delhaize announced their merger. With more than 6,500 stores, Ahold Delhaize will serve up to 50 million customers a week
"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% |
CRISIS MANAGEMENT
Financial prospects recovered from 3 percent
last quarter to 33 percent now
46 percent of CFOs rate external financial
and economic uncertainty as normal
A record breaking 48 percent of CFOs say
that now is a good time to be taking greater
balance-sheet-related risks
Ivo Opstelten resigns as the Minister of Security and Justice in the Netherlands. Fred Teeven resigns as State Secretary of Justice almost simultaneously
Reduced gas exploration cuts income up to 2 billion, according to Minister Dijsselbloem
The ECB will purchase €60 billion worth of corporate and state bonds from March 2015 to end of September 2016
Russian opposition leader Boris Nemtsov is assassinated nearby the Kremlin in Moscow
Several people dead and wounded in Paris during a terrorist attack on the satirical magazine Charlie Hebdo
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 optimism drops to 31 percent
Now, 41 percent of the CFOs see the
current situation as business as usual
Increasing regulatory frameworks
seen as high risk in 2015
Operating margins expected
to improve in 2015
The brent oil price keeps on falling to its lowest point in 2014
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
Several Dutch insurers have not passed the major European stress test SCR
Rating agent Standard & Poor's has confirmed it's AA+ rating for the Netherlands
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% |
Open innovation and grants & incentives
Optimism drops from
25% to 13%
The percentage of CFOs who feel
uncertain about the economy increases
from 56% in Q2 to 77% this quarter
Risk appetite among the Netherlands'
corporate CFOs has reached a five-year high
US$25 billion initial public offering is largest ever
Islamic militants behead American journalist James Foley in response to US-led airstrikes in Iraq
196 victims have the Dutch nationality, the Netherlands mourns
'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
Read more >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% |
Optimism dropped because of heightened
geopolitical risks, exchange rate developments
and uneven economic recovery in the Euro-zone
CFOs who feel uncertain about the economy
decreased to 56% from 66% in Q1
33% CFOs believe that now is the
right time to be taking greater
balance-sheet-related risk
53% of CFOs expect their companies to enter
a strategic partnership or realize one or
more acquisitions in the next 12 months
President Putin is asked to send peacekeeping troops
ECB interest reaches lowest level ever due to low inflation
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
"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% |
Impact of new business models
The score of 41% equals last quarter
and is considerably higher than the
31% of their UK counterparts
Highest score in risk-taking since 2010 Q4
This is the highest score since the launch
of the Deloitte CFO survey in 2009
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 >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% |
Dutch CFOs now equalling
UK CFOs optimism
30% of the CFOs rate current
conditions at a normal level
The EC slapped global financial institutions with €1.7 billion fine after finding that they had broken antitrust laws by rigging interest-rate benchmarks
The digital agenda of the CFO and the Non Executive Director
CFO & Commissarissen Survey
Around the Boardroom
Read more >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% |
The digital agenda
Slight increase compared
to previous quarter
83% expect an increase in
private equity transactions
"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% |
Highest score in two years
concerning risk taking
Cutting headcount one of the reasons
for increasing cash flow
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 >"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% |
Regulatory compliance
Increase in cash flow is expected
92% of the CFOs are not taking greater
balance sheet related risks
A €10 billion international bailout by the Eurogroup, EC, ECB and International Monetary Fund is announced
The Dutch State transferred its shares to NLFI in 2013
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 >"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% |
R&D Tax Incentives
Optimists and pessimists
maintain a perfect balance
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 >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% |
Risk paragraph in the annual report
Risk appetite returned to level of Q1
"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 >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% |
Cyber security
Only 8% of the CFOs is willing to take greater balance sheet related risks
A drop in perception compared
with the previous quarter
The economy will shrink by 0.5% next year
"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 >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% |
Government incentives policy
Developing new products or expanding
into new markets gains priority
Almost a quarter of CFOs think it is
a good time to take greater
balance sheet related risks
Equity also gains attractiveness
That is more than three apps per person in the world
One litre gasoline now costs €1,757
"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% |
Innovation
However, less negative than
in the previous quarter
Increasing cash flow gains priority
Statistics Netherlands reports that the consumer confidence indicator has dropped 5 points to -37, an all-time low
"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 >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% |
Financial issues
From 3 till 6 months to
6 till 12 months
Compared with 77% of the
CFOs last quarter
Their main issues aresocial and economic inequality, greed, corruption and the perceived undue influence of corporations on government
ECB buyssovereign bonds of Italy and Spain
Investigation on measurestaken to fight problems in the Dutch financial system
"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 >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% |
Cloud computing
Optimism has reached its lowest
level of the last two years
€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
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 >"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% |
M&A activities of Chinese companies
After two quarters of recovery
optimism has decreased
Risk appetite returned to
former levels
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
Read more >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% |
The auditor's future role
Financial prospects are
similar to Q3
"Three roads lead to sustainability:
international treaties, trade measures and corporate social responsibility."
Alexander Rinnooy Kan
Read more >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% |
XBRL, driving efficiencies in the reporting process
Dip in Q2 about financial prospects
does not last
As expected by 80% of the CFOs
For the first time, since
this survey started
For the fourth consecutive quarter
Expectations dropped slightly since the last quarter
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
Read more >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% |
Conditions for business development
CFOs' optimism about their financial
prospects has dropped
Equity and bank borrowing are
perceived as less attractive
By more than half of CFOs
However, expectations have dropped
since the last quarter of 2009
Financial crisis hits hard
In the elections for the Dutch House of Representatives
Ash cloud closes down Amsterdam Schiphol Airport
"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 >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% |
Key drivers in Corporate Real Estate
Three-quarters of CFOs expect an increase
over the next 12 months
For the first time since the start
of the Deloitte CFO survey
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
Read more >"The recession will have the consequence that even more mergers and acquisitions will fail."
Norbert Vanbeselaere
Universiteit van Leuven
Read more >Extreme cuts needed for an EU and IMF loan - worth as much as€120 billion
Dutch House of Representatives against a prolonged stay in Afghanistan
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% |
Corporate pension plan
Optimism on financial prospects reached
highest level of 2009
CFOs continued to actively reduce levels of
financial risk
Majority of CFOs expect an increase
over the next 12 months
CFOs do not favour bank borrowing
"As an economic liberal, I suppose I'd been somewhat sceptical about the need for regulation."
Hans Hogervorst
AFM
Read more >Eurozone obligatesmember states
"We've recently seen examples of companies where that
balance has been sadly lacking."
Feike Sijbesma
DSM
Read more >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% |
The flexible enterprise
Optimism regarding financial prospects of
corporate sector increased substantially
Almost three-quarters of CFOs expect increase
over the next 12 months
According to 65% of CFOs, shareholders wil
not profit immediately from a positive
change in operating cash flow
Corporate bond and equity issuance
increasingly in favour
CFOs expect a further increase in a year's time
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
Read more >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% |
Pandemic preparedness
Almost two-thirds of CFOs
expect increase over the next 12 months
Funding is characterized as
costly and hard to get
CFOs still unanimously agree
A vast majority expects an increase on M&A and
private equity activity in the next 12 months
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 >"No single individual feels responsible for bringing the system down, but ultimately it's the banks that are collectively responsible."
Morris Tabaksblat
Read more >Extra liquidity injectinginto the world economy enabled
Total value of state aid now €2.5 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% |
Compulsory diversity and sustainability
Dominant sentiment among CFOs
Bank borrowing, corporate bonds, and equity
rated unattractive by CFOs
A vast majority
of CFOs agrees
In general as well as for
their own companies
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 >"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 >Financial crises hits hard in the USA
CEO Jan Hommen speaks of 'moral appeal'
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% |