A clear majority of Swiss CFOs rates the prospects for the Swiss economy over the next 12 months as positive. However, the situation remains fragile, and despite renewed optimism, CFOs are not yet confident there will be an economic boom.

1. The Deloitte CFO Survey
First half-year 2021 │ Results of the Swiss and European CFO Surveys | Summary
Glimmers of hope for recovery

2. The Deloitte CFO Survey
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Corporate outlook: The return of optimism
Companies‘ financial outlook in Switzerland compared with Germany, Italy and the United Kingdom
Net balance of CFOs rating their company's financial outlook compared with three months ago
Optimistic Pessimistic Broadly unchanged
78%
21%
1%
69%
16%
15%
49%
41%
10%
42%
39%
19%

3. The Deloitte CFO Survey
© Deloitte AG 2021. All rights reserved. 3
61%
22%
15%
26% 28%
Revenues Operating margins Discretionary
spending
Number of
employees
Investment
30% 36% 57% 44% 38%
Net balance H1 2021 Change to H2 2020 in pp
Net balance of CFOs who expect their company’s performance on the following indicators to increase/decrease
over the next 12 months.
Corporate indicators

4. The Deloitte CFO Survey
© Deloitte AG 2021. All rights reserved. 4
34%
5%
11%
19%
11%
5% 6% 7%
3%
Already at or
above pre-
crisis level
First half of
2021
Second half of
2021
First half of
2022
Second half of
2022
First half of
2023
Second half of
2023
2024 or later No idea
50%
On the basis of current information, when do you expect your company’s revenues to return to pre-crisis levels?
Most companies have not yet returned to pre-crisis levels of revenue

5. The Deloitte CFO Survey
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Corporate measures: The long-term impact of COVID-19
What will be the long-term impact of the pandemic on the business environment?
Net balance of CFOs who agree/disagree with the following statements
68%
35%
23%
13%
13%
7%
13%
21%
28%
41%
31%
28%
35%
17%
11%
30%
27%
53%
56%
46%
71%
8%
10%
4%
4%
12%
Interactions with our clients, customers or prospects will be
digital
Our real-estate footprint will be smaller than pre-pandemic
Our supply-chain management will focus less on efficiency
and more on resilience
We will nearshore more functions compared to pre-
pandemic
We will offshore more functions compared to pre-pandemic
Our supply chains will be more domestic-based than pre-
pandemic
The majority of our employees will work remotely
permanently
Agree Neutral Disagree Doesn't apply/Don't know

6. The Deloitte CFO Survey
© Deloitte AG 2021. All rights reserved. 6
Contacts and authors
Contacts
Reto Savoia
CEO
Deloitte Switzerland
+41 58 279 60 00
rsavoia@deloitte.ch
Authors
Dr. Michael Grampp
Chief Economist and Head of Research
+41 58 279 68 17
mgrampp@deloitte.ch
Follow me on Twitter
@michaelgrampp
Dennis Brandes
Economist & Research Manager
+41 58 279 65 37
dbrandes@deloitte.ch
Alessandro Miolo
Managing Partner Audit & Assurance
and CFO Programme Leader
+41 58 279 72 27
amiolo@deloitte.ch
We are grateful to Damian Rohr for his valuable input to this
report.
Acknowledgements
We would like to thank all participating CFOs for their support in
completing the Survey.
The Deloitte CFO Survey is supported by CFO Forum Schweiz, the
independent association of Chief Financial Officers in Switzerland.
Participating in our Survey and accessing previous surveys
If you would like to take part in our Survey or would like to receive further copies
of this report, please contact us at cfosurvey@deloitte.ch.
You can find all the survey results since Q3 2009 on our website at
www.deloitte.com/ch/cfosurvey.

7. This publication is generally produced. We recommend that you seek professional advice before you pursue or approve business on the basis of
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approves business on the basis of information in this publication.
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Deloitte AG is a supervised audit firm approved by the Swiss Federal Audit Authorities (RAB) and FINMA, the Swiss Federal Financial Markets
Supervisory Authority.
© Deloitte AG 2021. All rights reserved.
About the Deloitte CFO Survey
The 41st Swiss CFO Survey was conducted online between 2 and 31 March. Despite the unusual circumstances, a total of 125 CFOs participated, representing listed companies as well as privately owned firms from every
major sector of the Swiss economy. We would like to thank all participating CFOs for their support in completing the Survey.
This edition also presents the results for selected questions and countries from the European CFO Survey. The results from 19 countries, including Switzerland, have been compiled into a single report. A total of 1,559
CFOs took part in the current European Survey. You can find the full aggregated results and country comparisons at www.deloitte.com/europeancfosurvey
A note on the methodology
Some of the charts in the Survey show results as an index value (net balance). This is calculated by subtracting the percentage of respondents giving a negative response from the percentage giving a positive response;
responses that are neither negative nor positive are deemed to be neutral.
Because of rounding, percentages may not add up to 100. To improve readability, only questions related to the current financial and economic situation have been included in the published Survey. If you would like to
receive information about unreported questions, please contact us.
Where to find the complete set of results
This is a summary of the results. You can find all results on our internet page: www.deloitte.com/ch/cfosurvey