Compared to last autumn, CFOs are much more optimistic about the economic development of Switzerland and its major trading partners. Despite continued geopolitical risk and elevated inflation rates, corporate margins are expected to rise, and companies are responding to geopolitical risk with digitalisation, cooperation and “friendshoring”.

1. First half-year 2023 | Results of the Swiss CFO Survey | Summary
Ray of hope
The Deloitte CFO Survey

2. The Deloitte CFO Survey
© Deloitte AG 2023. All rights reserved. 2
Economic outlook: A much brighter picture
5% 4%
3% 3%
54%
51%
21%
47%
33%
25%
39%
28%
8%
18%
32%
22%
0% 1%
4%
0%
Switzerland US Germany China
Very positive Somewhat positive Neither positive nor negative Somewhat negative Very negative
Share of CFOs rating as positive/negative the economic prospects for Switzerland and its major trading partners over the
next 12 months

3. The Deloitte CFO Survey
© Deloitte AG 2023. All rights reserved. 3
52%
21%
1%
34%
15%
Revenues Margins
Discretionary
spending
Number of
employees CAPEX
Corporate outlook: Margin expectations improve markedly
6 32 -1 5 4
Net balance H1 2023 Change to H2 2022 in percentage points
Net balance of CFOs who expect their company’s performance on the following indicators to improve/worsen over the
next 12 months

4. The Deloitte CFO Survey
© Deloitte AG 2023. All rights reserved. 4
Corporate risks: Geopolitical risk and skills shortages
Geopolitical risks / war
Labour shortages
Inflation
Weak demand / recession
Financial market risks (incl. real estate)
Monetary policy / interest rates
Supply chain problems
Internal company problems
Exchange rate risks
Cost of capital / shortage of capital
6
6
-2
-2
3
1
5
6
7
8
9
10
2
3
4
-4
Note on the the methodology: Deloitte has categorised the risks indicated, and the categories set out above include similar, though not identical, factors,
which Deloitte has allocated to the most closely related category. The triangles show the direction of change from the H2 2022 Survey; the figure inside
each triangle shows the change in the rating of each risk.
2
1
2
6
-1
CFOs’ perceptions of the largest internal and/or external risks to their company over the next 12 months. The triangles
show the direction of change from the H2 Survey, the figure inside each triangle shows the change in ranking

5. The Deloitte CFO Survey
© Deloitte AG 2023. All rights reserved. 5
Geopolitical risk: how companies are responding
Expanding company’s presence
Reducing company’s presence
US
EU/western Europe
Asia
Eastern Europe
Middle East
Africa
India
South Amercia
China
Russia
EU/western Europe
Africa
Eastern Europe
Switzerland
Asia
Middle East
US
Countries or regions where companies are expanding or reducing their presence as a result of geopolitical tensions, free-
form responses; text size represents the frequency of individual responses

6. The Deloitte CFO Survey
© Deloitte AG 2023. 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 and Senior 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
Thank you to Damian Rohr for his invaluable 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 the 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 has been written in general terms, and we recommend that you obtain professional advice before acting or refraining from action
on any of the contents of this publication, Deloitte AG accepts no liability for any loss occasioned to any person acting or refrainin from action as a
result of any of the material in this publication.
Deloitte AG is an affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), a UK private company limited by
guarantee. DTTL and Deloitte NSE LLP do not proivde services to clients. Please see www.deloitte.com/ch/about to learn more about our global
network of member firms.
Deloitte AG is an audit firm recognised and supervised by the Federal Audit Oversight Authority (FAQA) and the Swiss Financial Markets
Supervisory Authority (FINMA).
© Deloitte AG 2023. All rights reserved.
About the Deloitte CFO Survey
The 45th Swiss CFO Survey was conducted online between 28 February and 27 March 2023. A total of 116 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.
The European CFO Survey is conducted in 17 countries, including Switzerland. The full aggregated results should be available from May 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