Este estudo periódico analisa as respostas dos CFOs das maiores empresas portuguesas, integrados num painel com outros 15 países europeus: Áustria, Bélgica, Finlândia, França, Alemanha, Irlanda, Itália, Holanda, Noruega, Polónia, Reino Unido, Rússia, Espanha, Suécia e Suíça. Temos como objetivo perceber o sentimento dos CFOs portugueses em comparação com os seus pares europeus e em relação a tópicos económicos, financeiros e estratégicos, tornando os seus pontos de vista disponíveis para uma audiência mais vasta.
The Deloitte CFO Survey: 2013 Q3 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion.
Key findings:
- CFOs' perceptions of external macro and financial risk have hit three-year lows.
- The financing environment for corporates has improved still further. Cost of credit is at its lowest and availability at its highest since the survey began in 2007.
- 54% of CFOs say now is a good time to take greater risk onto their balance sheet, a six-year high.
- Austerity is out and expansion is coming in. Cost control and cash conservation are moving out of favour. Expansion is, once again, the top priority for corporates.
About the Deloitte CFO Survey:
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The CFO Survey is firmly established with media and policy makers as an authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major UK corporate users of capital that gauges attitudes to valuations, risk and financing.
To read the full report, visit www.deloitte.co.uk/cfosurvey
The Deloitte CFO Survey: 2013 Q3 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
A new mood of confidence pervades the third quarter CFO Survey. Chief Financial Officers see fewer risks in the global economy and greater opportunities for expansion.
Key findings:
- CFOs' perceptions of external macro and financial risk have hit three-year lows.
- The financing environment for corporates has improved still further. Cost of credit is at its lowest and availability at its highest since the survey began in 2007.
- 54% of CFOs say now is a good time to take greater risk onto their balance sheet, a six-year high.
- Austerity is out and expansion is coming in. Cost control and cash conservation are moving out of favour. Expansion is, once again, the top priority for corporates.
About the Deloitte CFO Survey:
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
The Deloitte CFO Survey has been widely quoted in the media and is firmly established with policymakers. The Bank of England has cited the CFO Survey several times in its publications such as the quarterly Inflation Report and the monthly Trends in Lending report. The findings have also been quoted in the minutes of the Bank's Monetary Policy Committee meetings.
The CFO Survey is firmly established with media and policy makers as an authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major UK corporate users of capital that gauges attitudes to valuations, risk and financing.
To read the full report, visit www.deloitte.co.uk/cfosurvey
Santander Q1 profit reaches EUR 1.633 billion, 5% less year-on-year and up 8%...BANCO SANTANDER
Banco Santander registered attributable profit of EUR 1,633 million in the first quarter of 2016, a 5% decrease compared to the same period of 2015. This decline is due to the depreciation against the euro of the currencies of all the countries where the Group is present, except the dollar. Without the exchange rate impact, profit would have increased 8%.
Banco Santander delivered an attributable profit of €1,867 million during the first quarter of 2017, +14% compared to Q1 2016. Excluding currency movements, profit before tax increased by 17% to €3,311 million.
This quarter we reported a solid capital position and cash flows and continued sales growth in our fee-based deposit businesses. Underlying earnings were however impacted by changes to actuarial assumptions. Learn more at http://www.aegon.com/quarterlyresults
IFRS 15 Benchmarking survey for financial servicesEY
EY's IFRS 15 benchmarking survey for financial services provides a readiness benchmark and identifies trends developing in the implementation of the new revenue recognition standard.
Santander Q1 profit reaches EUR 1.633 billion, 5% less year-on-year and up 8%...BANCO SANTANDER
Banco Santander registered attributable profit of EUR 1,633 million in the first quarter of 2016, a 5% decrease compared to the same period of 2015. This decline is due to the depreciation against the euro of the currencies of all the countries where the Group is present, except the dollar. Without the exchange rate impact, profit would have increased 8%.
Banco Santander delivered an attributable profit of €1,867 million during the first quarter of 2017, +14% compared to Q1 2016. Excluding currency movements, profit before tax increased by 17% to €3,311 million.
This quarter we reported a solid capital position and cash flows and continued sales growth in our fee-based deposit businesses. Underlying earnings were however impacted by changes to actuarial assumptions. Learn more at http://www.aegon.com/quarterlyresults
IFRS 15 Benchmarking survey for financial servicesEY
EY's IFRS 15 benchmarking survey for financial services provides a readiness benchmark and identifies trends developing in the implementation of the new revenue recognition standard.
Dois terços dos Millennials desejam deixar até 2020 as organizações onde trabalham atualmente. As empresas devem ajustar-se às melhores formas de fomentar a lealdade dos Millennials, sob o risco de perderem uma elevada percentagem da sua força de trabalho.
Short overview of global HR trends presented by Deloitte University Press in March 2016. Future is here, you just need to learn how to work in it and be successful.
The Deloitte CFO Survey: 2015 Q4 A cautious start to 2016Deloitte UK
The quarterly CFO Survey is firmly established with media and policy makers as the authoritative barometer of UK corporates’ sentiment and strategies. It is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey 2014 Q2 results - Risk appetite at new highDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Risk appetite among the chief financial officers (CFOs) of the UK’s largest companies has reached a seven year high.
- CFO risk appetite hits a seven year high despite economic and financial uncertainties.
- CFOs more positive on government policies and give strong vote of confidence to Bank of England.
- Worries over UK political risks eclipse economic risks for CFOs.
- Credit cheaper and more available than any time in seven years.
This is the 29th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q3 2014 survey took place between 8th and 22nd September.
118 CFOs participated, including the CFOs of 28 FTSE 100 and 40 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 79 UK-listed companies surveyed is £462 billion, or approximately 20% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
European banking barometer - Belgian results EY Belgium
The European Banking Barometer provides a benchmark and overview of the macro-economic outlook and its impact on the European banking industry, as well as the priorities banks will focus on over the next six months.
The gradual recovery of European banks is expected to continue. Most bankers remain positive about the economy and their bank’s performance, but the sector isn’t out of the woods yet. After a significant swing towards optimism in our previous edition, our latest survey reveals that a few more bankers expect the economy to improve but most only anticipate slight improvement.
The Deloitte CFO Survey: 2014 Q1 resultsDeloitte UK
Find out more at http://www.deloitte.co.uk/cfosurvey
Record risk appetite: Greater confidence about growth in the UK and euro area is supporting corporate investment.
This is the 27th quarterly survey of chief financial officers and group finance directors of major companies in the UK.
The Q1 2014 survey took place between 6th and 24th March.
126 CFOs participated, including the CFOs of 27 FTSE 100 and 45 FTSE 250 companies. The rest were CFOs of other UK-listed companies, large private companies and UK subsidiaries of major companies listed overseas. The combined market value of the 80 UK-listed companies surveyed is £570 billion, or approximately 26% of the UK quoted equity market.
The Deloitte CFO Survey is the only survey of major corporate users of capital that gauges attitudes to valuations, risk and financing.
The Deloitte CFO Survey: 2013 Q1 resultsDeloitte UK
The Deloitte CFO Survey, launched in 2007, is a quarterly survey of Chief Financial Officers and Group Finance Directors of major UK companies. Over 300 CFOs, mainly from FTSE 350 companies, have joined the CFO Survey panel. The Survey captures shifts in UK CFOs' opinions on valuations, risks and financing and has become a benchmark for gauging financial attitudes of major corporate users of capital.
Which future trends will have the biggest impact on marketers by 2020? This report, sponsored by Marketo, explores. For more information please see: futureofmarketing.eiu.com
Etude PwC "Fit for business" sur les entreprises de l'Eurozone (nov. 2014)PwC France
http://bit.ly/EntreprisesEurozone
Les entreprises de la zone euro ne parviennent pas à transformer les défis financiers et structurels issus de la crise actuelle en opportunités de croissance. Elles sont 20% à penser que la zone euro pourrait s’effondrer, mais sont 36% à n’avoir mis en place aucun plan pour lutter contre la crise persistante de région. Telles sont les conclusions d'une étude menée par le cabinet d’audit et de conseil PwC auprès d’environ 400 dirigeants européens (hors services financiers).
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Portugal: Carta de Intenções, Memorando de Económico e Financeiro Políticas ...Cláudio Carneiro
A seguir é uma Carta de Intenções do Governo de Portugal, que
descreve as políticas que Portugal pretende implementar no contexto da sua
pedido de apoio financeiro do FMI. O documento, que é propriedade
de Portugal, está sendo disponibilizado no site do FMI, com o
membro como um serviço para os usuários do site do FMI.
28 de marco de 2014
Aon Hewitt 6th European HR Barometer Executive Summary (2011)Inspiring Benefits
Sexta edición de la encuesta realizada por Aon Hewitt (división de consultoría y soluciones de outsourcing de recursos humanos de Aon Corporation) con el EChr (European Club for human resources) entre responsables de recursos humanos europeos.
People Power: Business across the globe to employ more staff to accelerate gr...Regus
The Regus Business Tracker - Edition 3 - reveals that companies all over the world are planning to increase headcounts as a way of accelerating growth. Find out more about Regus: http://www.regus.com?utm_campaign=slideshare
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
1. Q3 | November 2015
Portugal
European CFO Survey
with Portugal insights
Looking on the bright side
2. 2
Contents
About the data
The findings discussed in this report are representative of the options of 1,298 CFOs based in 15 European countries: Austria, Belgium,
Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Russia, Spain, Switzerland and the United Kingdom.
For the purpose of this Survey, periphery countries refer to Ireland, Italy, Portugal and Spain. CFOs were all contacted between July and
October 2015. Results from Poland represent preliminary data.
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 positive nor
negative are deemed to be neutral. Due to rounding, not all percentages shown in the charts will add up to 100.
Acknowledgements
We would like to thank all participating CFOs for their support in completing the survey.
Further information
For further information and a more detailed analysis please visit www.deloitteresearchemea.com. If you would like to contact us
please complete the form on our website or email us at europeanCFO@deloitte.co.uk.
3 Foreword
4 Key Findings of the CFO Survey Portugal
5 Executive summary
6 Optimistic mood
7 Coping with uncertainty
8 Risk appetite drops
9 Revenue expectations remain confident
10 Restrained margin outlook
11 Mixed outlook on capex
12 Stability around in hiring
13 Consolidate & Acquire
14 External factors dominate business risks
15 Efficiency in sight
16 Need to evolve
17 Internal financing on the rise
21 Greek crisis dents monetary union
22 Sample characterization Portugal
24 Data summary
3. Welcome to the second edition of the European CFO
Survey, a major initiative of the EMEA CFO Programme.
The Survey presents the opinions from nearly 1,300
CFOs on such critical issues as risk appetite, funding and
the Greek crisis.
This Survey, conducted across 15 countries, is one
of several global offerings provided by the Deloitte
CFO Programme, an initiative that brings together
multidisciplinary teams of senior Deloitte professionals
to help CFOs effectively address the challenges and
demands they experience in their role.
Other global CFO Programme offerings include the
Next Generation CFO Academy, Finance Leadership
Programme, CFO Transition Lab, CFO Forums, CFO
Conference, CFO Survey, CFO Insights and CFO Journal.
We would like to thank all CFOs who took the time to
participate in our Survey and welcome your feedback.
We are very proud to announce the launch of the
CFO Programme Portugal with our participation in the
European CFO survey.
First of all, we want to thank all the CFOs of the main
companies operating in Portugal that participated in this
first edition. We had many responses which enable us
to have a good first base for comparison with the next
surveys.
In an economical context where the signs of recovery
are still slow, how do the CFOs look at the financial and
macroeconomic environment? How will these elements
influence their decisions and those of their companies?
It’s our intention to release this survey in a biannual
basis because we want to regularly share CFOs opinions,
feelings and expectations to help recognizing the
tendencies in a variety of topics and allow the CFOs of
the panel to compare themselves with their peers in
Portugal and in Europe.
Welcome!
Alan Flanagan
Partner, EMEA CFO Programme Lead
Jorge Marrão
Partner, Portugal CFO Programme Lead
European CFO Survey with Portugal Insights Looking on the bright side 3
Foreword
4. Key findings of
the CFO survey
Portugal
Optimistic mood
Portuguese economic indicators have been improving
and CFOs in Portugal seem to have re-established their
confidence in the country’s economy. In fact, nearly 80%
of CFOs expect a brighter future over the next 12 months
and 47% are fairly more optimistic (just 3% are less
optimistic) when compared to the previous three months.
The positive sentiment is extended to businesses’
financial prospects as the great majority of CFOs expect
growing revenues (74%) and better operating margins
(49%) over the next year.
Interestingly, the investment outlook falls short, with
only 43% of CFOs expecting a CAPEX increase.
It should be noted that the survey was conducted before
the legislative elections, so the assessed confidence may
have changed.
Coping with risk and uncertainty
Despite the overall optimism, 69% of CFOs in
Portugal agree that it is not the time to take risks, and
international uncertainty is dominating the agenda with
61% of the CFOs classifying it as high.
Overall, external factors are on the top of the biggest
concerns for CFOs, with the domestic and international
political instability playing a prominent role (73% and
72% respectively), followed by financial system distress
(61%) and currency fluctuations (60%).
Moreover, being the international uncertainty the major
source of risk, 67% of CFOs agree that events in Greece
damaged the prospects of achieving a unified and stable
EU in the long term, with 18% considering the damages
as significant.
Efficiency in sight
Recovering from a period of economic downturn,
efficiency is now on CFOs spotlight.
In fact, 67% of CFOs agree that cost control is the most
important strategy for the next year and some 35% of
CFOs expect to decrease their work force.
Growth strategies are at the bottom of the list with only
24% considering organic growth as a very important
strategy and 18% considering new markets expansion.
Furthermore, 65% expect an increase in corporate
restructuring activities and 54% an increase in the
M&A’s market over the next 12 months.
Internal financing on the rise
CFOs in Portugal favor internal financing over other
sources of corporate funding. This could be explained
by the stricter credit criteria that reduced the availability
of new financing in the last few years as well as the
highly leveraged situation of Portuguese companies that,
combined, lead CFOs to look for funding alternatives.
Anyway, CFOs still look at bank borrowings as very
attractive (25%) as opposed to equity funding,
which 14% see as very unattractive, due to markets’
uncertainty and lack of private investors.
4
80%
Confidence seems to be restored,
with 80% of CFOs considering the
economic outlook over the next
12 months to be positive.
69%Despite the overall optimism, risk
appetite is still low, as 69% of
CFOs believe that it’s not a good
time to take risks.
External risks, namely political and
financial instability as well as
domestic public policies, are the
major CFOs’ concerns.
For the majority of CFOs, cost
control and reduction are the top
priorities for the next year, as
opposed to growth strategies and
new investments, which are not
seen as important.
60%Internal financing is seen as a
preferred source of funding, with
60% of CFOs considering it very
attractive or attractive.
5. Executive summary
Portuguese economic indicators have been improving
and Chief Financial Officers (CFOs) in Portugal seem to
have re-established their confidence in the country’s
economy, with nearly 80% of CFOs expecting a brighter
future. On the other hand, European CFOs are far less
optimistic and their mood deteriorated in the last six
months. The average optimism among nearly 1.300
CFOs in 15 countries declined significantly between Q1
and Q3 2015. For eurozone member countries the fall
was slightly larger.
In Portugal, the positive sentiment is extended to
businesses’ financial prospects as the great majority
of CFOs expect growing revenues (74%) and better
operating margins (49%) over the next year. In Europe,
revenue and margin expectations have softened too,
albeit slightly.
A brighter outlook in Portugal is shared with other
countries in the south and edges of Europe as Ireland,
Italy, Poland and Spain which contrasts remarkably
with a pessimism in the central and northern Europe.
CFOs in Portugal, Ireland, Italy, Poland and Spain are
now the most optimistic of the group being capex and
employment intentions also stronger. The outlook for
revenues and operating margins for Portugal as well as
Ireland, Italy and Spain are also far above the European
average. This broadly mirrors the recent improved
economic development and growth outlook in Europe’s
periphery over the last quarters.
The fall in positive sentiment in northern European
economies including Belgium, Finland, France, Germany,
the Netherlands, Norway and the United Kingdom is
consistent with the weaker export outlook for these
countries. Forecasts for global growth in 2015 and
2016 have been downgraded between Q1 and Q3,
with many key emerging market economies – important
destinations for exports for countries like Germany and
the Netherlands – slowing sharply. The perception of
CFOs in Germany of external economic and financial
uncertainty remains the highest among the 15 European
countries.
CFOs in Europe are, however, more united in their focus
on cost control. When asked about strategic priorities,
CFOs in 12 countries list cost reduction or cost control
as one of their top three for the next year.
Over the course of the year, Europe has experienced
the turmoil related to the Greek debt crisis as well
as growing concerns over the strength of the global
economic recovery, in particular prospects for growth in
key emerging markets such as China. The recent Syrian
refugee crisis has further illustrated how external shocks
can quickly impact internal affairs. These events led
61% of CFOs in Portugal to perceive high international
uncertainty. Among European CFOs, perceptions
of external financial and economic uncertainty rose
moderately between the first and third quarter of 2015.
Worries about external risks have weakened business
sentiment and fed through to a reduction in CFO risk
appetite in Portugal and in most European countries.
This quarter’s ‘special question’ is related to this
summer’s Greek crisis. We asked CFOs whether recent
events in Greece had changed the prospects for
achieving a stable and closely integrated European
monetary union in the longer term. The vast majority
of CFOs (67%) in Portugal and almost half of the CFOs
(48%) in Europe stated that it had damaged prospects,
with just 22% in Portugal and 18% in Europe believing
prospects had improved.
It should be noted that the survey in Portugal was
conducted before the legislative elections, so the
assessed confidence may have changed.
A brighter outlook in Portugal is
shared with other countries in
the south and edges of Europe
as Ireland, Italy, Poland and Spain
European CFO Survey with Portugal Insights Looking on the bright side 5
6. Optimistic mood
CFOs in Portugal are now amongst the most optimistic
out of the CFOs in the 15 countries surveyed. This
optimism is reflected in their business financial prospects
where a considerable percentage of CFOs (47%) are
more optimistic in this quarter compared to the last
three to six months. Furthermore, the Portuguese
net balance is 41 p.p. higher than the average of its
European peers.
The optimism present among the CFOs in Portugal can
also be found in the other peripheral countries, namely
in Ireland, Italy and Spain. Despite the optimist present
on peripheral countries, an unexpected North/South
division can be observed. The optimism downturn in
Northern countries reflects the increased economic
uncertainty since the start of the year. Over this period
confidence has been strained by a renewed Greek
debt crisis, fears over Chinese growth, equity market
volatility and a general dampening of global growth
expectations.
The biggest improvements in sentiment since Q1 have
occurred in Switzerland (net balance change +56 pp).
The confidence of CFOs in Switzerland has recovered
strongly following the surprise removal of the Swiss
Franc floor at the beginning of the year, as companies
gradually adapt to the higher exchange rate.
In contrast, Norway has become the most pessimistic
country with a 14 pp fall in sentiment. A net balance
of 39% of CFOs in Norway are now less optimistic
about the financial prospects for their companies than
in Q1 2015. Oil is a significant driver of growth in the
Norwegian economy and the fact that oil prices are
expected to remain at the current low levels throughout
2016 has dampened growth.
*Note: In Finland, Norway and Spain the question specified a six month period.
Compared to three/six months ago, how do
you feel about the financial prospects for your
company?*
Chart 1. Financial prospects (%)
GDP weighted average net balance: 2% (net balance
is the difference between more optimistic and less
optimistic)
6
7. Coping with uncertainty
Despite the overall optimism in Portugal (Chart 1)
international uncertainty is dominating the agenda with
61% of the CFOs in Portugal classifying such uncertainty
as high, mirrored by a general rise in European CFOs
perceptions of external economic and financial
uncertainty between Q1 and Q3 (net balance increase of
+7pp over the period).
In Germany CFOs’ perceptions of external economic
and financial uncertainty remain the highest of the
group, followed by the Netherlands and Switzerland.
As a major exporter Germany is particularly exposed
to weakness in key emerging markets and the current
slowdown in China.
The Netherlands has seen a big increase in perceptions
of external uncertainty, from a net balance of 50% in
Q1 to 80% in Q3. Perceptions of external financial and
economic uncertainty have also risen sharply in France
(from 48% in Q1 to 65% this quarter).
Perceptions of external uncertainty are much lower in
Austria, Ireland, Italy, Norway, Spain and Poland than the
European average, complementing the positive change
in sentiment and output in those economies through
the year. Poland has seen the biggest improvement, with
perceptions of uncertainty falling from a net balance of
47% to 25% between the first and third quarter, most
likely due the expected outcome of the October election
and continued growth in incomes and revenues.
How would you rate the overall level of external financial and economic
uncertainty facing your business?
Chart 2. Uncertainty (%)
European CFO Survey with Portugal Insights Looking on the bright side 7
8. Rising perceptions of external uncertainty have fed
through to a reduction in risk appetite among CFOs in
Portugal and in most European countries. Two out of
three CFOs in Europe believe it is not a good time to
take greater risk onto their balance sheet (compared
with 62% in Q1) with only one out of three believing
that it is (compared with 38% in Q1).
Once again, the outlook for CFOs in southern Europe
appears brighter. CFOs in Italy are the most willing
to take risk onto their balance sheet (net balance
+12%) – the only positive net reading among the 15
countries. The Italian economy has seen a better-than-
expected economic recovery over the course of the year,
especially in monthly indicators of business confidence.
Forecasts for Italian growth have also been upgraded
during the year.
Risk appetite in the larger northern European economies
has been particularly affected, with large falls in France
(-37 pp), Germany (-20 pp) and most of all in the
Netherlands (-55 pp).
Although risk appetite increased in Russia between the
first and third quarter (+31 pp), it is clear that this does
not reflect an improvement in sentiment, as perceptions
of external uncertainty remain high. It may instead
reflect the fact that CFOs consider taking risk, and
potentially expanding into new markets, as a strategic
way of dealing with weakness in the domestic economy.
In fact, CFO’s in Portugal fall below the
European average regarding appetite for
risk in their companies even though
optimism in Portugal is trending upwards
at a faster rate (chart 1)
Risk appetite drops
Is this a good time to be taking greater risk
onto your balance sheet?
Chart 3. Risk appetite (%)
GDP weighted average net balance: -33% (net balance
is the difference between ‘yes’ and ‘no’)
8
9. Revenue expectations
remain confident
The positive sentiment is extended to businesses’
financial prospects as the great majority of CFOs in
Portugal expect growing revenues (74%) over the next
year. The outlook in Europe has fallen slightly compared
to six months ago, but a net balance of 50% of CFOs
(51% in Q1) still expect revenues to grow over the next
year.
The average revenue expectation of CFOs based in
eurozone countries does not differ from those outside
the eurozone. Not surprisingly, the three countries with
the highest expectations for revenue growth over the
next 12 months are Ireland, Italy and Spain. A stronger
revenue outlook can also be found in Switzerland
(+79 pp), as CFOs and corporates have adjusted to the
surprise removal of the Swiss Franc floor. However, the
overall Swiss revenue outlook stays subdued compared
to the rest of the group.
Despite the weakness of the Russian economy – which
is forecast to contract by 3.6% this year – CFOs are
more upbeat than in the first quarter. However, this
change should be treated with a degree of caution
as Q1 expectations were affected by the significant
drop in revenues at the end of 2014. Furthermore, the
weakness of the Russian rouble this year means that
many Russian companies have effectively lost spending
power globally.
In your view, how are revenues for your company likely to
change over the next 12 months?*
Chart 4.1. Revenues (%)
GDP weighted average net balance: 50% (net balance is the difference
between ‘increase’ and ‘decrease’)is the difference between ‘yes’ and ‘no’)
*Note: In the UK CFOs were asked, “how are revenues for UK corporates likely to
change over the next 12 months?”
European CFO Survey with Portugal Insights Looking on the bright side 9
10. Restrained margin
outlook
Expectations regarding operating margins are more
optimistic for CFOs in Portugal than for the European
average. In fact, 49% of CFOs in Portugal expect
to increase their operating margin, compared to an
European average of 42%.
The outlook on margins among CFOs in the 15 countries
Deloitte surveyed softened slightly between the first
and third quarters, but expectations vary significantly
between countries.
CFOs in Italy and Spain are by far the most confident
about the outlook for margins, again reflecting
improving sentiment about growth in those countries.
Expectations for margin growth have also improved in
Poland (+23 pp), Russia (+31 pp) and most significantly
Switzerland (+72 pp). In Russia, similar to the optimism
CFOs expressed about revenue expectations (Chart 4.1),
the improved outlook for margins is set against a weak
first quarter.
A big fall occurred in the Netherlands (-24 pp), mirroring
the large fall in sentiment among CFOs in the country.
In your view, how are operating margins for your company
likely to change over the next 12 months?*
Chart 4.2. Operating Margins (%)
GDP weighted average net balance: 19% (net balance is the difference
between ‘increase’ and ‘decrease’)
*Note: In the UK CFOs were asked, “how are operating margins
for UK corporates likely to change over the next 12 months?”
10
11. Mixed outlook on capex
When asked about the likely change of capital
expenditures (capex) over the next 12 months, 43%
of CFOs in Portugal say that they expect capex to rise,
nearly the same as European countries average (41%).
CFOs in Europe’s periphery economies are much more
positive on the outlook for capex than the average: the
countries with highest capex intentions are Ireland, Italy
and Spain.
Countries with a below average willingness to increase
capex are Belgium, Finland, France, Germany, the
Netherlands, Norway, Russia and Switzerland.
The lowest appetite to increase capex is in Norway, in
alignment with the country’s weakness of sentiment and
risk appetite. CFOs in Switzerland are also very reluctant
to increase capex, another consequence of the shock
experienced by the Swiss Franc.
In your view, how are capital expenditures for your company
likely to change over the next 12 months?*
Chart 4.3. Capital Expenditure (%)
GDP weighted average net balance: 26% (net balance is the difference
between ‘increase’ and ‘decrease’)
*Note: In the UK CFOs were asked, “how are capital expenditures for UK
corporates likely to change over the next 12 months?”
European CFO Survey with Portugal Insights Looking on the bright side 11
12. Stability around in hiring
Even though 39% of CFOs in Portugal expect their
companies’ number of employees to increase (vs 35% of
European Average) they seem to be more conservative
than the average European CFOs, as evidenced in the
lower net balance compared to the European average
(4% vs 13%). Nevertheless, the positive net balance
suggests some employee increase in the next 12
months.
As with capex intentions, CFOs in Europe’s periphery are
more optimistic, with CFOs in Ireland, Italy and Spain
indicating higher-than-average intentions to recruit.
In Austria, Finland, France, the Netherlands, Norway
and Switzerland a majority of companies expect to
have fewer employees in 12 months’ time. CFOs in the
Netherlands and Norway are expecting the largest fall.
This negative outlook towards hiring is not shared across
all larger northern economies. CFOs in Belgium and
Germany expect a moderate increase in the number of
employees over the next year – as do CFOs in Russia.
In the UK, CFOs are the third most optimistic on hiring,
reflecting the continued strength of the UK labour
market.
In your view, how is the number of employees for your
company likely to change over the next 12 months?
Chart 4.4. Number of employees (%)
GDP weighted average net balance: 13% (net balance is the difference
between ‘increase’ and ‘decrease’)
*Note: In the UK CFOs were asked, “how is the key metric hiring for UK
corporates likely to change over the next 12 months?”
12
13. Consolidate & Acquire
Corporate restructuring is heading the most important
sector activities’ over the next 12 months with 65% of
the CFOs positive about its growth. This may indicate
that the prioritization of cost efficiency is leading
CFO’s to believe that their sectors will consolidate and
restructure.
In fact, although the first semester of 2015 has seen
several M&A transactions, the majority of CFOs in
Portugal (54%) expect a further increase of the M&A
market in next 12 months.
In your view, how will the following activities
evolve in your company’s sector during the
next 12 months?*
Chart 5. Sector Activities (%)
*Note: The question was exclusively asked to CFOs in Portugal
European CFO Survey with Portugal Insights Looking on the bright side 13
14. External factors
dominate business risks
Overall, external factors are on the top of the biggest concerns
for CFOs in Portugal, with the domestic and international political
instability playing a prominent role (73% and 72% respectively),
followed by financial system distress (61%) and currency
fluctuations (60%).
On a European level, CFOs share a consistent concern over external
shocks and global weakness. In a year where the global recovery
has been thrown off course by a series of shocks, fears over
external risks dominate the list of key concerns for CFOs. Weakness
in the global economy, geopolitical instability and financial market
vulnerability including exchange rate risks are the most prominent
concerns highlighted by CFOs in every country when they offered
the option. The fact that this is the case even in countries where
sentiment has not fallen is an indication of how fragile confidence is.
Which of the following factors are likely to pose a significant
risk to your business over the next 12 months?
Chart 6. Business risk next 12 months
23%
25%
26%
27%
31%
33%
40%
49%
60%
61%
72%
73%
Rising input costs
Rising labour costs
Rising cost of capital
Rising barriers to trade/protectionism
Limited access to capital
Deterioration of cash flow
Weaker foreign demand
Weaker domestic demand
Currency fluctuations
Stress in the financial system
Domestic public policies (fiscal, tax, labour
regulation, social legal, etc.)
Political or economic instability in foreign
markets
14
15. Efficiency in sight
In the current uncertain global
economic environment, CFOs in
Portugal are maintaining a clear
focus on costs, especially on cost
control since 67% of the CFOs
selected that strategy as a very
important strategy, ahead of cost
reduction with 49%. Since the
CFOs spotlights is on the costs
side, growth has been left on a
second plan with only 24% of CFOs
considering organic growth as a
very important strategy and 18%
expanding to new markets.
The European landscape is not very
different from the Portuguese, the
CFOs preferred business strategies
for the next 12 months, cost
reduction and cost control are cited
as a top three strategic priority for
CFOs of 12 out of 14 countries
(the Netherlands did not ask
CFOs for their preferred business
strategies). CFOs in seven countries
cited a focus on costs as the most
important strategy.
Even in countries where sentiment
and risk appetite are most positive
– such as Italy, Ireland and Spain –
cost control remains a key strategic
priority. Once again, this reflects
how fragile the confidence of
European CFOs is, given the slow
and turbulent recovery since the
financial crisis. It also reflects past
experiences, which may have made
CFOs more cautious in the current
environment and more wary of
negative surprises.
Please state to what degree the following strategies are
likely to be a priority for your business over the next 12
months?
Chart 7. Strategic priorities next 12 months
European CFO Survey with Portugal Insights Looking on the bright side 15
16. Need to evolve
Breaking down this overall sentiment in five main
components of the model show that the need for
change is not due to a particular aspect but rather
a desire for improvement across all components,
Organization, People, Process, Technology and
Governance/Policies.
The two figures that do stand out is that only 6% of
the inquired CFO’s are completely comfortable with the
technology involved and their financial model and more
than one third (39%) feel the processes used need to
change.
How adequate and ready is each component
of your company’s finance operating model for
future business challenges?
Chart 8. Financial model adequacy
and readiness (%)
*Note: The question was exclusively asked to CFOs in Portugal
16
Few CFO’s in Portugal feel their
financial model is completely
ready and adequate for future
challenges and subsequently
need to evolve in the short-run.
17. Internal financing
on the rise (1 of4)
How do you currently rate bank borrowing
as a source of funding for corporates in your
country? *
Chart 9.1. Bank borrowing (%)
*Note: Portugal, Finland and Russia asked the question as specific to
“your own company”.
In this continued low interest rate environment,
European CFOs consider bank borrowing an attractive
form of financing, a slight increase compared to Q1
2015 data.
The percentage of CFOs that look at bank borrowing
as an attractive source of funding in Portugal
(53%) is lower than the European average (66%),
probably due to the still strict credit access criteria.
However, regarding CFOs that rate bank borrowing as
unattractive, the percentage is very similar to European
values.
On average, nearly two in three CFOs across Europe
view bank borrowing as an attractive source of
financing, with 14% viewing it as unattractive. As such,
bank borrowing is viewed as the most favoured source
of funding for corporates (net balance 51%). CFOs in
Belgium, Poland and the UK favour bank borrowing
most. In Poland, no CFO identified it as unattractive,
which could be explained by the fact that the country
is experiencing the lowest interest rates since the
1989 democratic transition. On top of the low cost of
bank borrowing Poland is also experiencing continued
deflation.
The one country where bank borrowing is viewed far
less favourably is Russia, where 52% of CFOs view
it unfavourably (net balance of -14%). This can be
explained by the current high interest rates that make
bank loans an expensive long-term solution and the
further withdrawal of banking licences. The viability of
bank loans for Russian CFOs is further weakened by
their reliance on foreign loans, which are far more costly
due to the depreciation of the rouble over the last few
months.
Compared to the overall net balances, bank borrowing
is relatively less attractive in Ireland and Italy, although
CFOs in both countries still view it as positive on the
whole.
European CFO Survey with Portugal Insights Looking on the bright side 17
18. Internal financing
on the rise (2 of4)
How do you currently rate corporate debt as
a source of funding for corporates in your
country?*
Chart 9.2. Corporate debt (%)
*Note: Portugal, Finland and Russia asked the question as specific to
“your own company”.
Corporate debt is generally seen as a less attractive
form of funding when compared to bank borrowing,
but overall it is still considered attractive by 43% of
CFOs in Portugal (net balance of 24%) and a majority of
European CFOs (net balance of 25%).
CFOs in Belgium (net balance 65%) and the UK (72%)
favour corporate debt issuance most. In the UK, this has
been the case for some time – a net majority has viewed
it as attractive since Q4 2012 – reflecting the strength of
the UK corporate sector and demand for corporate debt
in recent years.
CFOs in Italy (net balance -41%) and Russia (-53%)
view this form of financing as the least attractive. The
reluctance of CFOs in Russia to issue corporate debt is
perhaps unsurprising given the fact that issuing bonds
for sale in the country is currently a relatively time-
consuming and costly process, given the difficulty in
finding direct investors.
18
19. Internal financing
on the rise (3 of4)
How do you currently rate equity as a source of
funding for corporates in your country?*
Chart 9.3. Equity (%)
*Note: Portugal, Finland and Russia asked the question as specific to
“your own company”.
Equity is still seen as a unfavourable source of funding,
both in Portugal and in Europe with only one in four
European CFOs rating equity as an attractive source of
funding, with 36% rating it as unattractive (net balance
-11%).
The declining popularity of equity as a source of funding
in Europe since Q1 (net balance change -19 pp) is not a
surprise during a period when equity markets have been
very volatile, and in many instances, have fallen over the
last months. With lower share prices, equity financing
automatically becomes less attractive.
CFOs in only a few countries see equity as an attractive
form of funding, led by the UK (net balance 14%) where
the FTSE has remained strong. The biggest drop in
attractiveness was registered by CFOs in Germany (-31
pp), the Netherlands (-37 pp), Spain (-34 pp) and Russia
(-34 pp).
Italy (net balance -56%) and Russia (net balance -62%)
consider this form of financing extremely unattractive,
reflecting the relative weakness of equity markets in the
two countries.
European CFO Survey with Portugal Insights Looking on the bright side 19
20. Internal financing
on the rise (4 of4)
How do you currently rate internal financing
as a source of funding for corporates in your
country?*
Chart 9.4. Internal financing (%)
This preference for internal financing can be explained
by the liquidity restrictions that affect bank loans and
the above European average leveraging experienced by
Portuguese companies, combined, lead CFOs to look for
funding alternatives.
In Europe, internal financing is seen as an important
alternative or complement to bank borrowing. More
than 50% of CFOs based in Europe rate it as an
attractive source of funding, with only 15% viewing it as
unattractive (net balance 38%).
CFOs from Switzerland favour internal financing most,
with a net balance of 65% viewing it as an attractive
form of funding. For CFOs based in Switzerland it
is considered the most popular source of corporate
funding, more so than bank borrowing. This partly
reflects the fact that many Swiss-based companies have
accumulated significant cash reserves in recent years.
It also reflects a more general reluctance towards debt
financing, something also seen in Austria and Germany,
where internal financing is a favoured.
In contrast, in Italy and Poland CFOs view internal
financing less favourably than their European colleagues.
*Note: Portugal, Finland and Russia asked the question as specific to
“your own company”.
20
CFOs in Portugal
have the second
highest net balance
(58%) favouring
internal financing
over other sources
of corporate funding.
21. Greek crisis dents
monetary union
To what extent have recent events in Greece changed the prospects for achieving a stable and
closely integrated European monetary union in the longer term?
Chart 10. Greek events
The Greek crisis kept politicians and business leaders
busy over the summer of 2015. The responses from this
quarter’s special question on Greece highlight concerns
about the stability of the euro area continuing to affect
many companies both directly and indirectly.
We asked CFOs for their view on how the events in
Greece and the handling of the crisis have affected
European monetary union in the longer term. Almost
two out of three CFOs (67%) in Portugal and half
across Europe believe that recent events have damaged
prospects for achieving a stable and closely integrated
European monetary union. Just 22% in Portugal believe
it has improved prospects.
Countries not in the eurozone are more sceptical (63%)
than those in the eurozone (40%) and see recent
events as damaging to European monetary integration
prospects. Sentiment appears particularly negative in the
more ‘Eurosceptic’ countries – such as Finland, Poland
and Switzerland. Interestingly, German CFOs do not
share this very negative view, despite notable opposition
to Greece’s third bailout from a significant portion of
German politicians and the public.
The countries least concerned about the effects of the
recent Greek crisis are France and Italy. Both countries
have traditionally been much more supportive of both
the single currency and Greece’s continued membership
of the eurozone. CFOs reflect this sentiment in their
responses. In France, support for the euro area remains
strong and businesses appear confident that political
solutions will continue to be found to prevent a
break-up of the single currency block.
Note: Net balance is the difference between improved prospects and damaged prospects
European CFO Survey with Portugal Insights Looking on the bright side 21
23. European CFO Survey with Portugal Insights Looking on the bright side 23
“CFOs are,
however, more
united in their
focus on cost
control.”
24. Data summary
To facilitate interpretation, this table contains a full breakdown of net balances to each questions. Because of rounding,
percentages may not always add up to 100.
24