The Deloitte Belgium second quarter CFO survey
Preparing for a slow recovery
Diegem, Belgium, 27 July 2009 – Deloitte Belgium has released its Chief Financial Officer (CFO) survey: “Preparing for a slow recovery”. This is the second edition in a series of quarterly polls of chief financial officers and group finance directors of Belgian companies. These polls capture the attitudes of Belgian CFOs towards financing and financial management throughout the economic and financial cycle.
The survey shows that although CFO optimism strengthened somewhat in the second quarter, Belgium is still very far from business as usual. In fact, there was a clear indication that the Belgian economy is unlikely to recover within the next twelve months. Recovery will be slow and credit conditions will remain tough. Focus on cost control – including reducing employee numbers - and reduced investment spending are signs of continuing crisis management.
Representing both listed and non-listed companies, 51 CFOs participated in the second quarter survey. It was conducted from 9 June, when the Belgian regional election results were published, to 30 June, when coalition talks on regional governments began to take shape. “CFO’s didn’t express much confidence that the outcome would have a positive effect on government economic policy, although they certainly see room for additional action to stimulate the economy,” comments Thierry Van Schoubroeck, Partner in charge of Deloitte’s CFO Services. “CFOs expectations on the timing of the Belgian economic recovery have been pushed back with 6 months since the previous survey in March.”
Deloitte CFO Survey 2009 Q2: key findings
“The value of the survey data increases with the ability to identify trends and possible turning points,” explains Thierry Van Schoubroeck, partner Deloitte Consulting. “We are looking forward to the 2009 third quarter Deloitte Belgian CFO Survey to see the evolution in this matter”
This article is also available in Dutch and French, please see Attachments.