Our previous CFO survey concluded that CFOs still had plenty to worry about in terms of the pace of the recovery. CFOs saw risks ahead. The latest CFO Survey now shows an increase in financial optimism with the balance of respondents reporting greater optimism going from 25% to 44%, the highest reading in two years.
The average CFO now attaches only a 20% probability to there being a “double dip” - a renewed period of contracting economic activity. A vast majority of CFOs expect the economy to further recover – albeit very slowly. Fewer than half of the respondents expect accelerated growth for products and services in the next 12 months. Two quarters down the year, 80% of CFOs have made the budget – whilst 40% of CFOs even report having exceeded their budgets.
Two quarters in 2010, CFOs report results are on budget. 40% have even outperformed budgets
Not all survey questions are reported in each quarterly survey. In response to the current financial economic situation survey questions will be selected. In case you participated to the survey and would like to receive information about non-reported questions do not hesitate to contact us.
Some of the charts in the Deloitte CFO Survey show the results in the form of a net % balance. This is the percentage of respondents reporting, for instance, that bank credit is attractive minus the percentage saying bank credit is unattractive. This is a standard way of presenting survey data.
The 2010 second-quarter survey took place between 13 June and 30 June 2010. A total of 52 CFOs completed our survey. The participating CFOs are active in a variety of industries. 26% of participating companies have a turnover of over 1 billion, 44% of between 100 million and 1 billion and 26% of less than 100 million.
We would like to thank all participating CFOs for their efforts in completing our survey. We hope the report makes an interesting read, clearly highlighting the challenges facing CFOs, and providing an important benchmark to understand how your organization rates among peers.
Thierry Van Schoubroeck
Deloitte CFO Services, Partner
Tel. + 32 2 749 56 04