The Deloitte CFO Survey
2011 Q4 results
Key points from the Q4 2011 Survey
- CFOs continue to be pessimistic about the macroeconomic environment. 83% have a negative outlook for the Swiss economy.
- Almost two-thirds of survey respondents expect a recession in Switzerland within the next two years; 53% expect one in 2012.
- The majority of CFOs consider the financial prospects for their own company to have worsened since the previous quarter.
- The pressure on operating margins remains particularly high; 87% of CFOs expect operating margins to decrease over the next 12 months. 69% of CFOs expect a decline in revenues.
- For the second consecutive quarter, CFO sentiment regarding credit availability has worsened. However, a net balance of 16% still considers credit to be available.
- Risk appetite continues to decline. 90% of CFOs consider it inappropriate to increase the risk levels on their balance sheets.
- The intervention of the Swiss National Bank last September had a major impact on CFO expectations regarding exchange rates: 88% now expect an exchange rate of at least 1.20 Swiss Franc for the euro in 12 months.
- The majority of CFOs expect no change in the size of their workforce for 2012. 72% of respondents predict moderate salary increases.