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The Deloitte CFO Survey

2011 Q4 results

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.


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