The Deloitte CFO Survey: 2012 Q4 results
2013 outlook: Cash, costs and the search for opportunity
The fourth quarter’s Deloitte CFO Survey, published on 7th January 2013, shows that the UK’s largest businesses are entering 2013 in a more optimistic mood than they entered 2012, but continue to favour defensive strategies in a low growth environment.
Here are the key findings:
- CFOs enter 2013 in a more optimistic mood than they entered 2012;
- But alongside these sings of confidence, CFOs continue to worry that growth will be in short supply this year;
- CFOs seem less concerned about company-specific issues such as margins, cash flow and credit availability;
- The balance sheet strategies of CFOs have become increasingly defensive and large companies enter 2013 with a stronger focus on cutting costs and bolstering cash flow that at any time in the last 2 years;
- Yet CFOs have not closed the door on growth – about half of CFOs think that troubled economic times creates opportunities to take market share and expand capacity;
- When asked about the appropriateness of current policy, monetary policy is seen by CFOs as being the most appropriate policy whilst the greatest concerns relate to regulation, infrastructure, energy and immigration.
Read the full report and an executive summary: 2013 outlook: Cash, costs and the search for opportunity – 2012 Q4 results
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 Deloitte CFO Survey is written and produced by Ian Stewart, Chief Economist and Debapratim De, Assistant Manager, Economics & Markets Research at Deloitte. To join our panel of CFO respondents and to receive copies of this report, please contact Tulaine Trimble.
Previous reports
2012 Q3 results: Strategies for uncertainty
2012 Q2 results: Confidence triple dips
2012 Q1 results: Confidence up but corporates remain defensive
2011 Q4 results: Priorities for 2012: Cash & costs
2011 Q3 results: Corporates turn defensive
2011 Q2 results: Optimism falls
2011 Q1 results: Optimism down, risk appetite up
2010 Q4 results: 2011 outlook: CFOs planning for growth
2010 Q3 results: Cost control is still king
2010 Q2 results: Confidence dips
2010 Q1 results: Financial repair, economic uncertainty
2009 Q4 results: 2010: Optimism, opportunity, risk
2009 Q3 results: Caution rules
2009 Q2 results: No return to business as usual
2009 Q1 results: Amid the gloom, glimmers of hope
2008 Q4 results: Priorities for 2009 - Cash, confidence, costs
2008 Q3 results: Digging in for the Downturn
2008 Q2 results: The Hunt for Liquidity
2008 Q1 results: Corporates respond to the credit crunchs
2007 Q4 results: The credit crunch bites
2007 Q3 results: Inaugural CFO Survey
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