Deloitte Belgian CFO Survey Concerns Dominate€¦ · Deloitte Belgian CFO Survey Concerns Dominate 3 Key points from the 2013 Q1 Belgian CFO survey • The slow economic recovery

CFO ServicesFirst quarter edition 2013 - April 2013

Deloitte Belgian CFO SurveyConcerns DominateBenchmarking corporate financial attitudes

Content

3 Key points 4 Concerns Dominate 6 Recovery unlikely any time soon 9 Slow headcount decrease is expected 12 Little light at the end of the tunnel 14 Looking for secular growth 16 External financing remains attractive 18 Limited concern over the new financial crisis 20 Looking Back: Business confidence through the financial and economic cycle (2009-2013) 24 Contact

“Our economy might on balance be facing destruction of jobs”

Deloitte Belgian CFO Survey Concerns Dominate 3

Key points from the 2013 Q1 Belgian CFO survey

•The slow economic recovery is the CFO’s dominant concern and this continues to drive the overall pessimistic

mood. No recovery is expected this year, and a quarter of CFOs do not expect the Belgian economy to start

growing again before 2015.

•The current business climate remains negative and even unpredictable in the short term: over half of surveyed

organisations have not been able to meet their financial budget in the first quarter.

•Efficiency improvement and cost reduction are important priorities for most CFOs to remain competitive. For

existing organisations the balance between job creation and job destruction risks turning negative next year.

Following all that has already been done in the past, half of the surveyed organisations plan to further reduce

headcount.

•CFOs have not completely closed the door to growth: emerging markets and secular growth are the main drivers of

investment. Low expected growth in Belgium and the Eurozone area provide little stimulus for investment.

•The government’s financial and economic policy is seen as inappropriate. CFOs are particularly negative about

the government’s labour market and taxation policies. Lowering the social contribution by the employers and

reforming the wage indexation mechanism are said to have the largest positive impact on businesses.

•External financing is attractive, although over one third of CFOs report bank borrowing is still hard to get.

Businesses are above all constrained by low growth and uncertainty rather than access to capital.

Macroeconomic backdrop to the 1st quarter CFO survey

Economic activity seems to have stagnated in the first quarter and growth forecasts for 2013 have drifted lower. Market nerves about the US deficit and US Housing and employment activity improved. The outlook for growth in emerging markets improved as fears of a ‘hard landing’ eased. The bold monetary and fiscal stimulus policies introduced by Japan’s new government led to a strong rally in Japanese equities and boosted confidence about Japan’s growth prospects. Financial markets continued to strengthen with the Bel 20 up 3% between January and the end of March and the S&P 500 and Dow Jones Industrial Average reaching all-time highs. Financial market optimism was briefly dented by the € 17 billion bailout of Cypriot banks. The episode set new precedents with private depositors being forced to contribute to the rescue, and the imposition of capital controls.

Ian Stuart, Chief Economist Deloitte UK

4

“Demand remains depressed and financial results continue to fall short of expectations”

CFO optimism - one of the lead indicators of the CFO Survey - was depressed throughout 2012 and remains depressed in 2013 as well. General economic and financial uncertainty remains high, and the central concern for CFOs today is the economy – or the absence of the prospect of future growth anywhere soon. Three months into the year, financial performance disappoints with the majority of surveyed organisations performing behind budget. In response, defensive strategies are top of the agenda: focus is on bolstering cash flow, efficiency improvement and cost reduction. Jobs are at risk. Half of the surveyed CFOs report headcount will be reduced by the end of 2014. Belgian labour market policies are seen as inappropriate.

A few certaintiesPerceptions of economic and financial uncertainty are high and will likely remain high throughout the year. Growth prospects for the Eurozone and Belgium are weak. A quarter of CFOs are not expecting an uptake before 2015. Also short term demand remains weak and difficult to predict: at the end of the first quarter, more than half of CFOs report they are lagging behind the financial budget (many of them) made in the fourth quarter of 2012 – the highest number since we started to conduct the survey.

Looking for secular growthGrowth is not top of the agenda and appetite for risk remains low, but CFOs have not completely closed the door to growth. A net percentage of 34% report that actual or expected growth in emerging markets has had a positive impact on investment plans, as have products and services that offer secular growth opportunities – as opposed to cyclical growth. Eurozone markets (and to a lesser extent also US, Japan and Asia Pacific markets) are not an important driver of investment.

Focus on efficiency and costsLike in recent years, cost reduction and working capital management remain key priorities for most surveyed organisations, and efficiency improvement completes the top three of key priorities. Businesses need to take measures to strengthen their internal organisations and to remain competitive in their markets. CFOs indicate that these priorities will have a negative impact on employment over the next 18 months: half of CFOs report their organisations will have reduced

Concerns Dominate


headcount by the end of 2014 – as opposed to only 21% that plan for headcount to grow. This suggests our economy might on balance be facing destruction of jobs, as was also the case in the period 2008-2009 when the total number of jobs cut by shrinking organisations outnumbered the total number of jobs created by growing organisations.Large scale, headline grabbing layoffs seem unlikely, as fewer organisations will apply the process of collective redundancy or outsourcing. CFOs expect employee numbers to be reduced mainly on a sporadic basis, or through natural loss, sucha as staff retiring without being replaced.

Inappropriate policy makingBusinesses do not feel (Belgian) financial and economic policy is appropriate: 60% are negative about the way the Belgian federal government is setting the priorities for financial and economic policy making (as opposed to only 7% that are positive).CFOs are particularly unhappy with the government’s labour market and taxation policies. According to CFOs, little has been done to measures that – according to CFOs – would have the most positive impact on their organisations: for CFOs decreasing social security contributions and reforming the automatic indexation system needs attention.

Financial easingIntrest rates are low and expected to remain low, creating a favourable financing environment. External financing (both bank borrowing and corporate debt) is overall perceived as being attractive, and equity financing – though still perceived as unattractive – has made up some points in the first quarter.The financial crisis in Cyprus escalated and then unfolded to some extent in the course of the survey period. To date, the crisis only somewhat increased the CFOs perceived likelihood that one or more Eurocountries might leave the Euro (17%). CFOs are not preparing for this scenario.Businesses are above all constrained by low growth and uncertainty rather than access to capital. CFO’s balance sheet strategies have become increasingly defensive, not for want of capital, but for scarcity of opportunity.The Belgian CFOs’ outlook is that there is no respite from the challenges of negiotiating difficult economic conditions. Demand remains depressed, results continue to fall short of expectations and CFOs are concerned that background factors, such as economic and fiscal policies, have added to their burdens.

Thierry Van Schoubroeck,Partner

6

Recovery unlikely any time soon

CFO sentiment remains depressed and has dropped again, following its slow recovery that started almost one year ago. Almost 50% of the respondents are less optimistic about the financial prospects for their company now, as compared to the previous quarter.

Similar to previous quarters, uncertainty remains high: almost 80% of the CFOs rate the external financial and economic uncertainty facing their businesses high or above normal levels.

Mor

e op

timis

ticLe

ss o

ptim

istic

Net % of CFOs who are more/less optimistic about financial prospects for their company

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

‘13Q1

‘12 Q4

12 Q3

‘12 ’Q2

‘12 Q1

'11 Q4

'11 Q3

'11 Q2

'11 Q1

'10 Q4

'10 Q3

'10 Q2

'10 Q1

'09 Q4

'09 Q3

'09 Q2

'09 Q1

-18%

0%

22%17%

25%

44%40%

53%

26%

8%

-34%

-75%

-42%

-27%

-11%

-29%

12%

CFOs’ rating on the general level of external financial and economic uncertainty facing their business

22%

39%

27%

10%

2012 Q1

2013 Q10%

10%

20%

30%

40%

50%

60%

Above normal level of

uncertainty

Normallevel of

uncertainty

Below normal level of

uncertainty

High level ofuncertainty

42%

33%

46% 46%

12%

19%

0%2%


Almost 80% of the respondents do not expect the Belgian economy to recover in the course of this year. Moreover, close to 25% of CFOs believe that the economy will not pick up prior to 2015.

Expectations for growth remain grim, and over 60% of the CFOs do not expect more than zero-growth this year.

CFOs’ expectations for the Belgian economic growth in 2013

Greater than 1%

0,6% to 1%

0,2% to 0,5%

-0,1% to 0,1%

-0,5% to -0,2%

-1% to -0,6%

Less than -1%

3%

8%

25%

38%

21%

3% 2%

*CFOs' expectations about timing of recovery of the Belgian economic growth

22%

39%

27%

10%

2012 Q4

2013 Q10%

10%

20%

30%

40%

50%

60%

70%

80%

90%

2012 2013 H1 2013 H2 As of 2014

4% 3%0%

11%

22%18%

63%

79%

8

CFOs are longing to navigate into calmer waters, and remain above all concerned about the timing and the pace of the economic recovery.

CFOs’ expected timing for the acceleration of growth in demand of their own businesses’ products and services has shifted backwards compared to the previous quarter: more than half of the respondents do not believe that growth in demand for their products and services will take up again in the next 12 months.

CFOs’ perception on the greatest concern for their business in 2013

Economic recovery

Competitive position in the market

Changes in regulation

Commodity prices

Impact of Belgian financial &

economic policy making

Access to capital

Interest rates

Slow-down in China

One or more member states

leaving the Eurozone

Increasing sovereign risk

60%16%

8%

6%

3%3%

2% 2%

%00

Expected timing for acceleration of growth in demand for products and services of CFOs' businesses

0%

12%

24%

36%

48%

60%

As of 20142013H22013H12012

33%

24%

3%

15%

21%

18%

36%

51%

35%28%

22%

13%

2013 Q1

2012 Q3

2012 Q4


Slow headcount decrease is expected

More than half of the respondents expect a decrease in headcount within their organisation over the next two years. For over 10% of the CFOs’ organisations, headcount will even have decreased by more than 5% by the end of 2014.

The decrease in headcount is more outspoken for larger organisations than for smaller organisations. This illustrates the importance of smaller organisations for job protection.

27%

CFOs’ expectations on the headcount situation of their organization by the end of 2014

3%

11%

38%

30%

18%

Headcount decreased by more than 5%

Headcount decreased by 1% tot 5%

Same headcount as today

Headcount increased by 1% to 5%

Headcount increased by more than 5%

Significantly better than expected

Somewhat better than expected

As expected

Somewhat worse than expected

Significantly worse than expected

Expected headcount evolution by the end of 2014

Organizations withturnover over €1 billion

Organizations with turnoverbetween €100 million and €1 billion

Organizations with turnoverof less than €100 milliony

0% 20% 40% 60% 80% 100%

60% 13%

27%

43% 19%

18%

27%

55%

38%

Decrease in headcount

Same headcount

Increase in headcount

10

Much of the decrease in headcount will take place unnoticed and without big headlines in the press: most of the organisations that foresee a decrease in headcount in the next two years plan to do this by means of sporadic lay offs and/or retirement without replacement. Fewer organisations will (also) apply the process of collective redundancy or outsourcing.

Strategies envisaged by CFOs' organisations foreseeing a decrease in headcount by the end of 2014

70%

Lay offs on a sporadical

basis

Retirement without

replacement

Collective redundancies

Outsourcing

57%

27%

20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Decrease in social contribution employers

Reform the automatic indexation system

Skip one automatic indexation

40-hour work week

Adjustment of index products and services portfolio

Wage freeze

Expected impact by a net % of CFOs if the following measures would be implemented in Belgium

0% 20% 40% 60% 80% 100%

95%

83%

80%

56%

46%

44%

For most CFOs, a decrease in social contribution by the employers, a reformation of the automatic indexation system, or skipping one automatic indexation would have the most positive impact on their organisation. Unfortunately, little has been done by the government on these measures up till now.


CFOs are unhappy about the current policy settings for the labour market: almost 75% of the respondents consider the current policy settings to be inappropriate for long-term successes in Belgium.

Looking at the broader picture, CFOs’ perception of the way in which the Belgian government is setting the right priorities for financial and economic policy making, has become much more negative compared to last year.

3% 3%

0%

3%

23%

14%

40%

45%

33%34%

CFOs' evaluation of the appropriateness of the current policy settings in labour market and the taxation areas for the long-term successes in Belgium

0

10

20

30

40

50

Very

appropriate

Somewhat

appropriateNeutral Somewhat

inappropriate

Very

inappropriate

Labour market

Taxation policy

-33%

25%-29%

-20%

-52%

2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1

Perception bij a net % of CFOs of the way in which the Belgian government is setting the right priorities for financial and economic policy making

-60%

-50%

-40%

-30%

-20%

-10%

0%

12

Little light at the end of the tunnel

CFOs were fairly optimistic during the fourth quarter of last year, when the budgets were prepared: about half of the CFOs’ organisations budgeted top-line growth and higher operating margins compared to the 2012 actuals. About half of the organisations budgeted for a lower headcount for 2013.

First quarter results reveal that the optimism at year-end might have been a bit overstated. At the end of the first quarter, over 50% of the organisations are already reporting worse than expected performance.

Surveyed organizations’ budget for the following key metrics as compared to the 2012 actuals

0% 10%

Revenues

Operating margins

Operating costs

Discretionary spending,for instance on travel,

training and marketing

Financing costs

Profit before taxes

Operating cash flow

Capital expenditure

Levels of cash and cash equivalentson balance sheet

Inventory levels

Headcount

20% 30% 40% 50% 60% 70% 80% 90% 100%

56% 13% 32%

46%

39%

13%

21%

41%

42% 18% 40%

37%35%29%

35% 37% 29%

27%57%16%

27% 25% 48%

48% 40%

25%54%

14% 44%

18% 44%

14% 40%

Increase No change Decrease

Comparison of the surveyed organizations’ actual performance versus budget

Significantly better than expected

Somewhat better than expected

As expected

Somewhat worse than expected

Significantly worse than expected

8%8%

0%

49%

35%

2012 Q2


More than half of the respondents report worse than expected turnover for their organisation at the end of the first quarter. The operating margin is reported to be worse than expected for almost half of the respondents’ organisations.

Actual performance versus budget has gradually deteriorated over the past three years: since we have started to monitor this indicator, the proportion of companies that have outperformed their budget has never been so low. Similarly, the proportion that has underperformed has never been so high.

Comparison of the surveyed organisations' actuals performance versus budget over time

Worse than expected

As expected

Better than expected0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

‘10Q2

20%

38%

42%

18%12%

35%

53%

34%

27%

23%

50% 49%

22%

29%24%

39%

37%

57%

45%

30%

25% 35%

22%

43%

8%

35%

57%

23%

20%

37%

29%

41%

41%

‘10Q3

‘10Q4

‘11Q2

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘12Q3

‘12Q4

‘13Q1

Comparison of the surveyed organisations’ actual turnover and operating margin versus budget

0%

10%

20%

30%

40%

50%

60%

8% 6%

35%

48%

57%

46%

Turnover

Operating margin

Better than expected As expected Worse than expected

14

Looking for secular growth

Next to cost and cash flow management, productivity and efficiency are high on the CFO’s agenda in the next 12 months. Businesses will also focus on growth, but to a lesser extent.

This is also reflected in the reduced appetite for risk: less than 25% of the respondents believe now is a good time to take greater risk onto the balance sheet. The positive trend that had started a year ago has not continued this quarter.

Business strategies likely to be a priority for the CFO's businesses over the next 12 months

Strong priority somewhat of a priorit Not a priority

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Raising dividends or share buy backs

Disposing of assets

Reducing leverage

Increasing capital expenditure

Expanding by acquisition

Expanding organically

Increasing cashflow

Reducing costs

Increasing productivity/efficiency

Introducing new products/servicesor expanding into new markets

10%2%

8%

12%

14%

17%

44%

44%

46%

56%

62%

31%

32%

15%

29%

36%

27%

41%

34%

33%

88%

61%

56%

71%

54%

20%

29%

14%

10%

5%

% of CFOs who think now is a good time to be taking greater risk onto their balance sheet

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

'13 Q1

'12 Q4

'12 Q3

'12 Q2

'12 Q1

'11 Q4

'11 Q3

'11 Q2

'11 Q1

'10 Q4

'10 Q3

'10 Q2

'10 Q1

'09 Q4

'09 Q3

'09 Q2

'09 Q1

5%

17%

17%

21% 23%

28% 31%

35%

41%

35%

30%

24%

14%

19%

19%

8%

13%


On the other hand, expectations for merger and acquisition activity in Belgium have continued to further increase.

Over the past year, investment plans have been positively impacted by the actual or expected growth in emerging markets and by the secular or long-term growth for the CFOs’ organisations’ products and services, as opposed to the actual or expected growth in Belgium and the euro area.

Net % of CFOs who expect M&A activity to increase over the next 12 months

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

'13 Q1

'12 Q4

'12 Q3

'12 Q2

'12 Q1

'11 Q4

'11 Q3

'11 Q2

'11 Q1

'10 Q4

'10 Q3

'10 Q2

'10 Q1

'09 Q4

'09 Q3

'09 Q2

'09 Q1

36%

69%

76%

89% 90%

76% 74%

84%88%

70%

30%

5% 12%

24%

36%

55%48%

Net % of CFOs reporting the following factors had a positive/negative effect on their investment plans in the last 12 months

-80%

Uncertainty about the economic and financial environment

Financial and economic policy making in Belgium

Actal or expected growth in the euro area

Actal or expected growth in Belgium

Cost and availability of external finance

Availability of internal finance

Actal or expected growth in US, Japan, Asia-Pacific

Actal or expected growth in emerging markets

Secular or long-term growth for your products or services

-70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40%

-63%

-47%

-36%

-29%

-3%

7%

14%

34%

34%

16

External financing remains attractive

External financing, bank borrowing as well as corporate debt remain attractive overall. Equity financing remains significantly less attractive.

The cost and (un)availability of external financing has not been an inhibitor to investment plans in the last twelve months. Overall, credit remains cheap. The availability of bank borrowing has improved, but remains somewhat hard to get for the average CFO..

Net % of CFOs reporting the following sources of funding as attractive/unattractive

Bank Borrowings Corporate debt Equity

-60%

-40%

-20%

0%

20%

40%

60%

80%

‘13Q1

‘12 Q4

‘12 Q3

‘12 Q2

‘12 Q1

‘11 Q4

‘11 Q3

‘11 Q2

‘11 Q1

‘10 Q4

‘10 Q3

‘10 Q2

‘10 Q1

‘09 Q4

‘09 Q3

‘09 Q2

‘09 Q1

Att

ract

ive

Una

ttra

ctiv

e

Net % of CFOs reporting credit is costly and net % reporting credit is available

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

'13 Q1

'12 Q4

'12 Q3

'12 Q2

'12 Q1

'11 Q4

'11 Q3

'11 Q2

'11 Q1

'10 Q4

'10 Q3

'10 Q2

'10 Q1

'09 Q4

'09 Q3

'09 Q2

'09 Q1

Cre

dit

is c

ostly

Cre

dit

is c

heap

Cre

dit

is a

vaila

ble

Cre

dit

is u

nava

ilabl

e

Available Costly


Within the current low interest rate environment, only few CFOs expect interest rates to further decrease. However, almost half of the CFOs still expect long-term interest rates to remain at the current level

Forward, more than half of the CFOs expect higher price terms and/or harder lending terms – similarly to what we reported in earlier editions of the Deloitte CFO survey.

CFOs' expectations about evolutions of price terms and lending terms in the next 6 months

Higher price terms and/ or harder lending terms

No change

Lower price terms and/or easier lending terms

3%

42%

55%

CFOs' expectations about the evolution of the long term interest rates in the next 6 months

Increase significantly

Increase somewhat

No change

Decrease somewhat

Decrease significantly

0%

7%

46%

47%

18

Limited concern over the new financial crisis

Today, less than 20% of the CFOs assign a high rating to the likelihood of one or more member states leaving the eurozone in the next 12 months. The crisis in Cyprus that unfolded during the survey period has only had a limited impact on the CFOs’ trust in the future of the eurozone.

As a consequence, companies are hardly making any plans to deal with a break-up scenario. Only 5% of the CFOs are currently making some changes to their plans in order to deal with the risks of the euro stress.

CFOs' rating on the likelihood of one or more memberstates leaving the Eurozone in the next 12 months

0%

5%

10%

15%

20%

25%

30%

35%

40%

0%0%

17%

11%

29%

20%

31%32%

38%

22%

Very high Quite high Neither highnor low

Quite low Very low

2012 Q4

2013 Q1

Extent to which companies are changing their plans to deal with the risk of the Euro stress

Significant change in plans

Somewhat change in plans

No change in plans

5%

95%

0%

20

Mor

e O

ptim

istic

Less

Opt

imis

tic

Q2 2009 “Preparing for a slow recovery”

Q1 2009“First signs of optimism in

uncertain times”

Q3 2009 “Financial

conservatism is back”

Q4 2009“Diverging fortunes

going into 2010”

Q1 2010“Financial

Repair, economical uncertainty”

Q2 2010“Confidence

grows”

Q3 2010“Higher confidence,

good results”

Q4 2010“Planning for

Growth”

Q1 2011“Call for caution” Q2 2011

“At a turning point”

Q3 2011“Results under

pressure”

Q4 2011“Outlook 2012:

a very difficult year”

Q1 2012“Anxiety has eased,

but plenty ofrisks remain”

Q4 2012“Outlook 2013:

how CFOs are preparing for 2014”

Q1 2013“Concerns Dominate”

Q3 2012“The New Normal

is here to stay“

Q2 2012“Corporates

are defensive“

Optimism

Looking Back: Business confidence through the financial and economic cycle (2009-2013)



Mor

e O

ptim

istic

Less

Opt

imis

tic

Q2 2009 “Preparing for a slow recovery”

Q1 2009“First signs of optimism in

uncertain times”

Q3 2009 “Financial

conservatism is back”

Q4 2009“Diverging fortunes

going into 2010”

Q1 2010“Financial

Repair, economical uncertainty”

Q2 2010“Confidence

grows”

Q3 2010“Higher confidence,

good results”

Q4 2010“Planning for

Growth”

Q1 2011“Call for caution” Q2 2011

“At a turning point”

Q3 2011“Results under

pressure”

Q4 2011“Outlook 2012:

a very difficult year”

Q1 2012“Anxiety has eased,

but plenty ofrisks remain”

Q4 2012“Outlook 2013:

how CFOs are preparing for 2014”

Q1 2013“Concerns Dominate”

Q3 2012“The New Normal

is here to stay“

Q2 2012“Corporates

are defensive“

Optimism



22

Delivering the voice of the CFO community

The Deloitte Belgian CFO Survey is produced by Thierry Van Schoubroeck, Partner and Ann Moerman, Senior Consultant.

A note on the methodologyNot all survey questions are reported in each quarterly survey. Survey questions will be selected in response to the current financial economic situation. In case you participated in the survey and would like to receive information about non-reported questions, please do not hesitate to contact us.

Some of the charts in the Deloitte CFO survey show the result 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 2013 first quarter survey took place between 13 March and 3 April, 2013. A total of 63 CFOs completed our survey. The participating CFOs are active in a variety of industries. 25% of the participating companies have a turnover of over €1 billion, 39% of between €100 million and €1 billion, and 36% 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 organisation rates among peers.

“Business are above all constrained by low growth and uncertainty, rather than access to capital”

Joël BrehmenDeloitte CFO Platform [email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.

Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte's more than 195,000 professionals are committed to becoming the standard of excellence.

© May 2013 Deloitte ConsultingDesigned and produced by the Creative Studio at Deloitte, Belgium.

ContactThierry Van [email protected]+ 32 2 749 56 04www.deloitte.com/be/cfo-survey

Documents

Deloitte Belgian CFO Survey Concerns Dominate€¦ · Deloitte Belgian CFO Survey Concerns Dominate 3 Key points from the 2013 Q1 Belgian CFO survey • The slow economic recovery