Deloitte Belgian CFO Survey Good performance amid the haze€¦ · Deloitte Belgian CFO Survey First quarter 2015 5 Uncertainty and risk appetite are closely correlated in our survey

CFO ServicesThird quarter edition 2015

Deloitte Belgian CFO SurveyGood performance amid the haze Benchmarking corporate financial attitudes

2

Good performance amid the haze 3

Q3 2015 Summary: Optimism fades while business priorities remain unchanged 4

Performance of small companies is worrying 7

Pace of recovery remains top concern 8

Expansion backed by strong defence 10

Financing conditions benign 13

Low support for specific government policy setting 15

Profile Q3 survey participants 17

Content

Deloitte Belgian CFO Survey First quarter 2015 3

CFOs have turned less optimistic about the future financial prospects of their organisations. Over the past 2 years, the overall trend has been down and optimism has slowly faded. Performance to budget remains strong overall in the third quarter, but concerns remain regarding the pace of global recovery and the impact of a Chinese slowdown. The changing mood has not changed business priorities: risk appetite remains high and focus on expansionary strategies is up. In spite of signals from Central Bankers that record low interest rates might not continue for long, CFOs do not expect significant increases. Funding is available and all major forms of financing are attractive.

Size seems to matter. Overall optimism has faded, but CFOs of smaller organisations (with a turnover of less than 100 million euro) show significantly less optimism than those of the large organisations (with a turnover of over 1 billion).

Third quarter financial results as reported in the survey’s performance to budget ratio fuel the different sentiments: 80% of the large organisations report third quarter financials are on budget (with 40% outperforming the budget). But the small organisations report very different results: 50% of the smaller organisations did not meet their budget at the end of the third quarter, and only 24% beat the budget.The impact of the changed mood on corporate behaviour is to date limited: appetite to take on additional risk on the balance sheet remains strong. Expansion through market extension or the launch of new products and services is on the agenda, although more aggressive strategies such as acquisitions are not a priority. And the changed sentiment has again pushed defensive strategies such as cost cutting and efficiency improvement even higher on the agenda than they already were.

CFOs remain above all concerned about the pace of the economic recovery and are less upbeat on growth prospects for Belgium and the Eurozone, as are the National Bank and the EU. Notwithstanding slowdown in China, emerging and overseas markets are considered more promising than local and EU markets. The dominant view amongst CFOs is that Belgian economic growth will not exceed 1%.

Funding is available and all major forms of financing are attractive. Bank borrowing attractiveness, cost and availability are at the highest levels since the launch of the survey in 2009. With Central Bankers sending signals that quantitative easing might be tightened and that we might see the end of the record low interest rates, only half of CFOs expect a (small) increase in interest rates in the coming 6 months. Thierry Van Schoubroeck, Partner,

Good performance amid the haze

The macroeconomic backdrop to the Deloitte CFO Survey 2015 Q3The UK and US economies saw steady growth in the third quarter, with consumers benefiting from low inflation and rising wages. However, a number of industrial indicators pointed to a softening of activity in the West, with slowing growth in key emerging markets acting as a drag on output. Slowing activity in the Chinese economy caused particular concern, resulting in a sell-off in Chinese equities. Weakness in China and falling commodity prices dented confidence in other key emerging markets, whose currencies fell sharply against the US dollar. The Institute of International Finance estimates that emerging markets saw more than $40bn of capital outflows between July and September, the largest reversal since the height of the global financial crisis. With investors increasingly unsettled, global stock markets lost more than $10tn in value, their worst quarterly performance since 2011. Yields on developed market bonds rose. Against this backdrop, and with inflation remaining low, central banks opted to keep monetary policy accommodative. The US Federal Reserve opted to keep rates on hold, the Bank of England moved to dampen expectations of an imminent rate rise in the UK and the ECB opened the door for further quantitative easing in the euro area.

Ian Stuart, Chief Economist Deloitte UK

4

Q3 2015 Summary: Optimism fades while business priorities remain unchanged

CFO optimism has weakened in the third quarter. The mood overall has overall been optimistic and stable over the past two years, but the trend is one of decreasing optimism. Limited prospects for global economic growth and a slowdown in China fuel pessimism.

Small companies are more concerned about their financial prospects than larger corporations. On the other hand, our survey does not provide any indication that internationally oriented organisations are more or less optimistic than their locally oriented peers.

Not withstanding high degrees of volatility in financial markets, CFO perception of the general level of financial and economic uncertainty remains stable.

Mor

e op

timis

ticLe

ss o

ptim

istic

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

'10 Q4

'11 Q1

'11 Q2

'11 Q3

'11 Q4

'12 Q1

'12 Q2

'12 Q3

'12 Q4

'13 Q1

'13 Q2

'13 Q3

'13 Q4

'14 Q1

'14 Q2

'14 Q3

'14 Q4

'15 Q1

'15 Q2

'15 Q3

'10 Q3

'10 Q2

'10 Q1

'09 Q4

'09 Q3

'09 Q2

'09 Q1

-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

-18%

0%

22%17%

25%

44%40%

53%

26%

8%

-34%

-75%

-42%

-27%

-11%

-29%

-15%

34%30%

39%35%

8% 9%

24% 23%27%

12%

% of CFOs who are more/less optimistic about financial prospects for their company according to the company size

0 10 20 30 40 50 60 70 80 90 100

More optimistic

No change

Less optimistic

Turnover > €1bn

€100mn < Turnover < €999mn

Turnover < €100mn

33% 33%

41%44%

33%

15%

26%50%24%

% of CFOs rating the general level of external financial and economic uncertainty high/very high

21%

47%51%

42%

53%

41%

37%

33%27%

26%

17%

16%

12%

25% 23%22%

33%

18%

0%

10%

20%

30%

40%

50%

60%

2015 Q1

2015 Q2

2015 Q3

2014 Q4

2014 Q3

2014 Q2

2014 Q1

2013 Q4

2013 Q3

2013 Q2

2013 Q1

2012 Q4

2012 Q3

2012 Q2

2012 Q1

2011 Q4

2011 Q3

2011 Q2


Uncertainty and risk appetite are closely correlated in our survey. Although optimism has eroded, risk appetite remains at the highest levels since the start of the survey in 2009. 40% of the CFOs still report now is a good time to be taking additional risk onto the balance sheets.

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

5%

17%17%

21% 23%

28%

31%

35%

41%

35%

30%

21%

22%

21%

33%

36%

41%

40%

44%

35%

42%

24%

14%

19%19%

8%

13%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

15Q3

15Q2

15Q1

14Q4

14Q3

14Q2

14Q1

13Q4

13Q3

13Q2

13Q1

12Q4

12Q3

12Q2

12Q1

11Q4

11Q3

11Q2

11Q1

10Q4

10Q3

10Q2

10Q1

09Q4

09Q3

09Q2

09Q1

With decreasing optimism, corporates have again sharpened their focus on defensive strategies: increasing productivity/efficiency and on-going cost control are the main business priorities for CFOs in Q3 2015. At the same time - and as risk appetite remains at relatively high levels - prudent expansionary strategies remain on the agenda, reflecting corporates continued growth ambitions.

CFO priorities: defensive vs. expansionary strategies

Arithmetic average of the % of CFOs who rated expansionary and defensive strategies as a strong priority for their businesses in the next 12 months. Expansionary strategies are introducing new products/services or expanding into new markets, expanding by acquisition and increasing capital expenditure. Defensive strategies are increasing productivity/efficiency, reducing costs, reducing leverage, disposing of assets and increasing cash flow.

Expansionary strategies Defensive strategies

20%

30%

40%

50%

2013 Q1

2013 Q2

2013 Q3

2013 Q4

2014 Q1

2014 Q2

2014 Q4

2015 Q1

2015 Q2

2015 Q3

2014 Q3

6

Most CFOs expect their organisations to increase top line and operating margins in the next year. As opposed to previous quarters, fewer companies expect their operating costs to increase. Lower commodity prices likely contribute to this.

CFOs remain overall concerned about the pace of the economic recovery and their ability to compete in the market. In recent years we have reported that Belgian CFOs are overall also concerned with (new) regulation and policy making in Belgium. With the Federal Government in office for over one year, CFOs are still more positive about the priorities of the current rather than of the previous administration.

CFOs' expectations on the evolution of the following metrics in the next twelve months

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

71% 9% 20%

62% 14% 24%

55% 21% 24%

52%

44%

41%

35%

32%

20%

18%

18%

29%

29%

35%

43%

46%

63%

53%

56%

19%

27%

24%

22%

22%

17%

29%

26%

Increase Same level Decrease

Revenues

Profit before taxes

Operating cash flow

Operating margins

Headcount

Levels of cash and cash equivalents on balance sheet

Capital expenditure

Operating costs

Inventory levels

Discretionary spending, for instance on travel, training and marketing

Financing costs

-33%

-25%

-29%

-20%

-52%-44%

-27%

19%

64%

31% 31%25%

-34%

-46%

-63%

2012 Q1

2012 Q2

2012 Q3

2012 Q4

2013 Q1

2013Q2

2013 Q3

2014 Q1

2014 Q3

2014 Q4

2015 Q1

2015 Q2

2015 Q3

2014 Q2

2013 Q4

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

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%


Despite a slight drop, the performance to ratio remains good. 63% of the participating CFOs report to have met or exceeded the budgeted figures.

Budget to performance has been especially strong for larger corporates. Smaller companies, defined as those with a turnover lower than 100 million report significantly worse performance to budget: half of the surveyed smaller organisations did not meet their budget.

Unlike size, the share of turnover derived from international operations does not have a large impact on performance to budget. International companies manage to meet their targets only slightly better than the more local ones. As the value of the Euro is lower than it was a year ago, non-eurozone activities of international organisations might contribute more in euro as was expected.

Performance of small companies is worrying

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

Worse than expected

Net balance

As expectedBetter than expected

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

‘13Q4

‘14Q1

‘14Q2

‘14Q3

‘14Q4

‘15Q1

‘15Q2

‘15Q3

‘13Q3

‘11Q3

‘11Q4

‘12Q1

‘12Q2

‘13Q1

‘13Q2

‘12Q3

‘12Q4

50%

23%

27%

49%

22%

29%

37%

39%

24%

57%

23%

20%

45%

30%

25%

43%

22%

35%

57%

8%

35%

47%

35%

18%

54% 52%

32%

24% 32%28%

40%

35%

44%

35% 24%

30%31%

33%

43%

24%

30%

33%

37%

36%

31%

32%

32%

42%

27%22%

15%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

Comparison of the surveyed organisations' actuals performance versus budget - small vs. large companies

0 10 20 30 40 50 60 70 80 90 100

Better than expected

As expected

Worse than expected

Turnover > €1bn

€100mn < Turnover < €999mn

Turnover < €100mn

40% 40%

30%41%

20%

30%

50%29%21%

Comparison of the surveyed organisations' actuals performance versus budget - local vs. international companies

0 10 20 30 40 50 60 70 80 90 100

Better than expected

As expected

Worse than expected

70-100% of revenues derived from abroad



37% 30%

36%29%

33%

36%

39%31%31%

8

Although China’s economic slowdown gains points on the CFO’s list of worries, the overall economic outlook and the company’s competitive position in the market persist as the greatest concerns. Shortage of (skilled) labour continues to worry companies with expansionary appetite.

The majority of CFOs does not believe current sanctions against Russia will impact their company or business. However, a third of all CFOs still fear that these sanctions will slightly impact them negatively.

Pace of recovery remains top concern

CFOs' perception on the greatest concern for their business in the next 12 months

Economic outlook/growth

Competitive position in the market

Shortage of (skilled) labour

Changes in regulation

China's slow-down

Euro exchange rate

Access to capital/funding

Eurozone stability

Impact of Belgian financial & economic policy making

Deflation risk

Current geopolitical risks

26%

23%

10%

9%

8%

8%

4%

4%

3% 3%3%

Impact of current sanctions against Russia on CFO's company/business

1%1%

62%

29%

7% Positive impact

Slightly positive impact

No impact

Slightly negative impact

Negative impact


Although the percentage of CFOs who consider the likelihood of recession to be high has increased from 4 to 16%, as compared to last quarter, the overall net expectations are more optimistic than a year ago.

CFOs' expectations on the likelihood that the Belgian economy will enter into a (new) recession in the next 2 years

16%

35%

44%

5%

Very high

Quite high

Neither high nor low

Quite low

Very low

0%

CFOs are less optimistic about the growth prospects for the Belgian economy, as are the National bank of Belgium and the EU. Only 10% of survey respondents concur with the institutions growth previsions for Belgium of more than 1%. About half of the Belgian CFOs expect the Belgian economy to grow between 0,2 and 0,5% this year.

Pace of recovery remains top concern

CFOs' expectations for the Belgian economic growth in 2015

8%3%

9%

34%

0%47%

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%

0%

10

More specifically, international companies focus on market expansion and on the introduction of new products and services. But defensive strategies such as increasing efficiency and cost control remain top of list for the vast majority of companies.

Corporates continue to invest. There are more CFOs who plan to increase capital expenditure than those who budget a reduction, but the positive trend we reported a year ago has not persisted.

Expansion backed by strong defence

% of CFOs who report that their capital expenditure is likelyto increase/decrease in the next 12 months

Capital expenditure (net % line)

-50

-40

-30

-20

-10

0

10

20

30

40

50

Decrease

2015Q3

2015Q2

2015Q1

2014Q4

2014Q3

2014Q2

2014Q1

2013Q4

2013Q3

-50

-40

-30

-20

-10

0

10

20

30

40

50

Increase

14%

-4%

5%

3%

3%

20%22%

11% 13%

0 20 40 60 80 100

62%

58%

52%

46%

42%

42%

32%

25%

23%

14%

12%

12%

12%

4% 24% 72%

1 12% 87%

41% 47%

19%

26% 62%

69%

32%

37%

30% 18%

37% 17%

43%

45%

39%

21%

41%

20%

36%

66%

13%

29%

54%

15%

5%

6%Increasing productivity/efficiency

On-going cost control

Organic growth

Increasing cashflow

Cost Reduction

Introducing new products/services

Expanding into new markets

Expanding by acquisition abroad

Increasing focus on sustainability programmes

Increasing capital expenditure (CAPEX)

Disposing of assets

Expanding by acquisition in Belgium

Reducing leverage

Increasing operational expenditures (OPEX)

Raising dividends or share buy backs

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

Strong priority Somewhat of a priority Not a priority


The dominant view is that M&A activity will increase in the next year, as has been the case in recent years. Financing is cheap and equity is cheaply priced.

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

0

20

40

60

80

100

'15 Q3

'15 Q2

'15 Q1

'14 Q4

'14 Q3

'14 Q2

'14 Q1

'13 Q4

'13 Q3

'13 Q2

'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%

76%

90%84%

88%

74%70%

5%

55%

66%59%

53%60% 60%

63%

73%

59%

50%57%

36%30%

12%

24%

48%

Uncertainty about growth prospects in overseas and emerging markets has somewhat reduced the impact of these markets on investment plans, although the impact is still positive. As opposed to one year ago, (somewhat more positive) growth prospects for Belgium and the Eurozone concerns are considered to be less inhibiting to new investments than they were year ago.

Net % of CFOs who perceive the following factors to have a positive/negative impact on their investment plans (current impact)

-20% -10% 0% 10% 20% 30% 40%

38%32%

26%22%

-27%15%14%

11%23%

9%28%

-1% -18%

-9%-16%

-14%

-20%

8%

39%51%

34%

Inhibiting Stimulating

2015 Q32014 Q3

Secular or long-term growth for your products or services

Actual or expected growth in emerging markets

Availability of internal finance

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

Cost and availability of external finance

Actual or expected growth in the euro area

Actual or expected growth in Belgium

Financial and economic policy making in Belgium

12

For small companies and companies that have a focus on the Belgian market, financial and economic policy making in Belgium continues to be seen as an important inhibiting factor to investment.

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

53%31%

38%

50%

19%29%

36%

18%-8%

38%

9%8%

31%

15%27%

3%

-29%

35%-12%

8%0%

-15%

23%-6%

8%15%

Small companies (Turnover < €100mn)

Medium companies (€100mn < Turnover < €999mn)

Large companies ( Turnover > €1bn)



Actal or expected growth in Belgium

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

Actal or expected growth in the euro area


Actal or expected growth in emerging markets


Uncertainty about the economic and financial environment

8%

Stimulating/Inhibiting factors to investment plans (current impact) - small vs. large companies

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

37%43%

37%

36%20%

30%

14%-14%

11%

9%

9%

-7%22%

-29%

22%14%

9%

4%

-24%0%

0%

22%-7%

6%

0 - 30% of revenues derived from abroad





Actal or expected growth in Belgium

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

Actal or expected growth in the euro area


Actal or expected growth in emerging markets


Stimulating/Inhibiting factors to investment plans (current impact) - local vs. international companies


Bank credit remains cheaper than it has been at any time since the launch of the survey in 2009, while the availability is close to record heights as well.

The attractiveness of bank credit has reached new highs, while the attractiveness of equity has plummeted. Overall, funding is available and all sources of financing remain attractive. Small and large companies rate the attractiveness of bank borrowing equally high. The CFO survey hence provides no evidence that smaller companies experience more difficulties to obtain bank credit than do larger organisations. Note however that the CFO survey’s target audience is the corporate sector, and very small organisations are not represented.

Financing conditions benign

Cre

dit

is c

ostly

Cre

dit

is c

heap

Cre

dit

is a

vaila

ble

Cre

dit

is u

nava

ilabl

e

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

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

'15Q3

'15Q2

'15Q1

'14Q4

'14Q3

'14Q2

'14Q1

'13Q4

'13Q3

'13Q2

'13Q1

'12Q4

'12Q3

'12Q2

'12Q1

'11Q4

'11Q3

'11Q2

'11Q1

'10Q4

'10Q3

'10Q2

'10Q1

'09Q4

'09Q3

'09Q2

'09Q1

Cost of credit Availability of credit

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

Att

ract

ive

Una

ttra

ctiv

e

Bank borrowings Equity Internal FinancingCorporate debt

-40

-20

0

20

40

60

80

100

'15Q3

'15Q2

'15Q1

'14Q4

'14Q3

'14Q2

'14Q1

'13Q4

'13Q3

'13Q2

'13Q1

'12Q4

'12Q3

'12Q2

'12Q1

'11Q4

'11Q3

'11Q2

'11Q1

'10Q4

'10Q3

'10Q2

'10Q1

'09Q4

'09Q3

'09Q2

'09Q1

14

CFOs seem to agree that interest rates will either remain stable or increase a little. Notwithstanding the seemingly increasing likelihood that (some) Central Bankers will tighten quantitative easing programmes in the coming months, CFOs do not expect a significant immediate impact on interest rates.

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

Increase significantly

Increase somewhat

No change

Decrease somewhat

Decrease somewhat51%45%

4%

0%

0%


Although CFOs remain overall positive about the Federal government's priorities for financial and economic policy making, they are not very supportive of specific policy areas and their impact on the long term success of business in Belgium. Little improvement has been reported since a year ago, labour market policy being the only noteworthy exception. CFOs are the least content with developments in infrastructure, urban planning, public expenditure, and immigration policies.

Half of the CFOs see the recent events in Greece as having damaged the prospects for Europe achieving a stable and closely integrated European monetary union in the longer term.

Low support for specific government policy setting

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

-59%-39%

-49%

-44%24%

-37%

-16%

-17%-11%

40%35%

-45%-37%

-41%

1%

-36%

-29%-10%

4%

-20%

0%

36%

-8%

Net % of CFOs evaluating appropriateness of the current policy settings in the following areas for the long-term success of business in Belgium

Inappropriate Appropriate

2014 Q3

2015 Q3

Infrastructure

Energy policy

General levels of regulation affecting business

Urban & town planning

Taxation policy

Public expenditure

Immigration policy

Financial regulation

Education & training

Labour marketMonetary policy, including interest rates, inflation and

the availability of credit (Eurozone policy)

To what extent have recent events in Greece changed the prospects for achieving a stable and closely integrated European Monetary Union in the longer term?

33%40%

12% 15%Improved prospects significantly

Improved prospects somewhat

No effect

Damaged prospects somewhat

Damaged prospects significantly

0%

16

Today less than half of the CFOs remain optimistic about the extent to which Federal government policy will have a positive impact on businesses in Belgium, also in the long term, down from 43% last quarter.

Extent to which Federal government policy will have a positive impact on businesses in Belgium, also in the long-term

Very positive

Positive

Neither positive nor negative

Negative

Very negative

37%

36%

18%

1%0%

0%

Extent to which Flemish government policy will have a positive impact on businesses in Belgium, also in the long-term

Very positive

Positive


Negative

Very negative

49%35%

3%

9%4%

In the regions, the Flemish governement receives highest – but as the Federal governement also decreasing – appreciation. The view of CFOs on the impact of Brussels and Walloon governments on business in Belgium remains less positive.

Extent to which Brussels government policy will have a positive impact on businesses in Belgium, also in the long-term

Very positive

Positive


Negative

Very negative

59%

28%

1%

11% 0%

Extent to which Walloon government policy will have a positive impact on businesses in Belgium, also in the long-term

Very positive

Positive


Negative

Very negative

46%

30%

3%

20%

0%


Profile Q3 survey participants

A total of 77 CFOs active in a variety of industries completed our 2015 third-quarter survey. 20% of the participating companies have a turnover of over €1 billion, 35% of between €100 million and €1 billion, and 45% of less than €100 million. 47% of the participating companies derive up to 30% of their revenues from outside Belgium, 18% between 31% and 69%, and 35% derive more than 69% of their revenues from outside Belgium. Compared to earlier editions of the CFO survey, the proportion of participants from smaller organisations is higher in this quarter’s edition.

Industry sector

23%

14%

12%10%

9%

9%

6%

6%

4%

3% 3%

Manufacturing

Business & Professional Services

Construction

Other

Consumer Business

Financial Services

Technology, Media, Telecommunication

Life Sciences

Energy, Utilities, Mining

Real Estate

Transportation

Turnover

< €100 mn

€100 - €999 mn

> €1 bn

45%

35%

20%

% of revenues derived from outside Belgium

0% - 30%

31% - 69%

70% - 100%

47%

18%

35%

18

The Deloitte Belgian CFO Survey is produced by Thierry Van Schoubroeck, Romana Jelinkova, Peter Hajnik, Louise Defauw and Valentijn Verheije.

A note on methodologyNot all survey questions are reported in each quarterly survey. Survey questions are 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, 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 2015 third-quarter survey took place between 10th September and 2nd October, 2015. A total of 77 CFOs completed our survey.

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.

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.

© November 2015, Deloitte ConsultingDesigned and produced by the Creative Studio at Deloitte, Belgium.

Joël Brehmen Finance Lead, [email protected]+ 32 2 800 22 32

ContactThierry Van SchoubroeckPartner, CFO [email protected]+ 32 2 749 56 04

Documents

Deloitte Belgian CFO Survey Good performance amid the haze€¦ · Deloitte Belgian CFO Survey First quarter 2015 5 Uncertainty and risk appetite are closely correlated in our survey