Deloitte CFO Survey 2010Q1

8/9/2019 Deloitte CFO Survey 2010Q1

1/12

The Deloitte CFO SurveyFinancial repair, economicuncertainty

2010 Q1 results

12 April 2010


2/12

Contents

The Deloitte CFO Survey 1

Economic uncertainty 2

Political uncertainty 3

Improving financial conditions 4

Financing the corporate sector 5

Leverage and M&A 6

What should be the next UK governments top economic priority? 7

Data archive 9

This is the eleventh quarterly survey of Chief Financial Officers and Group

Finance Directors of major companies in the UK. The 2010 first quarter survey

took place between 11th and 25th of March. A record 141 CFOs participated

including the CFOs of 40 FTSE 100 and 45 FTSE 250 companies. The rest were

CFOs of other FTSE companies, large private companies and UK subsidiaries of

major companies listed overseas. The combined market value of the 101 UK

listed companies surveyed is 602 billion, or approximately 33% of the UK

quoted equity market. The Deloitte CFO Survey is the only survey of major

corporate users of capital that gauges attitudes to valuations, risk and

financing.

For copies of earlier CFO Surveys and full data series, see

www.deloitte.co.uk/cfosurvey


3/12


The Deloitte CFO SurveyFinancial repair, economic uncertainty

For additional copies of this report, please

contact Matt Gentle on 020 7303 0294 or

email [email protected]

The first quarter 2010 CFO Survey suggests that UK

CFOs remain cautious about the recovery. 82% of

respondents say they expect a sluggish recovery and

the average CFO sees a one third chance of the UK

economy suffering a double dip, what we define as a

renewed period of several months of contracting

economic activity. Against a backdrop of economicuncertainty the first quarter survey witnessed a modest

decline in financial optimism, the first such fall in

18 months. Optimism has eased back even though

CFOs say their companys revenues have, on balance,

come in stronger than expected so far this year.

This quarters special questions look at the political

scene. The answers suggest that CFOs believe UK

corporates face political as well as economic risks. Most

CFOs think that a hung parliament would be negative

for their business and for the economy. We found a

clear consensus among CFOs about what the next

government needs to do. 85% said deficit reduction

should be the new governments top economic priority.

One CFO summed up the general tenor of the advice,

Cut public spending and stimulate activity by reducing

taxation, both corporate and personal.

Contacts

Margaret Ewing

Partner and Vice Chairman

020 7303 3323

[email protected]

Ian Stewart

Chief Economist

020 7007 9386

[email protected]

Key points

Most CFOs expect to see a sluggish, but

sustained UK recovery. Indeed, the average

CFO sees a one third chance of a double dip

in the economy.

CFOs think the economy faces political risks.

93% of CFOs believe a hung parliament

would be negative for the UK economy.

85% of CFOs believe that reducing public

debt should be the next governments topeconomic priority.

Credit and financial conditions for corporates

are improving. Bank borrowing is regaining

popularity as a source of funding and our

index of corporate credit availability is back to

2007 levels.

For the first time since the Survey started in

2007 all three forms of external finance

bank borrowing, corporate bonds and equity

are rated as being attractive by CFOs.

Appetite for financial risk is reviving and is

running at levels last seen in early 2008.

The good news from this quarters survey is that thefinancial environment for larger corporates is continuing to

improve. Credit availability, perhaps the broadest measure

of credit conditions, has returned to pre-recessionary

levels. This fits with the Bank of Englands latest Credit

Conditions Survey which reported that banks increased

credit availability to the corporate sector in the first

quarter 2010. With credit supply improving bank

borrowing is starting to regain popularity as a source of

funding. The CFO Survey shows the largest improvement

in the attractiveness of bank borrowing since the Survey

started in 2007. Again, this cross checks against the Credit

Conditions Survey which reported a recovery in corporate

demand for bank borrowing in the first quarter. Crucially,

for the first time all three forms of external finance bank

borrowing, equity and bond issuance are rated as being

attractive by a balance of CFOs.

One aim of the CFO Survey is to track corporate attitudes

to risk. CFOs have significantly reduced financial risk on

their balance sheet over the last year, but this process

seems to be drawing to a close. In the first quarter

2010 the willingness of CFOs to take risk on to their

balance sheets rose to levels last seen in late 2007. This

recovery in risk appetite mirrors the behaviour of

financial markets where risky assets, such as equities,have outperformed safe assets such as gilts and cash.

None of this is to argue that financing conditions for

corporates are back to normal. Even among the large,

quoted corporates who form the core of our survey panel,

most continue to rate credit as hard to get and costly.

But as we have observed in the past, much of the value

of survey data lie in flagging changes in direction and

momentum. What emerges from this quarters CFO

Survey is that financing conditions for larger companies

are getting better. That still leaves corporates with

plenty to worry about in terms of the pace of the

recovery and the election. CFOs see risks ahead.


4/12

2

Economic uncertainty

After a strong recovery in the last year CFO optimismsaw a slight setback in the first quarter 2010, with

optimism registering the first decline in 18 months.

The deterioration is modest but is consistent with the

current, general mood of uncertainty about the pace

of the UK recovery.

82% of CFOs expect a sluggish but sustained recovery

in the economy.

However, the distribution of views is towards a weaker

outcome with 16% of CFOs looking for a double dip

a renewed period of several months of contracting

activity and just 2% expecting a V shaped recovery.

Another of this quarters special questions shows that

the average CFO attaches a 33% probability to there

being a double dip.

This mood of caution appears to be at odds with the

improvement in companies own revenues.

26% of CFOs say that revenues have come in stronger

than expected since the start of the year and only 8%

report they have been below expectations.

Corporate revenues are growing, but lingering

uncertainties about the financial sector and the real

economy mean that most CFOs are expecting a weak

recovery.

Chart 1. Financial prospects

Net % of CFOs who are more optimistic about financial prospects for their company now than

three months ago

Le

ssoptimistic

Moreoptimistic

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

40%44%

38%

22%

-30%

-59%-53%

-19%

-9%

-24%

-4%

Chart 2. Expectations for UK recovery

% of CFOs who expect UK economy to have a double dip, slow or a V shaped recovery

0%

20%

40%

60%

80%

100%

16%

82%

2%

Double dip: a renewedperiod of several

months of contracting

economic activity

Slow recovery:a sustained, if possibly

erratic and sluggish

recovery in growth

V shaped recovery:a strong and sustained

recovery in growth

Chart 3. Company revenues since the start of 2010

% of CFOs who said their companys revenues have been better/worse than expected

0%

10%

20%

30%

40%

50%

60%

70%

80%

8%

66%

26%

Worse than expected As expected Better than expected


5/12


Political uncertainty

The CFO Survey took place between 11 and 25 March.This period saw a further narrowing in the Conservative

poll lead over Labour and growing speculation that the

General Election may deliver a hung parliament.

In recent weeks political uncertainty has joined

economic uncertainty as a source of concern for CFOs.

56% of CFOs think a hung parliament would be

negative for their business and 93% think it would be

negative for the economy, with 37% believing a hung

parliament would be significantly negative for the

economy.

There is a strong consensus among CFOs that the next

governments economic priority should be reducing the

public sector deficit, with 85% of CFOs taking this view.

Chart 6. What should be the next UK governments top priority?

Selected responses from CFOs

For a more extensive list of quotes, see page 8.

Cut public spending through headcount reduction, pay freezes and cancellation of

superfluous programs.

Issue a credible plan to reduce deficit in a reasonably tight timescale.

Make decisive steps to cut the budget deficit by thoughtful public sector cost reduction.

Fix the appalling level of UK government debt and get the cost of government down to

sustainable levels.

Support recovery.

Cut public spending and stimulate activity by reducing taxation, both corporate and

personal.

Improve international budget credibility without too much impact to the overall economic

confidence.

Improve UK competitiveness as a place to do business and retain businesses and talent.

Reduce the state as a proportion of UK economy reduce tax and other barriers to

entrepreneurship.

Reducing expenditure on public services, i.e. stop wasting billions!

Chart 4. UK voting intentions, up to 31 March 2010*

Labour

* Monthly data, average of all opinion polls published in the month

Source: UKpollingreport.co.uk

Jun05

Sep05

Dec05

Mar06

Jun06

Sep06

Dec06

Mar07

Jun07

Sep07

Dec07

Mar08

Jun08

Sep08

Dec08

Mar09

Jun09

Sep09

Dec09

Mar10

10

20

30

40

50 Conservative

Liberal Democrat

Chart 5. Effect of a hung parliament

% of CFOs who think a hung parliament would have a positive/negative effect on their business

and the UK economy

0%

10%

20%

30%

40%

50%

60%

The UK economyYour business

1%

Neutral

6%

56%

37%

4%

Neutral

39%43%

13%

Somewhat positiveSignificantly positive Little or no effect

Somewhat negative Significantly negative


6/12

4

Improving financial conditions

CFOs have responded to the recession by reducingthe level of financial risk on their balance sheets.

The chart shows how risk on corporate balance sheets

has changed over the last 12 months. The process of

risk reduction has included cutting corporate debt

levels, increasing liquidity and cutting capital

expenditure.

The decline in risk on corporate balance sheets has

occurred against the backdrop of a significant fall in

stress in financial markets.

The Deloitte Financial Stress Index is now running at

levels last seen in mid 2008, well before the failure

of Lehman.

The process of repair in financial markets has generatedan improvement in the cost and availability of credit for

corporates over the last 18 months.

Nonetheless, most CFOs continue to rate credit as hard

to get and costly.

-60%

-40%

-20%

0%

20%

40%

60%

2010

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

Chart 7. Financial risk: Change over the last 12 months

Net % of CFOs who think financial risk on their balance sheet has increased over the last 12 months

Decreased

Increased

-51%

-42%

-21%

13%

34%

51%44%

26%25%

10%

25%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20091998 2010

Chart 8. Deloitte Financial Stress Index

The Deloitte Financial Stress index is an arithmetic average of the ratio of 3 month LIBOR to base

rates, the ratio of yield on high yield bonds to yield on government bonds ,the VIX index, the

ratio of total market return to banking stocks return , the ratio of yield on long term governmentbonds to yield on short term bonds and VIX Index

80

100

120

140

160

180

200

220

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

-100%

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

2010

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

Chart 9. Cost and availability of credit

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

Creditischeap

Creditiscostly

Creditis

hardtoget

Creditisavailable

Availability of credit (rhs)

Cost of credit (lhs)


7/12


Financing the corporate sector

One gauge of credit conditions is the extent to whichbanks ease lending practices, through, for instance,

restructuring loans or lowering price terms.

In the last six months more CFOs have reported an

easing than a tightening of these lending practices.

A balance of CFOs expects these conditions will

continue to improve over the next six months.

Bank borrowing is starting to regain popularity as a

source of corporate funding with CFOs.

The first quarter 2010 saw the largest improvement in

the attractiveness of bank borrowing since the Survey

started in 2007. And for the first time all three formsof external finance bank borrowing, equity and

bond issuance are rated as being attractive by a

balance of CFOs.

Larger companies are getting better access to a wider

range of external sources of finance.

While most CFOs remain cautious about taking risk the

balance of opinion among CFOs is shifted towards risk

taking.

In the first quarter 2010 74% of CFOs thought now

was a not a good time to be taking greater risk but

27% took a contrary view. The resulting net balance,

shown in the chart, at -47%, is the highest since the

survey started.

The willingness of UK CFOs to take financial risk is rising

and is back to levels prevailing before the recession.

0%

10%

20%

30%

40%

50%

60%

70%

80%

Chart 10. Bank borrowing lending terms

% of CFOs who said banks pricing for

credit (spreads, fees etc) and lendingterms (collateral requirements etc) have

increased/decreased and/or have

become easier/harder

% of CFOs who said banks have become

more/less willing to forbear/restructureloans over the last six months

Higher price terms

and/or easierlending terms

No

change

Lower price terms

and/or harderlending terms

More willing to

forbear/restructure loans

No

change

Less willing

to forbear/restructure loans

Diamonds

show CFOsexpectations

for the nextsix months

Chart 11. Favoured source of corporate funding

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

Unattractive

Attractive

Bank borrowing

-60%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2010

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

Bond issuance

Equity issuance

Chart 12. Attitude to greater risk

Net % of CFOs who think it is a good time to take greater risk onto their balance sheets

Notag

oodtimeto

take

greaterrisk

Goodtimetotake

greaterrisk

-100%

-90%-80%

-70%

-60%

-50%

-40%

-30%

-20%

-10%

0%

2010Q1

2009Q4

2009Q3

2009Q2

2009Q1

2008Q4

2008Q3

2008Q2

2008Q1

2007Q4

2007Q3

-47%-52%

-58%

-81%

-90%

-98%

-88%

-65%

-50%-49%

-60%


8/12

6

While most CFOs continue to believe that corporate

leverage is too high, the net balance of respondents to

the Survey who take this view has fallen to the lowest

levels since early 2008.

Attitudes to leverage have returned to pre-recessionary

levels.

CFOs remain positive on the prospects for corporate

activity. The great majority of CFOs expect M&A activity

to rise over the next year and a clear majority also see

private equity activity increasing.

Chart 15. M&A and PE outlook

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

Willdecrease

Willincrease

M&A activity

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

PE activity

2010

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

Leverage and M&A

Chart 14. Leverage

Net % of CFOs who think UK corporate balance sheets are overleveraged

Underleveraged

Ove

rleveraged

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

22%

35%34%

45%

60%

35%

27%24%

6%

-17%

-27%

2010

Q1

2009

Q4

2009

Q3

2009

Q2

2009

Q1

2008

Q4

2008

Q3

2008

Q2

2008

Q1

2007

Q4

2007

Q3

CFOs attitudes to risk often mirror trends in thefinancial markets.

Over the last year riskier assets, such as equities, have

outperformed safe assets, such as bonds.

Increases in risk appetite are generally associated with

a stronger economic growth.

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Chart 13. Return on UK equities vs UK government bonds

Return index of UK equities over return index of UK government bonds

30

35

40

45

50

55

60

65

70

75

Equitiesoutperform


9/12


What should be the next UKgovernments top economic priority?

Spending cuts/reducing the size of the public sector.

Building momentum in the economy; dont do

anything to snuff out the very fragile recovery.

Reduce indebtedness.

Stimulating growth.

Reduce debt levels through controlled public

spending and higher indirect taxation, but not

through direct taxation.

Sort out the deficit.

Reduce debt.

Support recovery.

Maintaining the UK as an attractive business location

while actively reducing the public sector deficit.

Setting out a defined and credible deficit reduction

plan, with specific actions and a specific timetable.

Resolving the public deficit.

Discipline in public finances to avoid further negative

consequences on the private sector via tax increases

and crowding out effect in terms of access to funding.

Reduce debt whilst not switching off economic

recovery.

Stability.

Cut spending.

De-gear the country and the financial institutions.

Getting to grips with public sector spending includingexcessive management layers in the NHS.

Reducing public sector spending and addressing the

public sector liabilities, most notably the pension deficit.

Cut public spending including vastly inflated civil

services pensions and cut the number of civil servants.

Reduce public debt and bring certainty.

Cutting government wasted spending.

Investment in major infrastructure.

Reduce systemic budget deficit.

Tackle the debt mountain and set out new fiscal

policy.

Tackling deficit through public spending and tax system.

Maintenance of low interest rates.

Control public sector pay and spending.

Maintain liquidity and manage the public deficit down

over an extended period (rather than over the very

short term).

Cut public spending and stimulate activity by reducing

taxation, both corporate and personal.

Reducing public spending to limit tax rises.

Reposition the UK as a business friendly environment.

Eliminate residual uncertainty re taxation of

corporates and incentivise global corporates to retain

their headquarters in the UK.

Cut public sector costs and embark on a public sector

efficiency drive.

Return to a free market and de-regulate.

Encourage investment.

Promoting policies for growth.

Creating a clear path to a proper level of debt for the

government.

Continue to spend on infrastructure. Tackle revenuecosts.

Avoiding a return to recession.

Addressing the burden of the public sector by cutting

current expenditure and taking action to reduce the

future cost of pensions of those employed by the

public sector.

Reduce spending selectively to eliminate wastage

Extended list of responses from CFOs

Continued on next page


10/12

8

Reducing waste to allow infrastructure spend, reduce

debt and keep tax levels around current levels.

To cut government spending by cutting waste and

making efficiency gains in the public sector.

Reduce spending and the deficit. Plan to return

budget to balance over a period.

Avoid damaging tax rises. For example, pension tax

on high earners.

Encourage consumer confidence, so as to help drive

recovery.

Reducing fiscal deficit.

Making the UK attractive from a tax perspective both

to businesses and individuals.

Repayment of debt.

Long-term economic growth.

Education and debt reduction.

Clear plan to reduce the level of borrowing to

sustainable levels over the medium term without

producing any recovery.

Clear and measured policies for reducing the budget

deficit.

Address public spending and uncompetitive UK tax

environment.

Reduce government spending though removing the

excessive layers of management and governance in

public services that have evolved during the labour

tenure.

Support for economic recovery.

Clear plan to reduce budget deficit.

Public sector reform, public sector wages and

pensions.

Reducing public sector spending through efficiency

savings and removing waste.

Responsible fiscal tightening without squeezing the

prospects for a sustained recovery.

Issue a credible plan to reduce deficit in a reasonably

tight timescale.

Improve regulatory framework to improve investor

confidence.

Avoiding double-dip!

Continued economic stimulus and fair and progressive

taxation policies (both corporate and personal).

Cut public spending; reduce debt; rebalance UK GDP

in favour of private business rather than government

and public service.

What should be the next UKgovernments top economic priority?

Extended list of responses from CFOs


11/12

Net Balance -53

Q4 2008%

-59

66

27

7

-27

47

33

20

16

24

36

40

58

8

26

66

-24

49

26

25

35

3

59

38

-45

66

13

21

-46

66

14

20

-33

62

9

29

94

1

495

-98

99

0

1

Less optimistic

Unchanged

More optimistic

Compared with three months ago how do you feel about the financial prospects for your company?

Net Balance

Decline

No change

Increase

Volume of acquisitions by private equity in the quoted equity market will

Net Balance

Decline

No change

Increase

Levels of M&A in the UK will

Net Balance

Lower

Broadly unchanged

Higher

In a years time, FTSE 100 will beNet Balance

Low

Normal

High

Cash return to shareholder ratios (including share buybacks) are

Net Balance

Underleveraged

Appropriately leveraged

Overleveraged

UK corporate balance sheets are

Net Balance

Unattractive

Neither attractive nor unattractive

Attractive

Equity raising, as a source of funding, is

Net Balance

Unattractive


Attractive

Corporate debt raising, as a source of funding, is

Net Balance

Unattractive


Attractive

Bank borrowing, as a source of funding, is

Net Balance

Cheap

NeutralCostly

How would you rate the overall cost of new credit for corporates?

Net Balance

Hard to get

Neutral

Available

How would you rate the overall availability of new credit for corporates?

-19-9-24

56363140

41474743

3172217

-8-13-50-72

39457284

302365

31322212

221-22-44

26375365

27261614

48383121

3312250

16282530

35332540

49405030

-30-101630

4527165

39565260

15173235

27246-17

67622

61618173

3332135

-41-22-53-29

58517248

2420933

17291919

-548-250

68315333

17291933

14402833

-1673416

51402528

14131628

35475944

96886955

11310

210252697897264

-84-61-29

897755

6719

51626

Q3 2008%

Q2 2008%

Q1 2008%

Q4 2007%

-30

45

40

15

-5

34

37

29

41

15

29

56

53

12

23

65

-57

72

13

15

60

3

34

63

-18

45

28

27

-33

55

23

22

-34

61

12

27

83

3

1186

-92

94

4

2

Q1 2009%

22

15

49

37

19

21

40

40

81

2

15

83

58

4

34

61

-59

68

22

9

45

5

44

50

14

30

26

44

1

34

32

35

-23

50

22

27

79

3

1582

-59

72

15

13

Q2 2009%

38

8

46

46

44

6

45

50

92

0

8

92

26

13

49

38

-62

68

26

6

34

4

57

39

26

24

26

50

28

19

33

48

-22

48

27

26

69

7

1876

-63

73

16

11

Q3 2009%

44

2

52

46

52

6

36

58

91

0

9

91

31

13

42

45

-61

66

29

5

35

5

56

40

25

23

28

48

44

13

29

58

-12

43

26

31

62

11

1673

-50

69

13

19

Q4 2009%

40

8

44

48

48

7

38

55

83

1

16

84

36

12

40

48

-61

68

26

7

22

7

64

29

11

27

36

38

46

10

34

56

5

31

32

36

54

11

2465

-32

56

21

24

Q1 2010%

-31

63

6

31


A note on methodologyMany of the charts in the Deloitte CFO survey show the results in the form of a net balance. This is the percentage of respondents reporting, for

instance, that bank credit is attractive less the percentage saying bank credit is unattractive. This is a standard way of presenting survey data used

by, amongst others, the CBI and the European Commission. To aid interpretation of the results, this table contains a full breakdown of responses

to the questions covered in this report. Due to rounding answers may not sum to 100.

Data archive


12/12

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We are pleased to announce that from this quarter Thomson Reuters Datastream will be making available to its users all current and historic datafrom the Deloitte CFO Survey. Datastream is the worlds largest financial and economic database and is widely used by analysts and economists in

financial institutions, research houses and central banks around the world. Datastream already carries data from virtually all of the worlds leading

business surveys, including the Japanese Tankan, the US ISM and the German Ifo. It will now be possible using Datastream to track and compare

the results of the Deloitte CFO Survey with millions of other economic and financial data series.

For information on Datastream see: http://thomsonreuters.com/products_services/financial/contactus?bu=financial&product_name=Datastream

Below are the Datastream mnemonics for the net balances for all the regular questions from the Deloitte CFO survey.

For a full breakdown of all the regular data from the Deloitte CFO survey, please search on Datastream navigator under Deloitte and CFO.

A spreadsheet with the data from the survey is also available each quarter at www.deloitte.co.uk/cfosurvey

Deloitte CFO survey question Datastream Mnemonic

How do you currently rate bank borrowing as a source of external funding for UK corporates? UKCFOFBBR

How do you currently rate corporate bonds as a source of external funding for UK corporates? UKCFOFCBRHow do you currently rate equity as a source of external funding for UK corporates? UKCFOFEQR

How do you currently rate UK commercial real estate asset valuations? UKCFOVRER

How do you currently rate UK equity valuations? UKCFOVEQR

In a years time do you expect the FTSE 100 to be: UKCFOFTYR

How do you currently rate UK Government bond (Gilt) valuations? UKCFOVGBR

How would you characterise the current level of short term market interest rates in the UK? UKCFOIRSR

How would you rate the overall cost of new credit for corporates? UKCFOCCCR

How would you rate the overall availability of new credit for corporates? UKCFOACCR

Is now a good time for UK corporates to issue equity? UKCFOIEQR

Is now a good time for UK corporates to issue bonds? UKCFOICBR

Generally speaking do you think UK corporate balance sheets are: UKCFOLEVR

Do you think cash return to shareholder ratios (including share buybacks) are, relative to normal levels: UKCFOCRRR

Over the next 12 months how do you expect levels of M&A in the UK to change? UKCFOMAYR

How do you expect the volume of acquisitions by private equity in the quoted equity market to change in the next 12 months? UKCFOPEYR

Compared with three months ago how do you feel about the financial prospects for your company? UKCFOOVQR

What is your aim for your level of gearing over the next 12 months? UKCFOGEYR

How has the level of financial risk on your balance sheet changed over the last 12 months? (Financial risk could include, for

instance, levels of gearing, uncertainty about the valuation of assets and interest rate and exchange rate sensitivity)

UKCFORVYR

Is this a good time to be taking greater risk onto your balance sheets? UKCFORTGR

Are you likely to issue bonds or arrange new credit facilities over the next 12 months? UKCFODCYR

Are you likely to issue equity over the next 12 months? UKCFOICYR

Deloitte CFO Survey now on Datastream

Documents

Deloitte CFO Survey 2010Q1