Deloitte/SEB CFO Survey in Finland: Living with uncertainty

7/30/2019 Deloitte/SEB CFO Survey in Finland: Living with uncertainty

1/24

The Deloitte/SEBCFO SurveyLiving with uncertainty

Spring 2013 results Finland

May 2013


2/242

More vigorous actionor growth andproftability


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Contents

Introduction 5

Summary Living with uncertainty 6

Business condence 8

Prospects and concerns 10

Finance 15

Macroeconomic context 19

Contacts 23


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Desire to investrises sharply


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We are excited to present the results o the new Deloitte/SEB CFO Survey 2013. The survey

combines two reports that have been conducted or years, the Deloitte CFO Survey and

SEBs Nordic Outlook. From this spring onward, we incorporate aspects o the SEBs Nordic

Outlook into the Deloitte CFO Survey or Finland, creating an enhanced report.

The report uniquely combines perspectives rom CFOs within large and midsized

companies in Finland with viewpoints rom SEBs Nordic Outlook, SEB research teams

fagship report on key orecasts and global economic trends.

We hope that you nd our analysis both stimulating and valuable. Please send us eedback

i you have any questions or suggestions or improvement.

Welcome to the Deloitte/SEBCFO Survey spring 2013

Tuomo Salmi Mikko Mkinen

Partner Partner

CFO Programme Leader Finance Transormation Leader

Deloitte Deloitte

Sakari Jrvel

Head o Financial Strategy

Corporate Coverage

SEB

Jukka Honkaniemi

Head o Corporate Coverage

SEB


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Uncertainty about the economic environment

has persistently overshadowed the European

economies, but it has not made CFOs bleak.

Although Finnish companies are walking on thin

ice as GDP is expected to remain unchanged.

Still, there are signs o more vigorous action or

growth and protability. While almost a ourth

o the CFOs would spend their cash surpluses on

reducing debt in the next six months reducing

debt, 41% would ocus on strategic investments

in Finland and abroad. This is a signal to be

reckoned with.

Rising optimism and expectations or increased cash

fows will have little impact on GDP growth on a shortterm basis. Fortunately companies have readjusted their

business models to better suit the stalled economy

in 2013. However, the investments they are about

to make might turn the direction o the not sooner

than 2014. Recent macro data have led to downside

surprises. Finnish GDP growth turned negative again in

the ourth quarter o 2012. Both indicators and hard

data point towards a weak start in 2013. Two quarters

o negative growth caused GDP to all by 0.2% in 2012.

We expect zero growth in the second quarter and only

a weak recovery ater that and are revising our orecast

downwards. We expects that GDP will be unchangedin 2013 compared to 2012 and will grow by 1.6% in

2014.

Corporate tax decrease came at the right time.

The survey was conducted beore the Finnish govern-

ment announced their new plan on lowering the

corporate taxes and making adjustments to taxes on

dividends. It seems that the decision o the Finnish

government came at the right time, as it could reinorce

the development that was already in place. Albeit

business strategies are mostly deensive, CFOs argue

that their companies are grasping on possibilities to

signicantly grow their business organically and expan-

sively. Attitudes o the nancial institutions towards the

companies being positive, expectations or increased

cash fows being high and corporate bond issuing being

ever more attractive, there is no worry that Finnish

companies wouldnt be able to nance their growth.

Employment will not directly ollow the strategic

investments. Investments could lead to employment

o new talents, but net employment rate is expected to

go down in Finland as 18% o the CFOs indicated that

amount o employees working or them in Finland will

decline. On the contrary, 12% o the CFOs indicatedthat international employment rate is going to climb.

This is how Finnish companies are going to operate, at

least on a short term basis.

Summary Living with uncertainty

Key points

Companies deend the baseline and grasp to new growth opportunities

Deensive strategies have nally taken eect risks on balance sheets are

decreasing

Deensive strategies encourage grasping on strategic growth opportunities

Raising capital with corporate bonds equity markets draw little attention

Bank credit is well available or Finnish companies attitudes o nancial

institutions towards Finnish companies is regarded positive

Number o employees expected to decrease in Finland grow globally

Weakening demand is the single biggest concern o Finnish companies

Majority o companies will likely renegotiate their loan agreements

Finnish companies are no longer undervalued

Zero growth in 2013 yet many growth opportunities ahead Patience is required to see changes in unemployment

Finnish government has now nourished the strategic

investments, but the public must acknowledge that

the investments dont translate to immediate growth

in GDP, nor employment. As a matter o act, our

research ndings indicate, that CFOs are investing in

most productive areas that require less manpower. We

believe that employment might ollow, but it is not theprimary goal or majority o the companies. Growth o

employment will be in sight as we rst witness a turn or

better in the macroeconomic environment.

Deloitte and SEB recommend that the rise o

optimism should not be curbed with unrealisti-

cally high expectations o ast change in unem-

ployment, as employment will incrementally improve

ater corporate taxation is changed and investments

take eect. Patience is the key, no matter how politically

fammable the subject is.

High risk appetite despite fuctuating optimism.

For the past couple o years Finland has either topped

or scored even with UKs results in terms o optimism

about their nancial prospects. Last survey (Deloitte

CFO Survey, all 2012) was the rst period when we

were depressed to see that Finland had lost the lead.

Although, the net optimism has increased signicantly

by 34 percentages, so has UKs and we are still below

UKs values. It is still too early to say i the increase

is going to become a trend. Albeit optimism fuctu-

ates, one message is clear, Finnish companies have an

appetite or risk. They are looking to increase their

cash fows and expected to make strategic investmentsboth in Finland and abroad, which was not the case

or instance in Sweden, where willingness or domestic

investments was rather low.


7/247

0%

10%

20%

30%

40%

50%

60%

5 = Below normallevel of uncertainty

4 = Normal levelof uncertainty

3 = Above normallevel of uncertainty

2 = High levelof uncertainty

1 = Very high levelof uncertainty

34%

26%

3%

6%

47%

18%

11%

3%2%

2012Q1

2012Q3

2013Q1

5%

25%

54%

51%

14%

2%

Manuacturing is a key industry driving the

uncertainty levels higher. The battle with weakening

demand and increased competition has also been

overshadowed by the strong Euro. Finnish exportingindustries are not backed by an independent currency

as in UK and Sweden. Manuacturing production ell in

both January and February, and exports were roughly

unchanged in current prices. Condence in industry,

although better in February and March than during the

seven months beore that, is weak and does not hint at

an imminent recovery. Weak growth and demand rom

major export partners support a orecast o sluggish

growth in manuacturing production and exports in

2013. Also, CFOs are worrying over demand, 85%

o the respondents replied that demand is the largest

concern or them ar beore any other concern. Theirworry is grounded on solid proo that GDP growth will

remain close to nothing and consumption is showing

signs o weakening.

Stress levels remain high. In contrast to UKs nancial

uncertainty, where the amount o CFOs evaluating

the uncertainty above normal levels has dropped rom

90% (Q3/2012) to 77%, the concerns over nancial

and economic uncertainty remain high and virtually

unchanged in Finland. The positive tone has not reached

Finland yet. For the past three quarters minimum o

80% o the respondents have reported the uncertainty

to be above normal levels.

Employment rates to decrease. In comparison to

Sweden, Finlands perormance has been much weaker

since 2008, and the catch-up is ar away. This is largely

connected to a sharp all in production and exports

o inormation and communications technology (ICT)

products, with no rebound expected to be. This trendhas hurt productivity and, together with a aster increase

in unit labor cost, it has hurt competitiveness. All these

actors contribute to a weakening current account that

is now stuck in decit. Due to decit issues, companies

with international presence are strategically aligning

their business models with global demand and distri-

bution structures. This is leading to a decrease in the

amount o employees working or them in Finland while

the number o employees working or them abroad

increases. Although Finns are more eager to make

strategic investments in Finland, the investments will

take eect no sooner than 2014 playing little role inemployment development on a short term basis.

Low interest rates encourage loan renegotiations

and corporate bond issuance. As nancial risks on

balance sheets are indicated to all, corporations have

more courage to enter loan renegotiations in low-

interest rate environment. In addition to low central

bank interest rates, the interest rates o corporate

bonds have remained notably low or long, below the

European average. Corporations are shiting ocus rom

issuing shares to issuing syndicated corporate bonds.

This is not a possibility or the smaller companies, which

is why they seem more negative in the eyes o nancial

institutions.

How would you rate the general level o external nancial and economic uncertainty acing your business?


8/248

Business confdence

Fluctuation o business condence continues. Fiscal crisis

o some Euro member states combined with strong

euro in the avor o thriving German economy generally

creates unpredictable business environment where good

news can be immediately ollowed by a stream o bad

ones. Strong euro is shadowing Finnish exports, while

Sweden is still capable o utilizing their krona in avor o

their industries.

Some industries are aected more than others. Results

exhibit a change in attitudes or instance in Finnish

banking and manuacturing industries which both have

gone through an exhaustive restructuring within the

past ew years. All in all, net optimism has climbed rom

-34% to 2% due to better nancial status o one third o

the manuacturing companies.

CFOs prospects about nancial prospects o their

companies have risen or three consecutive quarters in

UK. Traditionally net optimism has been on similar levels

in Finland and UK, but now Finland is trying to pick up

the speed o UK.

Chart 1.

Compared to six months ago how do you eel about the nancial prospects or your company?

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2013Q12012Q32012Q12011Q32011Q1

Finland

UK


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Overall uncertainty remains high (84%), but it is a good

sign that less believe that uncertainty level is a high or

very high. Numbers are closer to the ones we encoun-

tered just a year ago, when optimism was truly picking

up until the all came with bleaker attitudes. Lets hope

that this spring will not prove to be yet another one

with a lot o promise, with little to deliver.

More believe that uncertainty is normalizing. More than

50% o the CFOs believe uncertainty is at least close to

the normal levels, as in the Q3/2012 overall uncertainty

was higher (87%) and less than hal believed that it was

even close to normal.

In the UK the latest numbers are notably dierent. The

uncertainty has dropped rom 90% in Q3/2012 to 77%

in Q1/2013

0%

20%

40%

60%

80%

100%

2013Q12012Q32012Q1

90%

79%

87%

83% 84%

77%

Finland

UK

Chart 2.

Percentage o CFOs who rate the level o external nancial and economic uncertainty acing their business

as above normal, high or very high

Companies have had toadapt to high levels ouncertainty


10/2410

Prospects and concerns

Chart 4.

Assume a current cash surplus position. How would you preer to use the money in the next 6 months?

Chart 3.

What are the greatest concerns or your company in 2013?

0%

20%

40%

60%

80%

100%

Other

Intere

strate

s

Access

toca

pital

Skilled

labou

rshort

gage

Exchan

gerat

es

Foreig

ncom

petitio

n

Costo

frawm

aterial

/comm

oditie

s

Costo

flabo

ur

Dema

nd

34%

22%

85%

33%

Finland

Sweden27%

32%

40%

8%

0%

14%

21%

76%

17%19%

6% 7%

33%

40%

CFOs have an ambiguous relation-

ship with demand. Majority o

respondents have indicated that

revenues o Finnish companies

are expected to increase, but on

the other hand they are highly

concerned with the suciency o

the demand to eed the growth.

85% o CFOs stressed that demand

is their number one concern.

Demand is the single greatest

concern or the CFOs in 2013. CFOs

have not ascertained themselves

whether their expectations o higher

revenues will be realized due to

unexpected changes in demand.

0%

5%

10%

15%

20%

25%

Financial

investment

abroad

Financial

investment

in Finland

Dividend to

shareholders

Strategic

investment

in Finland

Strategic

investment

abroad

Pay down

debt

23%

3%

25%

18%

2013Q1

3%3%

Blaming Finnish CFOs to be conserv-

ative and deensive in this economic

environment would sound reason-

able, but that is not the ultimate

truth. Interestingly, Finnish CFOs

report a higher appetite or risk.

25% who most preerably use their

surpluses to pay down debt is closely

ollowed by preerence to make

strategic investments in Finland

(18%) and abroad (23%).


11/2411

CFOs predictions exceed the expec-

tations o the analytics team opting

out the possibility that they would

ace a dip in operating cash fows.

As companies are struggling with

a weak demand, CFOs are making

necessary adjustments to maintain

the level o operating cash fows.

They are looking to other sources

than revenue to secure the cash

fow, albeit more than hal o the

respondents are expecting revenues

to increase slightly. Still, cutting

costs is the most popular strategy

to tackle the concerns in regard to

unexpected fuctuation o demand.

Chart 5.

How do you expect operating cash fow in your company to change over the next 12 months?

0%

5%

10%

15%

20%

25%

30%

35%

40%

> -10%< -10%0%10%

38%

2%

10%

29%

2013Q116%


12/2412

CFOs are battling the altering economy with deensive

strategies. Especially manuacturing industry is looking

to increase cash fows (69%).

Since the Q3/2012 CFOs were almost solely ocusing oncost controlling and securing cash fows, the Q1 in 2013

shows interestingly signs o increased willingness to take

some risks alongside with vigorous deensive strategies.

Percentage o respondents leaning towards product

innovation, market expansion and organic growth has

almost doubled rom last all.

Even expansion through acquisition is regarded as an

opportunity by quarter o the respondents comparing to

a low point o last all (only 9% saw it a priority). Still, it

is not as high priority as organic growth

Particularly manuacturing (59%), media and telecom-

munications (60%) and medical care (67%) businesses

are looking or opportunities to grow with by expanding

their existing markets with new products

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2013Q12012Q32012Q12011Q3

Defensive Expansionnary

Chart 6.

To what extent is each o the ollowing business strategies likely to be a priority or your business over

the 12 months?

Chart 7.

Corporate priorities: Expansionary vs. deensive strategies

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

Raising dividends or share buybacks

Increasing capital expenditure

Disposing of assets

Expanding by acquisition

Reducing leverage

Introducing new products/services or expanding into new markets

Expanding organically

Increasing of cashflow

Reducing costs

Strong priority Somewhat of a priority Not a priority


13/2413

Harmonization o organizational operative models

continues in accordance with global demand anddistribution structures. This change is highlighted by

the act that, none o the largest companies (more than

5,000 employees) expected to make any investments

to hire new employees in Finland. This nding supports

the popular notion that Finnish labor market is ueled

by SMEs. However, 80% o the largest companies are

eager to make labor investments, albeit they all will be

placed abroad.

32% o the respondents assume that their workorce

will grow aster abroad, while 16% assume workorcegrows aster in Finland. Similarly the number o

employees in Finland is expected to decrease rather than

increase. The largest reducers in Finland are banking and

manuacturing industries and the public sector.

Chart 8.

Expectations o the number o employees working or your company in the next 6 months

0%

5%

10%

15%

20%

25%

30%

35%

AbroadFinlandAbroadFinland

34%

20%

16%

32%

Increase in employees working for you Decrease in employees working for you


14/2414

0%

10%

20%

30%

40%

50%

60%

DeclineBe unchangedIncrease

53%

16%

50%

12%

34% 35%

Finland

Sweden

Chart 9.

The number o employees working in Finland/Sweden or your company is, in the next 6

months, expected to:

Hal o the respondents expect

employee levels to remain the same.

From the rest, the most expect the

employee levels go down.


15/2415

External expectations and the reality are balancing

out. Compared to past three surveys amount o CFOs

assessing the valuation o Finnish companies to be

low has dropped rom some 60% to 29%.The banking

sector were the most critical about the valuation. All o

them responded either somewhat overvalued or at air

value.

Fair valuation is one o the root causes aecting the

eagerness or some companies to consider issuing

new shares. Although it is the nance sector generally

regarding Finnish companies being overvalued, there is

some genuine interest amongst CFOs to benet rom

the situation.

Finance

Chart 10.

How do you currently rate valuation o Finnish companies?

0%

10%

20%

30%

40%

50%

60%

6 = No opinion5 = Veryundervalued

4 = Somewhatundervalued

3 = At fair value2 = Somewhatovervalued

1 = Veryovervalued

2011Q1

2011Q3

2012Q1

2012Q3

2013Q1

19%

32%

30%

6%

54%

0%

3%

8%

0%

29%

19%

33%

19%

10%

3%3%

25%

0%

8%

43%

58%

0%0%0%0%

6%

26%

57%

4%

6%

Generally the interest to issue new

shares remains very low. Only 17%

believe that now is a good time to

issue new shares. The results are

consistent across industries.

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2013Q12012Q32012Q12011Q32011Q1

Chart 11.

Is now a good time or Finnish companies to perorm a new share issue?


16/2416

Chart 12.

Sum o CFO's perceiveing corporate bonds as an attractive source o external unding or nnish companies

40%

45%

50%

55%

60%

65%

70%

75%

80%

2013Q12012Q32012Q12011Q3

Attractiveness o corporate bond

issuance has increased systematically

rom the late 2011. Today 72% o

the CFOs believe that it is a good

time to issue corporate bonds.

0%

5%

10%

15%

20%

25%

30%

35%

40%

5 = Veryunfavourable

4 = Not sofavourable

3 = Average2 = Favourable1= Veryfavourable

27%

15%

40%

15%

3%

2013Q1

Generally, the accessibility o

nancing and attitudes towards

CFOs companies are perceived

avorable. 55 % o the respond-

ents evaluate the attitudes above

average. Still, not every company

enjoys the same access to nancing

markets causing some o the

respondents to return negative

values. The smaller the company, the

greater is the deviation in responses

and the amount o respondents

assessing the attitudes to be not so

avorable or very unavorable.

Chart 13.

The lending attitude o nancial institutions toward your company is seen as


17/2417

Chart 15.

Sum o the most likely to renogetiate loan agreement

Chart 14.

How has the level o nancial risk on your balance sheet changed over the last 12 months? (Financial risk

could include, or instance, levels o gearing, uncertainty about the valuation o assets and interest rate

and exchange rate sensitivity.)

Generally, the accessibility o nancing and attitudes

towards CFOs companies are perceived avorable. 55% o the respondents evaluate the attitudes above

average. Still, not every company enjoys the same access

to nancing markets causing some o the respondents

to return negative values. The smaller the company, the

greater is the deviation in responses and the amounto respondents assessing the attitudes to be not so

avorable or very unavorable.

As attitudes o nancial institutions

are considered avorable by more

than hal o the CFOs, there is an

increased likeleness to renogetiate

loan agreements in good spirit. Low

interest rates (12 month euribor

approximately 0.5%) have increased

interest to reasses loan portolios.

The amount o CFOs to very likely

negotiate loan agreements have

rapidly increased rom 6% to 27%.

0%

10%

20%

30%

40%

50%

60%

6 = No opinion5 = Decreasedsignificantly

4 = Decreasedslightly

3 = No change2 = Increasedslightly

1 = Increasedsignificantly

2011Q1

2011Q3

2012Q1

2012Q3

2013Q1

6%5%

0%

44%

32%

19%

47%

32%

24%

30%

8%

34%

9%

46%

6%

3%

0% 0% 0% 0% 0%

9%

17%

28%

3%

23%

53%

19%

2% 2%

20%

25%

30%

35%

40%

45%

50%

55%

60%

2013Q12012Q32012Q12011Q32011Q1


18/2418

M&A market activitycan only increase

Chart 16.

Over the next 12 months how do you expect levels o corporate acquisitions and divestments in Finland to

change?

M&A market has hit the rock bottom. Expectations or M&A market

activity to decrease are lower than any time within two years. 58% expectthe activity to increase within the next 12 months

0%

10%

20%

30%

40%

50%

60%

70%

80%

6 = No opinion5 = Decreasesignificantly

4 = Decreasesomewhat

3 = No change2 = Increasesomewhat

1 = Increasesignificantly

2011Q1

2011Q3

2012Q1

2012Q3

2013Q1

74%

2%

19%

3%5%

0%

4%

63%

2% 2%

56%

29%

4%3%

0%

3%

25%

0%

31%

37%39%

0%0%0%0%

55%

17%19%

4%5%


19/2419

Macroeconomic context

Zero growth 2013 - SEB macro outlook or

Finland. The mood o slightly increasing optimism that

came rom the survey is not yet refected in macroeco-

nomic variables, however, SEBs baseline orecast at the

beginning o the year was slow but positive growth or

Finland, but the recent macro data has surprised on the

downside. This has lead us to revise our growth orecast

downwards. Finnish GDP growth turned negative in

the ourth quarter o 2012, resulting in a GDP all by

0.2% in ull year 2012. Now both leading indicators

and hard data point towards a weak start in 2013. In

light o the current data we expect zero growth in the

second quarter o 2013 and only a weak recovery ater

that. SEB expects that GDP will be unchanged in 2013

compared to 2012 and will grow by 1.6% in 2014.

Manuacturing production ell in both January and

February, and exports were roughly unchanged in

current prices. Condence in industry, although better

in February and March than during the seven months

beore that, is weak and does not hint at an imminent

recovery. Weak growth and demand rom major export

partners support a orecast o sluggish growth in manu-

acturing production and exports in 2013.

Compared to Sweden, Finlands perormance since 2008

has been much weaker and a catch-up is ar away. This

is largely connected to a sharp all in production and

exports o inormation and communications technology

(ICT) products, with no rebound expected. This trend

has hurt productivity and, together with a aster increase

in unit labour cost, it has hurt competitiveness. Terms o

trade have also been weak. All these actors contributeto a weakening current account that is now stuck in

decit.

Lack o export recovery part o weak GDP growth

Index 2008=100

Source: Macrobond

Leading indicators alling

Source: DG Ecfn


20/2420

Labour market weakening, consumers getting

more worried. Capital spending ell in 2012 by 2.9%.

Capacity utilisation improved somewhat (surprisingly,

given production and export trends) in Q1 2014 but is

still at a low level. Weak sentiment in industry, uncer-

tainty in the euro zone and sub-trend growth by major

trading partners will make companies put spending on

hold.

At the same time, lending to non-nancial corpora-

tions increased by 7.8% in February and has increased

between 7-8% during the past year, an indication that

investments are not alling. We expect investments

to stay unchanged in 2013.

Domestic demand was airly resilient in 2012, though

not only investments but also consumption is

showing signs o weakness. Real income will rise,

but only slowly, dampened by rising unemployment and

a slowdown in wage and salary increases. Retail sales

are volatile but were roughly unchanged on average in

January and February. New car registrations are down

25% so ar this year. Household consumption will add

a positive contribution to economic growth, but clearly

less than in 20102012.

Unemployment has risen by almost 1 percentage point

since last summer and stood at 8.3% in February.

The increase is partly driven by growth in the labour

orce, but employment is also alling at present.

Unemployment will continue to rise during 2013,

averaging 8.5%.

Infation has allen, buoying real income. In February

infation according to the Harmonised Index o

Consumer Prices (HICP) was 2.5%, down rom 3.5% in

December 2012. Infation will continue to all slightly

this year, averaging 2.3% in 2013 and 2.1% in

2014.

Government nances are sound, but under pressure

rom poorer economic perormance in the short term

and rom demographics in the longer term. Fiscal

policy is contractive but the impact o government

eorts to improve the public budget balance is being

reduced by sub-par economic perormance. The public

budget balance is expected to be -2% o GDP in 2013

and -1% in 2014, below the Maastricht limit o -3% o

GD, but the decit situation will have to be improved in

order to keep public nances on a sustainable ooting.

General government debt will continue to increase until

2014, when it will reach 53% o GDP.

Weak production and exports ahead

Source: DG Ecfn Statistics Finland


21/2421

Source: Statistics Finland, OECD

Capacity utilisation and capital spending

Household consumption, income and condence indicator

Source: Macrobond


22/2422

Source: Statistics Finland

Source: Macrobond

Rising unemployment and decreasing number o vacancies

Per cent, thousands

Infation is continuing to all

Year-on-year percentage change


23/2423

Contacts

Tuomo Salmi

Partner, CFO Programme Leader

Tel. +358 (0)20 755 5381

tuomo.salmi@deloitte.

Mikko MkinenPartner, Finance Transormation Leader

Tel. +358 (0)20 755 5682

mikko.makinen@deloitte.

Sakari Jrvel

Head o Financial Strategy

Corporate Coverage

SEB

Tel. +46 8 763 97 98

[email protected]

About the surveyThis is the rst quarter edition survey o Chie Financial Ocers and Groups Finance

Directors in Finland. The survey is published quarterly twice a year soon ater the rst

and third quarter. It is the only survey that refects CFO attitudes to operating environment,

valuation, risks, unding and expectations.

The survey is carried out as a web-based questionnaire. The rst quarter survey took place

between 26th o March and 16th o April. 63 CFOs participated; including a good repre-

sentation o privately held and publicly listed medium, large and multinational companies

across industries. This quarter manuacturing, retail and service industries were in the

majority. More than hal o the companies have an annual turnover more than 200 mill .

25% have an annual turnover more than 1.5 bill .

Writers andContributorsThe survey have been produced by Partners Tuomo Salmi, CFO Programme Leader and

Mikko Mkinen, Finance transormation Leader.

The survey was written by Juha Lintula, Analyst, Deloitte and Sakari Jrvel, Head o

Financial Strategy, SEB.

Please visit www.deloitte. or the latest and past copies o the survey and other

publications.


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About Deloitte

Deloitte provides audit, tax, consulting, and nancial advisory services to public and private clients spanning multiple industries. With a globally

connected network o member rms 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 has in the region o 200,000 proessionals, all committed to

becoming the standard o excellence. In Finland Deloitte is among the nations leading proessional services rms, providing audit, tax, consulting,

and nancial advisory services through more than 400 people in 4 cities. Read more about Deloitte at www.deloitte.

About SEB

SEB is a leading Nordic nancial services group. As a relationship bank, SEB in Sweden and the Baltic countries oers nancial advice and a wide

range o nancial services. In Denmark, Finland, Norway and Germany the bank's operations have a strong ocus on corporate and investmentbanking based on a ull-service oering to corporate and institutional clients. The international nature o SEB's business is refected in its presence in

some 20 countries worldwide. At 31 December 2012, the Group's total assets amounted to SEK 2,453 billion while its assets under management

totalled SEK 1,328 billion. The Group has around 16,500 employees. Read more about SEB at http://www.sebgroup.com.

Documents

Deloitte/SEB CFO Survey in Finland: Living with uncertainty