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The Deloitte CFO Survey Q3 2015 Signs of recovery?Report summary
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Four key points from the Q3 2015 Survey
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1Economic prospects still slightly negative
2High uncertainty
3Swiss Franc highest corporate risk …
4… but fears fade of EUR/CHF 1.10 exchange rate
rate the prospects for the Swiss economy over the next 12 months as negative.
rate the current level of economic and financial uncertainty as high.
see the strength of the Swiss Franc as a major risk for their company over the next 12 months.
do not see a EUR/CHF 1.10 exchange rate as a disadvantage for their company.
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1 – CFOs still rate Switzerland’s economic prospects slightly negative, but better than in Q2
Net balance of CFOs rating Switzerland’s economic prospects over the next 12 months as positive/negative
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2 - Level of uncertainty is still seen as very high
How do you rate the current level of uncertainty in the economic and financial environment?
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3 - Swiss Franc seen as highest corporate risk…
Which of the following factors are likely to pose a substantial risk to your company over the next 12 months? (Multiple answers possible)
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4 – …but fears of a EUR/CHF 1.10 rate fade
Average rating of the impact of different EUR/CHF exchange rates on Swiss companies on a scale from -3 to +3, with -3 representing a major disadvantage, 0 representing a neutral response, and +3 representing a major advantage
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ContactsJamie SchmidtPartner Audit and Advisory+41 58 279 [email protected]
Reinhard LangenhövelPartner Audit and Advisory+ 41 58 279 [email protected]
Rolf SchönauerHead of AuditFinancial ServicesZurich/Basel+41 58 279 [email protected]
Jan-Dominik RemmenPartner Financial Advisory+41 58 279 [email protected]
Markus KochPartner Consulting+41 58 279 [email protected]
Contacts and authorsAuthorsDr. Michael GramppChief Economist and Headof Research+41 58 279 [email protected] me on Twitter@michaelgrampp
Dennis BrandesResearch Manager+41 58 279 65 [email protected]
AcknowledgementWe would like to thank all participating CFOs for theirsupport in completing the Survey.The Deloitte CFO Survey is supported by the CFO ForumSchweiz, the independent association of Chief FinancialOfficers in Switzerland.
Participating in our Survey If you would like to take part in our Survey or would liketo receive copies of this report, please contactus. [email protected]
© 2015. For information, contact Deloitte AG.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), 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/ch/about for a detailed description of the legal structure of DTTL and its member firms.
Deloitte AG is a subsidiary of Deloitte LLP, the United Kingdom member firm of DTTL.
Deloitte AG is an audit firm recognised and supervised by the Federal Audit Oversight Authority (FAOA) and the Swiss Financial Market Supervisory Authority (FINMA).
This publication has been written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of the contents of this publication. Deloitte AG would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances. Deloitte AG accepts no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.
© 2015 Deloitte AG. All rights reserved. 8
About the Deloitte CFO Survey The Deloitte CFO Survey is a quarterly survey of Chief Financial Officers and Group Finance Directors that was launched in September 2009.
The Q3 2015 Survey was conducted between 25 August and 18 September 2015. A totalof 110 CFOs participated, representing listed and private companies and all major sectors of the Swiss economy.
Some of the charts in the 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, minus the percentage saying that bank credit is unattractive. This is a standard method of presenting survey data. Due to rounding percentages may not add up to 100.
To access the full report please visit www.deloitte.com/ch/cfosurvey
