Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and
100 being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	7
3. What are the top three external concerns facing your corporation? - Other specified	8
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	9
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)	10
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]	15
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	16
6a. How much cash and marketable securities does your firm hold (as a percentage of total assets)? (2.5% outliers removed)	17
6a. What percentage of your cash and marketable securities is held outside of your headquarter country?	18
6b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months?	19
6c. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why not? (Check all that apply)	20
6c. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes - On what would
accumulated cash reserves be deployed? (Check all that apply)	22
7a. How big a risk factor is business corruption (fraud, bribery, other ethical violations) in the country where you are located?	24
7b. To the extent that corruption exists in your country, what would you say are its major effects? (Check all that apply)	25
7b. To the extent that corruption exists, what would you say are its major effects? - Other specified	26
7c. Has your company decided not to export to, or not to operate in, a foreign country due to business corruption in that country?	27
7c. Has your company decided not to export to, or not to operate in, a foreign country due to business corruption in that
country? - Comments	28
8a. Among your company's objectives, how important is Corporate Social Responsibility (CSR) and sustainability in its
business model and strategy?	29
8b. On which stakeholders are your company's CSR and sustainability commitments focused? (Choose top 3)	30
8b. On which stakeholders are your company's CSR and sustainability commitments focused? - Other Specified	31
8c. Why does your company engage in CSR and sustainability? (Choose top 3)	32
9. Has the level of executive pay at your firm recently come under scrutiny?	34
Who has scrutinized executive pay at your firm? (choose top 3)	35
Do you plan to take action in the next year to reduce or limit executive pay?	36
10a. Last month the Brazilian Central Bank increased the basic interest rate for the first time since mid-2011. By how
much do you think the increase in the basic interest rate will affect GDP?	37
10b. By how much do you think real GDP will change in Brazil over the next 12 months? (e.g., 3.5%)	38
Manufacturing capacity utilized	39
Manufacturing capacity utilized (Revenue Weighted)	40
Industry	41
Industry (Other specified)	42
Sales Revenue	43
Weighted Sales Revenue (Millions)	44
Number of Employees	45
Weighted Number of Employees	46
In what country are you personally located	47
Headquarters Brazil (Other Specified)	49
If your company headquarters is another country, please indicate which country.	50
Ownership	51
Foreign Sales	52
In what region of the world are most of your foreign sales?	53
What is your company's credit rating? 	54
Selected Financial Indicators: (2.5% outliers removed)	57
What are the three main reports received by the CFO's office, and with what periodicity? - Report 1	58
What are the three main reports received by the CFO's office, and with what periodicity? - Report 2	59
What are the three main reports received by the CFO's office, and with what periodicity? - Report 3	60

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

1. Are you more or less optimistic about your country's economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	9	19.6 %	± 11.9 %
	0=No change	16	34.8 %	± 14.3 %
	-1=Less optimistic	21	45.7 %	± 15.0 %
	Total	46	100.0 %

	Mean = -0.3
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 30

	Maximum = 100

	Mean = 61.4

	Median = 60

	Standard Deviation (Unbiased) = 13.9

	95 Percent Confidence Interval Around The Mean = 57.2 - 65.6

Quartiles

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =42
Missing Cases =4
Response Percent = 91.3%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	23	50.0 %	± 15.0 %
	0=No change	10	21.7 %	± 12.4 %
	-1=Less optimistic	13	28.3 %	± 13.5 %
	Total	46	100.0 %

	Mean = 0.2
	SD = 0.9

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 30

	Maximum = 100

	Mean = 68.1

	Median = 70

	Standard Deviation (Unbiased) = 17.1

	95 Percent Confidence Interval Around The Mean = 62.9 - 73.3

Quartiles

	 1 = 60
	 2 = 70
	 3 = 80

Valid Cases =42
Missing Cases =4
Response Percent = 91.3%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=46)

	Mean & SD	1st	2nd	3rd	Total	
	0.00	0	0	0	0
Slowing growth in major emerging markets	0.00	0.00%	0.00%	0.00%	0.00%

	0.00	0	0	0	0
Global political instability	0.00	0.00%	0.00%	0.00%	0.00%

	0.00	0	0	0	0
Cost of fuel	0.00	0.00%	0.00%	0.00%	0.00%

	0.00	0	0	0	0
Potential for stock market correction	0.00	0.00%	0.00%	0.00%	0.00%

	1.53	8	6	1	15
Inflation	0.64	17.39%	13.04%	2.17%	32.61%

	1.63	5	1	2	8
Global financial instability	0.92	10.87%	2.17%	4.35%	17.39%

	1.68	10	5	4	19
Consumer demand	0.82	21.74%	10.87%	8.70%	41.30%

	1.75	4	2	2	8
Credit markets/interest rates	0.89	8.70%	4.35%	4.35%	17.39%

	1.78	4	3	2	9
Cost of non-fuel commodities	0.83	8.70%	6.52%	4.35%	19.57%

	1.92	5	3	4	12
Federal government policies	0.90	10.87%	6.52%	8.70%	26.09%

	1.94	6	5	5	16
Corporate tax rates	0.85	13.04%	10.87%	10.87%	34.78%

	2.00	1	4	1	6
Currency risk	0.63	2.17%	8.70%	2.17%	13.04%

	2.00	0	1	0	1
State or local government budget deficits	0.00	0.00%	2.17%	0.00%	2.17%

	2.29	1	3	3	7
Foreign competition	0.76	2.17%	6.52%	6.52%	15.22%

	2.31	1	7	5	13
Price pressure from competitors	0.63	2.17%	15.22%	10.87%	28.26%

	2.50	0	1	1	2
Financial regulation	0.71	0.00%	2.17%	2.17%	4.35%

	2.50	0	2	2	4
Environmental regulation	0.58	0.00%	4.35%	4.35%	8.70%

	3.00	0	0	4	4
Federal budget deficit	0.00	0.00%	0.00%	8.70%	8.70%

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

	Mean & SD	1st	2nd	3rd	Total	
	3.00	0	0	4	4
National employment outlook	0.00	0.00%	0.00%	8.70%	8.70%

	2.33	1	2	3	6
Other:	0.82	2.17%	4.35%	6.52%	13.04%

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	0.98	1.27	45

Inflation	0.82	1.23	45

Corporate tax rates	0.73	1.12	45

Federal government policies	0.56	1.03	45

Price pressure from competitors	0.49	0.84	45

Cost of non-fuel commodities	0.44	0.97	45

Global financial instability	0.42	0.99	45

Credit markets/interest rates	0.40	0.94	45

Foreign competition	0.27	0.69	45

Currency risk	0.27	0.72	45

Environmental regulation	0.13	0.46	45

Federal budget deficit	0.09	0.29	45

National employment outlook	0.09	0.29	45

Financial regulation	0.07	0.33	45

State or local government budget deficits	0.04	0.30	45

Cost of fuel	0.00	0.00	45

Potential for stock market correction	0.00	0.00	45

Slowing growth in major emerging markets	0.00	0.00	45

Global political instability	0.00	0.00	45

Other:	0.22	0.64	45

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

3. What are the top three external concerns facing your corporation? - Other specified

Banking/Finance/Insurance	Incerteza na economia brasileira	
Manufacturing	custos operacionais	
Other	Intervenção política na economia	
Retail/Wholesale	Custo da mao de obra	
Service/Consulting	Crescimento da Economia	
Service/Consulting	nivel de endividamento da familia brasileira	
Tech [Software/Biotech]	mao de obra qualificada	
Transportation/Energy	encarecimento da mão de obra	

9 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)

(N=46)

	Mean & SD	1st	2nd	3rd	Total	
	2.17	3	4	5	12
Ability to forecast results	0.83	6.52%	8.70%	10.87%	26.09%

	1.61	17	9	5	31
Ability to maintain margins	0.76	36.96%	19.57%	10.87%	67.39%

Attracting and retaining qualified	2.07	7	12	9	28
employees	0.77	15.22%	26.09%	19.57%	60.87%

	0.00	0	0	0	0
Balance sheet weakness	0.00	0.00%	0.00%	0.00%	0.00%

	3.00	0	0	2	2
Cost of health care	0.00	0.00%	0.00%	4.35%	4.35%

	2.00	1	2	1	4
Counterparty risk	0.82	2.17%	4.35%	2.17%	8.70%

	3.00	0	0	2	2
Data security	0.00	0.00%	0.00%	4.35%	4.35%

	2.00	8	4	8	20
Maintaining morale/productivity	0.92	17.39%	8.70%	17.39%	43.48%

	2.44	1	3	5	9
Managing IT systems	0.73	2.17%	6.52%	10.87%	19.57%

	0.00	0	0	0	0
Pension obligations	0.00	0.00%	0.00%	0.00%	0.00%

	3.00	0	0	2	2
Protection of intellectual property	0.00	0.00%	0.00%	4.35%	4.35%

	1.50	4	1	1	6
Supply chain risk	0.84	8.70%	2.17%	2.17%	13.04%

	1.85	4	7	2	13
Working capital management	0.69	8.70%	15.22%	4.35%	28.26%

	2.50	0	2	2	4
Other:	0.58	0.00%	4.35%	4.35%	8.70%

10 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to maintain margins	1.68	1.27	44

Attracting and retaining qualified employees	1.23	1.12	44

Maintaining morale/productivity	0.91	1.18	44

Working capital management	0.64	1.06	44

Ability to forecast results	0.50	0.93	44

Supply chain risk	0.34	0.91	44

Managing IT systems	0.32	0.71	44

Counterparty risk	0.18	0.62	44

Data security	0.05	0.21	44

Cost of health care	0.05	0.21	44

Protection of intellectual property	0.05	0.21	44

Balance sheet weakness	0.00	0.00	44

Pension obligations	0.00	0.00	44

Other:	0.14	0.46	44

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

Banking/Finance/Insurance	Risco de erro humano, pelo baixo nÃ­vel de sistematizaÃ§Ã£o de alguns	
	processos.	
Construction	Burocracia-TCU	
Manufacturing	Aumento de custos acima da evolução dos preços de venda	
Manufacturing	Capacidade de Vender Valor e Não Apenas Preço	
Other	Capacidade de definir cenários futuros	
Transportation/Energy	custo de pessoal	

12 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Median	Mean	SD	95% CI	Minimum	Maximum	Total

Revenue	14.2	15.9	18.4	9.1 - 22.7	-9	100	23

Earnings	11	15.2	29.5	4.7 - 25.8	-70	100	28

Health care costs	8	10.5	12.9	5.5 - 15.6	0	50	11

Wages/Salaries	8	8.1	4.6	6.4 - 9.7	-2	20	30

Prices of your products	6.5	6.6	6.0	4.4 - 8.8	-10	20	25

Productivity (output per hour worked)	5	4.7	6.6	2.0 - 7.3	-10	15	24

Technology spending	5	6.9	8.0	3.3 - 10.5	0	30	28

Marketing/advertising spending	5	19.3	43.4	1.9 - 36.6	-20	200	19

Number of domestic full-time employees	3.5	3.8	10.7	-0.2 - 7.7	-15	30	20

Research and development spending	3	7.2	12.0	1.8 - 12.6	0	50	28

Number of domestic temporary employees	3	2.4	5.3	0.0 - 4.7	-15	10	23

Capital spending	1	-3.2	24.7	-13.3 - 6.9	-70	50	19

Number of offshore outsourced employees	0	5.5	23.2	-4.7 - 15.7	-20	100	28

Cash on the balance sheet	0	-3.1	25.1	-12.5 - 6.2	-80	40	0

Dividends	0	15.5	46.6	-12.1 - 43.0	-50	100	19

Share repurchases	0	0.0	0.0	0.0 - 0.0	0	0	30

13 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=46)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	27	0	1	28
Revenue	0.4	96.4%	0.0%	3.6%	100.0%

	0.9	28	1	1	30
Wages/Salaries	0.4	93.3%	3.3%	3.3%	100.0%

	0.8	21	4	0	25
Health care costs	0.4	84.0%	16.0%	0.0%	100.0%

	0.8	25	1	2	28
Prices of your products	0.5	89.3%	3.6%	7.1%	100.0%

	0.8	15	4	0	19
Technology spending	0.4	78.9%	21.1%	0.0%	100.0%

	0.7	13	6	0	19
Research and development spending	0.5	68.4%	31.6%	0.0%	100.0%

	0.6	25	1	5	31
Earnings	0.8	80.6%	3.2%	16.1%	100.0%

	0.6	17	5	2	24
Marketing/advertising spending	0.6	70.8%	20.8%	8.3%	100.0%

Number of domestic temporary	0.6	12	6	1	19
employees	0.6	63.2%	31.6%	5.3%	100.0%

	0.5	17	0	6	23
Productivity (output per hour worked)	0.9	73.9%	0.0%	26.1%	100.0%

	0.4	16	6	6	28
Number of domestic full-time employees	0.8	57.1%	21.4%	21.4%	100.0%

Number of offshore outsourced	0.3	9	8	3	20
employees	0.7	45.0%	40.0%	15.0%	100.0%

	0.3	13	3	7	23
Capital spending	0.9	56.5%	13.0%	30.4%	100.0%

	0.2	5	4	3	12
Dividends	0.8	41.7%	33.3%	25.0%	100.0%

	0.0	12	5	11	28
Cash on the balance sheet	0.9	42.9%	17.9%	39.3%	100.0%

	0.0	0	0	0	0
Share repurchases	0.0	0.0%	0.0%	0.0%	0.0%

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

	Median	Mean	SD	95% CI	Minimum	Maximum

Revenue	15	14.9	8.9	13.8 - 16.1	-9	51.8

Earnings	10	16.2	21.9	13.3 - 19.1	-58.3	81.4

Prices of your products	6.5	6.4	5.5	5.6 - 7.1	-5.2	18.1

Research and development spending	6	9.8	10.2	8.2 - 11.4	0	30.7

Marketing/advertising spending	6	21.2	31.9	16.8 - 25.6	-1	104.1

Capital spending	5	1.9	25.5	-1.7 - 5.4	-51.7	45.2

Technology spending	5	3.6	2.9	3.1 - 4.0	0	10

Cash on the balance sheet	0	-3.3	17.8	-5.6 - -0.9	-52.4	30

Share repurchases	0	0.0	0.0	0.0 - 0.0	0	0

Dividends	0	3.0	32.4	-5.2 - 11.1	-50	100

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

	Median	Mean	SD	95% CI	Minimum	Maximum

Wages/Salaries	7	8.0	4.6	7.4 - 8.7	-1	17.1

Health care costs	7	8.4	7.9	7.1 - 9.7	0	35.8

Productivity (output per hour worked)	5	5.0	5.4	4.1 - 5.8	-8.3	15

Number of domestic full-time employees	2	2.7	8.5	1.5 - 3.9	-15	20

Number of domestic temporary employees	2	2.1	4.4	1.4 - 2.9	-7.7	10

Number of offshore outsourced employees	0	1.7	12.3	-0.3 - 3.7	-20	51

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Median	Mean	SD	95% CI	Minimum	Maximum

Revenue	15	14.5	8.8	12.7 - 16.3	5	51.8

Earnings	10	19.7	24.8	14.1 - 25.3	-30	81.4

Share repurchases	0	0.0	0.0	0.0 - 0.0	0	0

Dividends	0	3.0	32.4	-5.2 - 11.1	-50	100

Cash on the balance sheet	-5	-12.0	20.0	-16.5 - -7.4	-52.4	30

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6a. How much cash and marketable securities does your firm hold (as a percentage of total assets)? (2.5% outliers removed)

	Mean	SD	Median	Minimum	Maximum	Total

Today	17.1	14.8	10	0.5	60	39

One Year Ago	18.0	14.5	12	0.5	56	39

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6a. What percentage of your cash and marketable securities is held outside of your headquarter country?

	Mean	SD	Median	Minimum	Maximum	Total

Percentage held outside of your headquarter country	7.4	23.0	0	0	95	39

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months?

	 	Number	Percent	95% CI
	No	26	68.4 %	± 15.0 %
	Yes	12	31.6 %	± 13.3 %
	Total	38	100.0 %

	Missing Cases = 8
	Response Percent = 82.6 %

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6c. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why not? (Check all that apply)

	 	Number	Percent	95% CI
	Lack excess cash to deploy	12	46.2 %	± 20.6 %
	Save cash as dry powder for future investment opportunities	10	38.5 %	± 20.1 %
	Need cash as liquidity buffer (e.g., in case credit markets tighten)	8	30.8 %	± 19.0 %
	Holding cash to save for potential future liabilities	5	19.2 %	± 16.3 %
	Holding cash until economic uncertainty declines	5	19.2 %	± 16.3 %
	Currently have few attractive investment opportunities	4	15.4 %	± 14.9 %
	Do not need cash reserves as a source of funds	3	11.5 %	± 13.2 %
	We are borrowing instead of using our cash on hand	3	11.5 %	± 13.2 %
	Currently unfavorable tax ramifications	0	0.0 %	± 0.0 %
	Want to avoid repatriation tax on cash held overseas	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	50

	Number of Cases = 26
	Number of Responses = 50
	Average Number Of Responses Per Case = 1.9
	Number Of Cases With At Least One Response = 26
	Response Percent = 100.0 %

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Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6c. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - No - Why not? - Other specified

--- No Response ---

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6c. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes - On what would accumulated cash reserves be deployed? (Check all that apply)

	 	Number	Percent	95% CI
	Capital spending or investment	8	66.7 %	± 31.3 %
	Pay down debt/line of credit	6	50.0 %	± 33.2 %
	Acquisitions	6	50.0 %	± 33.2 %
	Dividends or share repurchases	6	50.0 %	± 33.2 %
	Cover operating losses	4	33.3 %	± 31.3 %
	Research and development	3	25.0 %	± 28.8 %
	Marketing and advertising	2	16.7 %	± 24.8 %
	Lending	2	16.7 %	± 24.8 %
	Allow more lenient payment terms by customers	1	8.3 %	± 18.4 %
	Purchase raw materials	1	8.3 %	± 18.4 %
	Purchase inventory	1	8.3 %	± 18.4 %
	Pension plan funding	0	0.0 %	± 0.0 %
	Increase employee benefits/pay	0	0.0 %	± 0.0 %
	Increase hiring	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	40

	Number of Cases = 12
	Number of Responses = 40
	Average Number Of Responses Per Case = 3.3
	Number Of Cases With At Least One Response = 12
	Response Percent = 100.0 %

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

6b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - Yes - On what would accumulated cash reserves be deployed? - Other specified

--- No Response ---

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

7a. How big a risk factor is business corruption (fraud, bribery, other ethical violations) in the country where you are located?

	 	Number	Percent	95% CI
	5=Very significant factor	12	26.1 %	± 13.2 %
	4=	14	30.4 %	± 13.8 %
	3=	17	37.0 %	± 14.5 %
	2=	3	6.5 %	± 7.4 %
	1=Not a significant factor	0	0.0 %	± 0.0 %
	Total	46	100.0 %

	Mean = 3.8
	SD = 0.9

	Missing Cases = 0
	Response Percent = 100.0 %

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

7b. To the extent that corruption exists in your country, what would you say are its major effects? (Check all that apply)

	 	Number	Percent	95% CI
	Limits competition	38	82.6 %	± 11.4 %
	Hinders the expansion process	35	76.1 %	± 12.8 %
	Increases the price of goods/services	25	54.3 %	± 15.0 %
	Reduces tax revenues collected by the government	17	37.0 %	± 14.5 %
	Reduces the quality of goods/services	16	34.8 %	± 14.3 %
	Hurts external reputation of company	16	34.8 %	± 14.3 %
	Hurts employee morale	14	30.4 %	± 13.8 %
	Speeds the expansion process	1	2.2 %	± 4.4 %
	Other	2	4.3 %	± 6.1 %
	Total	164

	Number of Cases = 46
	Number of Responses = 164
	Average Number Of Responses Per Case = 3.6
	Number Of Cases With At Least One Response = 46
	Response Percent = 100.0 %

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

7b. To the extent that corruption exists, what would you say are its major effects? - Other specified

Manufacturing	Aumenta a insegurança jurídica	
Service/Consulting	Cria instabilidade no setor privado	

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

7c. Has your company decided not to export to, or not to operate in, a foreign country due to business corruption in that country?

	 	Number	Percent	95% CI
	Yes	6	20.7 %	± 14.8 %
	No	23	79.3 %	± 16.4 %
	Total	29	100.0 %

	Missing Cases = 2
	Response Percent = 93.5 %

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

7c. Has your company decided not to export to, or not to operate in, a foreign country due to business corruption in that country? - Comments

Banking/Finance/Insurance	NÃ£o se aplica	
Construction	Existem oportunidades que não dependem de atividades ílícitas e devemos explorá-	
	las.	
Healthcare/Pharmaceutical	Não atuamos com exportações, nossos serviços são por natureza locais.	

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

8a. Among your company's objectives, how important is Corporate Social Responsibility (CSR) and sustainability in its business model and strategy?

	 	Number	Percent	95% CI
	1=Not important	2	4.3 %	± 6.1 %
	2=Somewhat important	5	10.9 %	± 9.4 %
	3=Moderately important	17	37.0 %	± 14.5 %
	4=Very important	22	47.8 %	± 15.0 %
	Total	46	100.0 %

	Mean = 3.3
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

8b. On which stakeholders are your company's CSR and sustainability commitments focused? (Choose top 3)

	 	Number	Percent	95% CI
	Community	30	68.2 %	± 14.3 %
	Environment	25	56.8 %	± 15.3 %
	Customers	23	52.3 %	± 15.4 %
	Employees / Management	22	50.0 %	± 15.4 %
	Shareholders or owners	13	29.5 %	± 14.1 %
	Suppliers	5	11.4 %	± 9.8 %
	Other	1	2.3 %	± 4.6 %
	Total	119

	Number of Cases = 44
	Number of Responses = 119
	Average Number Of Responses Per Case = 2.7
	Number Of Cases With At Least One Response = 43
	Response Percent = 97.7 %

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

8b. On which stakeholders are your company's CSR and sustainability commitments focused? - Other Specified

Other	Todos os stakeholders são importantes	

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

8c. Why does your company engage in CSR and sustainability? (Choose top 3)

	 	Number	Percent	95% CI
	It's the right thing to do	33	75.0 %	± 13.3 %
	To improve our external reputation, brand, or image	29	65.9 %	± 14.6 %
	In response to legal/regulatory requirements	21	47.7 %	± 15.4 %
	To improve internal goodwill, employee morale, employee hiring/
	   retention	15	34.1 %	± 14.6 %
	It increases customer demand	9	20.5 %	± 12.4 %
	Helps drive innovation	7	15.9 %	± 11.3 %
	To improve cost efficiencies	4	9.1 %	± 8.9 %
	To improve the bottom line	4	9.1 %	± 8.9 %
	Other	0	0.0 %	± 0.0 %
	Total	122

	Number of Cases = 44
	Number of Responses = 122
	Average Number Of Responses Per Case = 2.8
	Number Of Cases With At Least One Response = 44
	Response Percent = 100.0 %

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

8c. Why does your company engage in CSR and sustainability? - Other Specified

--- No Response ---

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

9. Has the level of executive pay at your firm recently come under scrutiny?

	 	Number	Percent	95% CI
	Yes	14	30.4 %	± 13.8 %
	No	32	69.6 %	± 13.8 %
	Total	46	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Who has scrutinized executive pay at your firm? (choose top 3)

	 	Number	Percent	95% CI
	Board of directors	7	50.0 %	± 30.3 %
	Consultants	7	50.0 %	± 30.3 %
	Shareholders / owners of firm	7	50.0 %	± 30.3 %
	Analysts	4	28.6 %	± 27.3 %
	Press	1	7.1 %	± 15.6 %
	Regulators	1	7.1 %	± 15.6 %
	Unions or other employees	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	27

	Number of Cases = 14
	Number of Responses = 27
	Average Number Of Responses Per Case = 1.9
	Number Of Cases With At Least One Response = 13
	Response Percent = 92.9 %

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Do you plan to take action in the next year to reduce or limit executive pay?

	 	Number	Percent	95% CI
	Yes	0	0.0 %	± 0.0 %
	No	9	100.0 %	± 30.7 %
	Total	9	100.0 %

	Missing Cases = 5
	Response Percent = 64.3 %

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

10a. Last month the Brazilian Central Bank increased the basic interest rate for the first time since mid-2011. By how much do you think the increase in the basic interest rate will affect GDP?

	Minimum = 2

	Maximum = 4

	Mean = 3.4

	Median = 3

	Standard Deviation (Unbiased) = 0.6

	95 Percent Confidence Interval Around The Mean = 3.2 - 3.6

	99 Percent Confidence Interval Around The Mean = 3.1 - 3.6

Quartiles

	 1 = 3
	 2 = 3
	 3 = 4

Valid Cases =42
Missing Cases =4
Response Percent = 91.3%

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

10b. By how much do you think real GDP will change in Brazil over the next 12 months? (e.g., 3.5%)

	Minimum = 0

	Maximum = 3.5

	Mean = 2.3

	Median = 2.5

	Standard Deviation (Unbiased) = 0.8

	95 Percent Confidence Interval Around The Mean = 2.1 - 2.6

	99 Percent Confidence Interval Around The Mean = 2.0 - 2.6

Quartiles

	 1 = 2
	 2 = 2.5
	 3 = 3

Valid Cases =41
Missing Cases =5
Response Percent = 89.1%

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first quarter 2013	78.7	10.5	72.2 - 85.2	80	60	95	10

% of capacity utilization planned for the remainder of 2013	83.4	8.4	78.2 - 88.6	85	70	95	10

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first quarter 2013	70.0	11.6	62.8 - 77.2	66.5	60	95	10

% of capacity utilization planned for the remainder of 2013	74.4	7.4	69.8 - 79.0	70	70	95	10

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Industry

	 	Number	Percent	95% CI
	Other	11	25.0 %	± 12.8 %
	Manufacturing	11	25.0 %	± 12.8 %
	Construction	4	9.1 %	± 8.5 %
	Banking/Finance/Insurance	4	9.1 %	± 8.5 %
	Transportation/Energy	3	6.8 %	± 7.4 %
	Retail/Wholesale	3	6.8 %	± 7.4 %
	Service/Consulting	3	6.8 %	± 7.4 %
	Healthcare/Pharmaceutical	3	6.8 %	± 7.4 %
	Tech [Software/Biotech]	1	2.3 %	± 4.4 %
	Mining	1	2.3 %	± 4.4 %
	Communications/Media	0	0.0 %	± 0.0 %
	Total	44	100.0 %

	Missing Cases = 2
	Response Percent = 95.7 %

42 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Industry (Other specified)

Agroindústria	
Alimenticio	
Consumo	
cooperativa	
ELETRO-ELETRÔNICA	
industria matÃ©ria prima	
industria metalmecÃ¢nica	
locaÃ§Ã£o e eventos	
Química de Especialidades	
Químico	
Siderurgia e Mineracao	

43 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	4	8.7 %	± 8.5 %
	$25-$99 million	3	6.5 %	± 7.4 %
	$100-$499 million	19	41.3 %	± 14.8 %
	$500-$999 million	6	13.0 %	± 10.1 %
	$1-$4.9 billion	11	23.9 %	± 12.8 %
	$5-$9.9 billion	1	2.2 %	± 4.4 %
	More than $10 billion	2	4.3 %	± 6.1 %
	Total	46	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

44 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1586.7

	Median = 300

	Standard Deviation (Unbiased) = 2523.4

	95 Percent Confidence Interval Around The Mean = 857.4 - 2315.9

	99 Percent Confidence Interval Around The Mean = 628.6 - 2544.7

	Skewness = 2.6

	Kolmogorov-Smirnov Statistic For Normality = 2.3

Quartiles

	 1 = 300
	 2 = 300
	 3 = 3000

Valid Cases =46
Missing Cases =0
Response Percent = 100.0%

45 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	1	2.3 %	± 4.4 %
	100-499	7	16.3 %	± 10.8 %
	500-999	7	16.3 %	± 10.8 %
	1,000-2,499	10	23.3 %	± 12.4 %
	2,500-4,999	10	23.3 %	± 12.4 %
	5,000-9,999	4	9.3 %	± 8.5 %
	Over 10,000	4	9.3 %	± 8.5 %
	Total	43	100.0 %

	Missing Cases = 3
	Response Percent = 93.5 %

46 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3266.3

	Median = 1750

	Standard Deviation (Unbiased) = 3512.2

	95 Percent Confidence Interval Around The Mean = 2216.5 - 4316.1

	99 Percent Confidence Interval Around The Mean = 1887.1 - 4645.4

	Skewness = 1.5

	Kolmogorov-Smirnov Statistic For Normality = 1.7

Quartiles

	 1 = 750
	 2 = 1750
	 3 = 3750

Valid Cases =43
Missing Cases =3
Response Percent = 93.5%

47 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

In what country are you personally located

	 	Number	Percent	95% CI
	Brazil	46	100.0 %	± 0.0 %
	Antigua	0	0.0 %	± 0.0 %
	Argentina	0	0.0 %	± 0.0 %
	Bahamas	0	0.0 %	± 0.0 %
	Barbados	0	0.0 %	± 0.0 %
	Barbuda	0	0.0 %	± 0.0 %
	Belize	0	0.0 %	± 0.0 %
	Bolivia	0	0.0 %	± 0.0 %
	Aruba	0	0.0 %	± 0.0 %
	Caicos Islands	0	0.0 %	± 0.0 %
	Cayman Islands	0	0.0 %	± 0.0 %
	Chile	0	0.0 %	± 0.0 %
	Colombia	0	0.0 %	± 0.0 %
	Costa Rica	0	0.0 %	± 0.0 %
	Cuba	0	0.0 %	± 0.0 %
	Dominica	0	0.0 %	± 0.0 %
	Dominican Republic	0	0.0 %	± 0.0 %
	Ecuador	0	0.0 %	± 0.0 %
	El Salvador	0	0.0 %	± 0.0 %
	French Guiana	0	0.0 %	± 0.0 %
	Grenada	0	0.0 %	± 0.0 %
	Grenadines	0	0.0 %	± 0.0 %
	Guadeloupe	0	0.0 %	± 0.0 %
	Guatemala	0	0.0 %	± 0.0 %
	Guyana	0	0.0 %	± 0.0 %
	Haiti	0	0.0 %	± 0.0 %
	Honduras	0	0.0 %	± 0.0 %
	Jamaica	0	0.0 %	± 0.0 %
	Martinique	0	0.0 %	± 0.0 %
	Mexico	0	0.0 %	± 0.0 %
	Nevis	0	0.0 %	± 0.0 %
	Nicaragua	0	0.0 %	± 0.0 %
	Panama	0	0.0 %	± 0.0 %
	Paraguay	0	0.0 %	± 0.0 %
	Peru	0	0.0 %	± 0.0 %
	Puerto Rico	0	0.0 %	± 0.0 %
	Saint Barthélemy	0	0.0 %	± 0.0 %
	St. Kitts	0	0.0 %	± 0.0 %
	St. Lucia	0	0.0 %	± 0.0 %
	St. Vincent	0	0.0 %	± 0.0 %
	Suriname	0	0.0 %	± 0.0 %
	Tobago	0	0.0 %	± 0.0 %
	Trinidad	0	0.0 %	± 0.0 %
	Turks	0	0.0 %	± 0.0 %
	Uruguay	0	0.0 %	± 0.0 %
	Venezuela	0	0.0 %	± 0.0 %
	Virgin Islands	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	United States	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	46	100.0 %

48 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

In what country are you personally located

	Missing Cases = 0
	Response Percent = 100.0 %

49 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Headquarters Brazil (Other Specified)

Rio de Janeiro	
São Paulo	

50 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

If your company headquarters is another country, please indicate which country.

Alemanha	
Alemanha	
Bélgica	
Estados Unidos	
Japan	
Netherlands	
Noruega	

51 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Ownership

	 	Number	Percent	95% CI
	Public	22	47.8 %	± 15.0 %
	Private	21	45.7 %	± 15.0 %
	Nonprofit	2	4.3 %	± 6.1 %
	Government	1	2.2 %	± 4.4 %
	Total	46	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

52 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Foreign Sales

	 	Number	Percent	95% CI
	0%	19	42.2 %	± 14.8 %
	1-24%	16	35.6 %	± 14.3 %
	25-50%	9	20.0 %	± 11.9 %
	More than 50%	1	2.2 %	± 4.4 %
	Total	45	100.0 %

	Missing Cases = 1
	Response Percent = 97.8 %

53 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Latin America	11	50.0 %	± 20.6 %
	US/Canada	6	27.3 %	± 17.5 %
	Europe	3	13.6 %	± 13.3 %
	Asia/Pacific Basin	2	9.1 %	± 11.1 %
	Africa	0	0.0 %	± 0.0 %
	Total	22	100.0 %

	Missing Cases = 4
	Response Percent = 84.6 %

54 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	5	16.1 %	16.1 %
	AA+	2	6.5 %	22.6 %
	AA	1	3.2 %	25.8 %
	AA-	2	6.5 %	32.3 %
	A+	3	9.7 %	41.9 %
	A	3	9.7 %	51.6 %
	A-	2	6.5 %	58.1 %
	BBB+	2	6.5 %	64.5 %
	BBB	4	12.9 %	77.4 %
	BBB-	0	0.0 %	77.4 %
	BB+	4	12.9 %	90.3 %
	BB	1	3.2 %	93.5 %
	BB-	0	0.0 %	93.5 %
	B+	1	3.2 %	96.8 %
	B	0	0.0 %	96.8 %
	B-	0	0.0 %	96.8 %
	CCC	0	0.0 %	96.8 %
	CC	1	3.2 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	31	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

55 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

What is your company's credit rating? 

N=31		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		31		19	12	
		100.0%		61.3%	38.7%	
						
AAA		5		2	3	
		16.1%		10.5%	25.0%	
						
AA+		2		2	0	
		6.5%		10.5%	0.0%	
						
AA		1		0	1	
		3.2%		0.0%	8.3%	
						
AA-		2		0	2	
		6.5%		0.0%	16.7%	
						
A+		3		2	1	
		9.7%		10.5%	8.3%	
						
A		3		1	2	
		9.7%		5.3%	16.7%	
						
A-		2		2	0	
		6.5%		10.5%	0.0%	
						
BBB+		2		2	0	
		6.5%		10.5%	0.0%	
						
BBB		4		3	1	
		12.9%		15.8%	8.3%	
						
BBB-		0		0	0	
		0.0%		0.0%	0.0%	
						
BB+		4		3	1	
		12.9%		15.8%	8.3%	
						
BB		1		1	0	
		3.2%		5.3%	0.0%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		1		1	0	
		3.2%		5.3%	0.0%	
						
B		0		0	0	
		0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

56 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

What is your company's credit rating? 

N=31		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		1		0	1	
		3.2%		0.0%	8.3%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

57 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

Selected Financial Indicators: (2.5% outliers removed)

	Mean	SD	Median	Minimum	Maximum	Total

Current Ratio [Current Assets / Current Liabilities]  (e.g., 1.4)	1.9	1.1	1.6	0.2	4.6	24

Accounts receivable turnover (Net Credit Sales / Average Accounts
Receivable)	8.1	9.5	3.9	0	30	17

Total assets turnover (Revenue / Assets)	2.5	3.4	1.5	0.2	14.5	22

Debt-to-Total Assets ratio  ((Short + Long Term Debt) / Assets)	12.0	20.1	0.9	0.1	56.3	22

Return on Equity (Net Yearly Income / Shareholders Equity)	8.6	9.4	6	0	30.9	25

58 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

 What are the three main reports received by the CFO's office, and with what periodicity? - Report 1

Banking/Finance/Insurance	Receitas	Daily	
Banking/Finance/Insurance	P/L statement	Monthly	
Construction	Relatório Gerencial Mensal	Monthly	
Healthcare/Pharmaceutical	balancetes	Monthly	
Healthcare/Pharmaceutical	P&L	Monthly	
Manufacturing	Costes fÃ¡brica	Daily	
Manufacturing	Vendas	Daily	
Manufacturing	Informativo - produÃ§Ã£o/faturamento/fluxo de caixa/mÃ£o de obra/preÃ§os	Daily	
Manufacturing	Balanço e resultado	Monthly	
Manufacturing	Resultados Mensais (Lucro e Caixa)	Monthly	
Manufacturing	Balancete	Monthly	
Manufacturing	Balancete - DRE	Monthly	
Mining	Demonstrações Financeiras	Monthly	
Other	fluxo de caixa	Daily	
Other	Posição de caixa  e ativos líquidos	Daily	
Other	Fluxo de Caixa	Daily	
Other	VENDAS/FATURAMENTO	Daily	
Other	Vendas	Weekly	
Other	OWC	Monthly	
Retail/Wholesale	Vendas	Daily	
Retail/Wholesale	fluxo de caixa	Monthly	
Retail/Wholesale	Relatorio de Gestao (conselho)	Monthly	
Service/Consulting	Fluxo de Caixa	Monthly	
Service/Consulting	Relatorio de InformaÃ§Ãµes Gerenciais - RIG	Monthly	
Service/Consulting	Demonstraçoes Financeiras	Monthly	
Tech [Software/Biotech]	DemonstraÃ§Ã£o de Resultado	Monthly	
Transportation/Energy	Cash / treasury	Daily	
Transportation/Energy	Balance y Estado de ganancias y perdidas	Monthly	
Unspecified Industry	FLUXO DE CAIXA	Daily	
Unspecified Industry	fluxo caixa	Daily	

59 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

 What are the three main reports received by the CFO's office, and with what periodicity? - Report 2

Warning: Insufficient print zone. Some variables are not shown.

Banking/Finance/Insurance	Caixa	
Banking/Finance/Insurance	profit margin by product	
Construction	Relatório de Tesouraria	
Healthcare/Pharmaceutical	Flash de Vendas	
Healthcare/Pharmaceutical	fluxo de caixa	
Manufacturing	fluxo de caixa	
Manufacturing	Tesouraria	
Manufacturing	Despesas	
Manufacturing	Mapa de Vendas	
Manufacturing	Evolução das Margens	
Manufacturing	P&L	
Manufacturing	RelatÃ³rio de Atividades (envolvendo todos os dados da Companhia desde a	
	compra das matÃ©rias primas	
Mining	Endividamento e Geração de Caixa	
Other	COBRANÇA/PAGAMENTOS	
Other	Fluxo de Caixa	
Other	flash resultados	
Other	Posição de acompanhamento de contas a receber	
Other	DemonstraÃ§Ãµes Financeiras	
Other	BS	
Retail/Wholesale	Fluxo de caixa	
Retail/Wholesale	Relatorio de Preços e volume	
Retail/Wholesale	demonstraÃ§Ãµes financeiras	
Service/Consulting	Resultados	
Service/Consulting	RelatÃ³rio de Desempemnho por NegÃ³cio	
Service/Consulting	Investimentos	
Tech [Software/Biotech]	BalanÃ§o Patrimonial	
Transportation/Energy	Rolling forecast	
Transportation/Energy	Estados financieros auditados	
Unspecified Industry	dre	

60 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - Second Quarter, 2013

 What are the three main reports received by the CFO's office, and with what periodicity? - Report 3

Banking/Finance/Insurance	expense report	Monthly	
Banking/Finance/Insurance	Resultado	Monthly	
Construction	Demonstrações Financeiras Revisadas/Auditadas	Quarterly	
Healthcare/Pharmaceutical	Painel de indicadores	Monthly	
Healthcare/Pharmaceutical	review Balanço	Quarterly	
Manufacturing	Resultados das Vendas	Daily	
Manufacturing	Controle orçamentário	Monthly	
Manufacturing	AnÃ¡lisis financiero del Grupo	Monthly	
Manufacturing	Qualidade/ProduÃ§ao	Monthly	
Manufacturing	Orçamento	Monthly	
Manufacturing	P&L e Balanço	Monthly	
Manufacturing	BalanÃ§o ContÃ¡bil	Monthly	
Mining	Custos	Daily	
Other	LIBERAÇÃO DE CRÉDITO P/ CLIENTES	Daily	
Other	acompanhamento margem	Weekly	
Other	Custo médio de captação	Monthly	
Other	ROI, ROS	Monthly	
Other	Balancete	Monthly	
Other	Plano de Investimentos	Annually	
Retail/Wholesale	Pricing	Daily	
Retail/Wholesale	posiÃ§Ã£o diaria caixa/cr/ cap	Daily	
Retail/Wholesale	Fluxo de Caixa e WK	Monthly	
Service/Consulting	RelatÃ³rio de Acompanhamento NegÃ³cio	Daily	
Service/Consulting	Rentabilidade por unidade de negócio	Monthly	
Service/Consulting	Fluxo de Caixa	Monthly	
Tech [Software/Biotech]	Fluxo de Caixa	Monthly	
Transportation/Energy	Gestión del margen	Weekly	
Transportation/Energy	Statutory accounts	Monthly	
Unspecified Industry	faturamento	Daily