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
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm
anticipates in the next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?   [Unweighted - Winsorized]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for:   [Unweighted - Sorted]	10
4. 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]	11
4. 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]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?  [Public Companies - Winsorized - Revenue Weighted]	13
5a. To date, what effect have changes in interest rates had on your business?	14
5a. Has the effect of interest rates on your business been..	15
5a. To date, what effect have changes in oil prices had on your business?	16
5a. Has the effect of oil prices on your business been..	17
5a. To date, what effect have changes in currency values had on your business?	18
5a. Has the effect of currency values on your business been..	19
5b. How have interest rates affected capital spending plans for the next 12 months?	20
5b. How have low oil prices affected capital spending plans for the next 12 months?	21
5b. How has the dollar appreciation affected capital spending plans for the next 12 months?	22
5b. How have interest rates affected hiring plans for the next 12 months?	23
5b. How have low oil prices affected hiring plans for the next 12 months?	24
5b. How has the dollar appreciation affected hiring plans for the next 12 months?	25
5c. By year-end 2015, what do you expect long term interest rates will change by:	26
5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	27
5c. By year-end 2015, relative to US dollar, our currency will change by:	28
Parametric estimates for year-end prices of oil, currencies, and interest rates:	29
6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal,
change, or make public important data?	30
6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of
concerns about hacking and data security.	31
Other data security steps taken in past year:  	32
7. What should be the focus of the CFO to best serve all stakeholders?	33
The focus of the finance leader (CFO) should be - Other specified:	35
Example of focus for: Administration (back office, support)	36
Example of focus for: Board Relations	37
Example of focus for: Budget and Forecast	38
Example of focus for: Capital Allocation	39
Example of focus for: Capital Structure	40
Example of focus for: Corporate Strategy (including M&A)	41
Example of focus for: Dividends, Share Repurchases	42
Example of focus for: Employee Benefits / Retirement	43
Example of focus for: Executive Leadership Team	44
Example of focus for: Financial Reporting and Compliance	45
Example of focus for: Human Resources	46
Example of focus for: Internal Growth	47
Example of focus for: Investor Relations	48
Example of focus for: Liaison to Regulators / Government	49
Example of focus for: Liquidity Management	50
Example of focus for: Risk Management	51
Example of focus for: Spin-offs, Asset Sales	52
8. For your country, what do you think is the likelihood of a recession by the end of 2015?	54
Return on assets (ROA=operating earnings/assets)	55
Liquidity ((Cash + Marketable Securities) / Total Assets)  x 100	56
Manufacturing capacity utilized	57
Manufacturing capacity utilized (Revenue Weighted)	58
Industry	59
Industry (Other specified)	60
Sales Revenue	61
Weighted Sales Revenue (Millions)	62
Number of Employees	63
Weighted Number of Employees	64
In what country are you personally located	65
Headquarters Latin America (Other Specified)	67
If your company headquarters is another country, please indicate which country.	68
Ownership	69
Foreign Sales	70
In what region of the world are most of your foreign sales?	71
What is your company's credit rating? 	72
Your job title (e.g., CFO, Asst. Treasurer, etc):	75
Language version	77

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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

	 	Number	Percent	95% CI
	1=More optimistic	36	23.7 %	± 6.8 %
	0=No change	41	27.0 %	± 7.1 %
	-1=Less optimistic	75	49.3 %	± 8.0 %
	Total	152	100.0 %

	Mean = -0.26
	SD = 0.82

	Missing Cases = 1
	Response Percent = 99.3 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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 = 0

	Maximum = 100

	Mean = 52.8

	Median = 50

	Standard Deviation (Unbiased Estimate) = 21.5

	95 Percent Confidence Interval Around The Mean = 49.2 - 56.4

4 Groups

	 1 = 40
	 2 = 50
	 3 = 70

Valid Cases =137
Missing Cases =16
Response Percent = 89.5%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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	63	41.4 %	± 7.9 %
	0=No change	48	31.6 %	± 7.4 %
	-1=Less optimistic	41	27.0 %	± 7.1 %
	Total	152	100.0 %

	Mean = 0.14
	SD = 0.82

	Missing Cases = 1
	Response Percent = 99.3 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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 = 0

	Maximum = 100

	Mean = 63.6

	Median = 70

	Standard Deviation (Unbiased Estimate) = 21.6

	95 Percent Confidence Interval Around The Mean = 60.0 - 67.1

4 Groups

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =141
Missing Cases =12
Response Percent = 92.2%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

	 	Number	Percent	95% CI
	Economic uncertainty	53	68.8 %	± 10.6 %
	Currency risk	34	44.2 %	± 11.4 %
	Government policies	33	42.9 %	± 11.3 %
	Weak demand for your products/services	22	28.6 %	± 10.3 %
	Regulatory requirements	21	27.3 %	± 10.2 %
	Corporate tax code [domestic]	20	26.0 %	± 10.0 %
	Inflation	16	20.8 %	± 9.3 %
	Employee productivity	15	19.5 %	± 9.1 %
	Access to capital	14	18.2 %	± 8.8 %
	Cost of borrowing	11	14.3 %	± 8.0 %
	Cost of benefits	9	11.7 %	± 7.3 %
	Rising input or commodity costs	7	9.1 %	± 6.6 %
	Difficulty attracting / retaining qualified employees	6	7.8 %	± 6.1 %
	Rising wages and salaries	5	6.5 %	± 5.6 %
	Employee morale	4	5.2 %	± 5.1 %
	Data security	4	5.2 %	± 5.1 %
	Deflation	1	1.3 %	± 2.6 %
	Geopolitical / health crises	0	0.0 %	± 0.0 %
	Other	7	9.1 %	± 6.6 %
	Total	282

	Number of Cases = 77
	Number of Responses = 282
	Average Number Of Responses Per Case = 3.7
	Number Of Cases With At Least One Response = 77
	Response Percent = 100.0 %

6 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified

Energy	caÃ­da precios commodities	
Energy	ElevaÃ§Ã£o da Taxa SELIC	
Manufacturing	Deficiente manejo polÃ­tico del gobierno	
Manufacturing	transportation costs	
Other	conflictos sociales	
Other	Empleados no motivados	
Other	Menor demanda por serviÃ§os	
Other	Refinanciamiento de Pasivos	
Services, Consulting	Ausencia total de credibilidad en el gobierno y sus intenciones de fondo	
	para el largo plazo	

7 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Agr, Forestry, Fishing	Incremento en las ventas	
Agr, Forestry, Fishing	riesgo de disponibilidad de agua para la agricultura chilena	
Bank/Fin/Insur/Real Est	Alta do dÃ³lar e aumento dos juros nos EUA	
Bank/Fin/Insur/Real Est	cambio regulatorio	
Bank/Fin/Insur/Real Est	Cambios tributarios y su impacto en la demanda en el mercado inmobiliario	
Bank/Fin/Insur/Real Est	Deterioro ambiente macroeconÃ³mico, mayor regulaciÃ³n	
Bank/Fin/Insur/Real Est	elevado custo de financiamento para novos projetos e baixa confianÃ§a	
	do consumidor.	
Bank/Fin/Insur/Real Est	Incursionar en un nuevo producto	
Bank/Fin/Insur/Real Est	Proceso electoral	
Bank/Fin/Insur/Real Est	reforma tributaria	
Bank/Fin/Insur/Real Est	reputational risk	
Bank/Fin/Insur/Real Est	Ruido electoral	
Energy	Aspectos RegulatÃ³rios	
Energy	Aumento Risco Hidrológico  - GSF  - Racionamento  Redução de Custos,	
	Judicialização Setorial	
Energy	Crise energia e Ã¡gua;	
Energy	crise hÃ­drica.	
Energy	Nuevos impuestos y una reforma tributaria contraria a los intereses de la	
	empresa	
Healthcare/Pharm	El cumplimiento del plazo de inversiones en infraestructura que estamos	
	emprendiendo.	
Manufacturing	Alta competencia	
Manufacturing	Aumentar exportaciones	
Manufacturing	Demanda de produtos, restriÃ§Ã£o ao uso de Ã¡gua, custo da energia	
	elÃ©trica, baixo investimento.	
Manufacturing	DevaluaciÃ³n, elecciones presidenciales, incertidumbre polÃ­tica,	
	elevado nivel de corrupciÃ³n	
Manufacturing	dificuldade de repassar custos / redução de margem.	
Manufacturing	Escasez de espacios comerciales +	
Manufacturing	Generating demand - marketing challenges	
Manufacturing	Linhas de Financiamento do BNDES	
Manufacturing	Reformas tributarias	
Manufacturing	RISCO LEGAL, COMPLEXIDADE DO SISTEMA TRIBUTÃRIO,	
	REGRAS SENDO ALTERADAS A TODO INSTANTE.	
Manufacturing	Slow economic activity in the first semester.	
Mining/Construction	CÃ³mo crecer??	
Mining/Construction	efectos de cambios tributarios	
Mining/Construction	Impacto en nuestro negocio de las iniciativas de reducciÃ³n de costos en	
	el mercado minero	
Mining/Construction	Mantener ventas	
Mining/Construction	o custo na readequaÃ§Ã£o na retomada dos negÃ³cios.	
Other	A escassez hÃ­drica, dificuldade de revisÃ£o tarifÃ¡ria e corte de	
	recursos federais.	
Other	Elecciones	
Other	Flujos de caja insuficientes	
Other	Fraco desempenho economico no país	
Other	Instabilidade polÃ­tica. OperaÃ§Ã£o lava-a-jato.	
Other	paralizaÃ§Ã£o muito forte da economia / concorrencia predatoria / custo	
	do dinheiro	

8 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Other	Riesgo polÃ­tico por cambio constitucionales que podrÃ­an alterar el	
	marco legal	
Other	Se requiere una regulaciÃ³n ambiental que obligue a la industria a realizar	
	inversiones en este camp	
Retail/Wholesale	AÃ±o electoral en el paÃ­s, incertidumbre, posible freno en la economÃ­a	
	y reducciÃ³n en las inversi	
Retail/Wholesale	Falta de talento humano	
Retail/Wholesale	Informalidade da concorrencia	
Retail/Wholesale	Political risk.	
Services, Consulting	Cambio de gobierno	
Services, Consulting	Desmembramiento econÃ³mico del paÃ­s con fines de instalar un	
	socialismo totalitario	
Services, Consulting	falta de iquidez en la empresas nacionales	
Services, Consulting	Inestabilidad polÃ­tica asociada a cambios en la ConstituciÃ³n	
Services, Consulting	Insisto en la disminucion de la demanda por contraccion de las	
	expectativas de los clientes	
Services, Consulting	nÃ£o mais	
Services, Consulting	Posible colapso total de la economÃ­a	
Services, Consulting	Riesgo politico por tema electoral	
Services, Consulting	Security enviroment and mid term elections	
Services, Consulting	Tener un crecimiento por encima de la media de mercado	
Services, Consulting	Volatilidad economias vecinas Venezuela y Argentina especificamente	
Transp, Public Util	Recuperar los niveles de productividad, post aluviÃ³n en la III regiÃ³n	
Unspecified Industry	SEGUIR SIENDO LIDERES EN NUESTRO NICHO	

9 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [Unweighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	5.13	6.18	3.19 - 7.07	4	-7.94	18.10	101

Revenue	4.75	14.34	2.10 - 7.39	5	-30	40.45	51

Capital spending	4.35	26.47	-0.81 - 9.51	3	-81	96.37	17

Wages/Salaries	4.28	5.11	3.31 - 5.25	4	-15.90	25.83	111

Technology spending	4.25	14.97	-0.45 - 8.95	0	-32.40	40.65	39

Productivity (output per hour worked)	3.93	5.55	2.27 - 5.59	2	-9.37	16.65	50

Earnings	3.90	15.15	1.08 - 6.72	4	-36.80	43.78	101

Prices of your products	3.21	6.94	1.85 - 4.57	3	-17.30	24.16	36

Number of domestic full-time employees	2.38	20.05	-1.53 - 6.29	0	-50	87.29	34

Number of offshore outsourced employees	1.87	24.13	-6.24 - 9.98	0	-50	84.86	100

Share repurchases	1.53	5.92	-1.47 - 4.52	0	0	22.91	43

Research and development spending	0.92	6.73	-1.41 - 3.26	0	-21.60	22.18	32

Marketing/advertising spending	0.91	18.57	-4.24 - 6.05	0	-51.60	58.02	113

Dividends	0.34	13.77	-6.20 - 6.89	0	-33.20	30	15

Cash on the balance sheet	-0.82	24.04	-7.42 - 5.78	0	-59.20	55.41	39

Number of domestic temporary employees	-1.86	14.48	-6.59 - 2.88	0	-40	55.20	107

10 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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

(N=153)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.79	90	11	6
Wages/Salaries	0.53	84.1%	10.3%	5.6%

	0.56	24	13	2
Health care costs	0.60	61.5%	33.3%	5.1%

	0.56	26	15	2
Productivity (output per hour worked)	0.59	60.5%	34.9%	4.7%

	0.50	81	8	24
Revenue	0.83	71.7%	7.1%	21.2%

	0.45	61	23	16
Prices of your products	0.76	61.0%	23.0%	16.0%

	0.45	62	22	17
Capital spending	0.77	61.4%	21.8%	16.8%

	0.36	68	15	28
Earnings	0.86	61.3%	13.5%	25.2%

	0.36	18	17	4
Technology spending	0.67	46.2%	43.6%	10.3%

Number of domestic full-time	0.19	45	30	26
employees	0.82	44.6%	29.7%	25.7%

	0.19	9	20	3
Research and development spending	0.59	28.1%	62.5%	9.4%

	0.12	4	11	2
Dividends	0.60	23.5%	64.7%	11.8%

	0.08	20	14	16
Marketing/advertising spending	0.85	40.0%	28.0%	32.0%

	0.07	1	14	0
Share repurchases	0.26	6.7%	93.3%	0.0%

	0.04	20	13	18
Cash on the balance sheet	0.87	39.2%	25.5%	35.3%

Number of offshore outsourced	0.03	7	21	6
employees	0.63	20.6%	61.8%	17.6%

Number of domestic temporary	-0.03	8	19	9
employees	0.70	22.2%	52.8%	25.0%

11 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

4. 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] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	5.65	13.66	3.16 - 8.14	5	-36.80	43.78	107

Revenue	3.87	13.97	1.41 - 6.33	5.50	-30	40.45	32

Prices of your products	3.22	6.16	2.05 - 4.39	3	-17.30	24.16	124

Share repurchases	1.56	5.98	-1.50 - 4.63	0	0	22.91	108

Technology spending	0.21	14.11	-4.07 - 4.50	0	-32.40	40.65	47

Capital spending	-0.08	24.64	-4.73 - 4.57	1	-81	50	115

Research and development spending	-1.84	8.99	-4.95 - 1.27	0	-21.60	22.18	52

Marketing/advertising spending	-3.76	19.91	-9.44 - 1.92	0	-51.60	58.02	22

Dividends	-3.98	12.14	-9.11 - 1.15	0	-33.20	2	15

Cash on the balance sheet	-6.32	26.01	-13.41 - 0.77	0	-59.20	55.41	42

12 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

4. 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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	5.22	6.46	3.43 - 7.01	5	-7.94	18.10	54

Wages/Salaries	4.20	5.39	3.24 - 5.16	4	-15.90	25.83	108

Productivity (output per hour worked)	3.60	5.07	2.25 - 4.95	2	-3	16.65	47

Number of domestic full-time employees	0.48	14.98	-2.35 - 3.31	0	-30	87.29	45

Number of offshore outsourced employees	-0.26	24.13	-7.30 - 6.78	0	-50	84.86	121

Number of domestic temporary employees	-1.62	16.16	-6.25 - 3.02	0	-40	55.20	50

13 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Revenue	0.34	16.15	-4.35 - 5.02	2.50	-30	40

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0

Earnings	-0.80	10.84	-3.93 - 2.32	0	-36.80	15

Dividends	-4.17	12.41	-9.55 - 1.20	0	-33.20	2

Cash on the balance sheet	-6.85	24.32	-15.78 - 2.08	0	-59.20	55.41

14 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5a. To date, what effect have changes in interest rates had on your business?

	 	Number	Percent	95% CI
	Direct	47	35.6 %	± 7.4 %
	Indirect	15	11.4 %	± 4.8 %
	Both	15	11.4 %	± 4.8 %
	No effect	55	41.7 %	± 7.7 %
	Total	132	100.0 %

	Missing Cases = 21
	Response Percent = 86.3 %

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5a. Has the effect of interest rates on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	1	1.3 %	± 1.3 %
	+1=Positive	13	16.7 %	± 4.5 %
	0=No impact	17	21.8 %	± 5.1 %
	-1=Negative	38	48.7 %	± 7.0 %
	-2=Very negative	9	11.5 %	± 3.8 %
	Total	78	100.0 %

	Mean = -0.53
	SD = 0.95

	Missing Cases = 75
	Response Percent = 51.0 %

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5a. To date, what effect have changes in oil prices had on your business?

	 	Number	Percent	95% CI
	Direct	28	21.5 %	± 6.2 %
	Indirect	54	41.5 %	± 7.7 %
	Both	11	8.5 %	± 4.1 %
	No effect	37	28.5 %	± 6.9 %
	Total	130	100.0 %

	Missing Cases = 23
	Response Percent = 85.0 %

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5a. Has the effect of oil prices on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	3	3.3 %	± 2.2 %
	+1=Positive	26	28.3 %	± 6.1 %
	0=No impact	12	13.0 %	± 4.3 %
	-1=Negative	42	45.7 %	± 7.2 %
	-2=Very negative	9	9.8 %	± 3.8 %
	Total	92	100.0 %

	Mean = -0.30
	SD = 1.09

	Missing Cases = 61
	Response Percent = 60.1 %

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5a. To date, what effect have changes in currency values had on your business?

	 	Number	Percent	95% CI
	Direct	76	56.7 %	± 8.0 %
	Indirect	14	10.4 %	± 4.6 %
	Both	27	20.1 %	± 6.1 %
	No effect	17	12.7 %	± 5.0 %
	Total	134	100.0 %

	Missing Cases = 19
	Response Percent = 87.6 %

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5a. Has the effect of currency values on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	4	3.4 %	± 2.6 %
	+1=Positive	27	22.9 %	± 6.1 %
	0=No impact	11	9.3 %	± 4.2 %
	-1=Negative	50	42.4 %	± 7.5 %
	-2=Very negative	26	22.0 %	± 6.0 %
	Total	118	100.0 %

	Mean = -0.57
	SD = 1.17

	Missing Cases = 35
	Response Percent = 77.1 %

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5b. How have interest rates affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	6	4.7 %	± 3.3 %
	+1=Up medium	12	9.3 %	± 4.6 %
	0=No change	80	62.0 %	± 8.2 %
	-1=Down medium	22	17.1 %	± 6.0 %
	-2=Down large	9	7.0 %	± 4.0 %
	Total	129	100.0 %

	Mean = -0.12
	SD = 0.85

	Missing Cases = 14
	Response Percent = 90.2 %

21 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5b. How have low oil prices affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	2	1.7 %	± 2.0 %
	+1=Up medium	10	8.3 %	± 4.4 %
	0=No change	87	71.9 %	± 8.2 %
	-1=Down medium	14	11.6 %	± 5.1 %
	-2=Down large	8	6.6 %	± 4.0 %
	Total	121	100.0 %

	Mean = -0.13
	SD = 0.72

	Missing Cases = 16
	Response Percent = 88.3 %

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	10	7.7 %	± 4.2 %
	+1=Up medium	27	20.8 %	± 6.5 %
	0=No change	56	43.1 %	± 8.1 %
	-1=Down medium	22	16.9 %	± 6.0 %
	-2=Down large	15	11.5 %	± 5.1 %
	Total	130	100.0 %

	Mean = -0.04
	SD = 1.07

	Missing Cases = 14
	Response Percent = 90.3 %

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5b. How have interest rates affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	0.8 %	± 1.4 %
	+1=Up medium	9	7.1 %	± 4.1 %
	0=No change	95	75.4 %	± 7.8 %
	-1=Down medium	15	11.9 %	± 5.2 %
	-2=Down large	6	4.8 %	± 3.4 %
	Total	126	100.0 %

	Mean = -0.13
	SD = 0.63

	Missing Cases = 15
	Response Percent = 89.4 %

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5b. How have low oil prices affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	3	2.5 %	± 2.5 %
	+1=Up medium	3	2.5 %	± 2.5 %
	0=No change	88	73.9 %	± 8.2 %
	-1=Down medium	18	15.1 %	± 5.8 %
	-2=Down large	7	5.9 %	± 3.8 %
	Total	119	100.0 %

	Mean = -0.19
	SD = 0.69

	Missing Cases = 17
	Response Percent = 87.5 %

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	0.8 %	± 1.4 %
	+1=Up medium	11	8.9 %	± 4.5 %
	0=No change	83	67.5 %	± 8.2 %
	-1=Down medium	23	18.7 %	± 6.1 %
	-2=Down large	5	4.1 %	± 3.1 %
	Total	123	100.0 %

	Mean = -0.16
	SD = 0.67

	Missing Cases = 19
	Response Percent = 86.6 %

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

	 	Number	Percent	95% CI
	-300 bps	0	0.0 %	± 0.0 %
	-250 bps	1	1.3 %	± 1.3 %
	-200 bps	0	0.0 %	± 0.0 %
	-150 bps	1	1.3 %	± 1.3 %
	-100 bps	3	3.8 %	± 2.2 %
	-50 bps	3	3.8 %	± 2.2 %
	no chg	26	33.3 %	± 6.1 %
	+50 bps	22	28.2 %	± 5.7 %
	+100 bps	11	14.1 %	± 4.2 %
	+150 bps	6	7.7 %	± 3.1 %
	+200 bps	4	5.1 %	± 2.6 %
	+250 bps	1	1.3 %	± 1.3 %
	+300 bps	0	0.0 %	± 0.0 %
	Total	78	100.0 %

	Mean = 42.31
	SD = 81.02

	Missing Cases = 75
	Response Percent = 51.0 %

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

	 	Number	Percent	95% CI
	$25	4	5.2 %	± 2.6 %
	$30	1	1.3 %	± 1.3 %
	$35	1	1.3 %	± 1.3 %
	$40	2	2.6 %	± 1.8 %
	$45	1	1.3 %	± 1.3 %
	$50	9	11.7 %	± 3.8 %
	$55	15	19.5 %	± 4.8 %
	$60 (current spot)	18	23.4 %	± 5.2 %
	$65	15	19.5 %	± 4.8 %
	$70	9	11.7 %	± 3.8 %
	$75	1	1.3 %	± 1.3 %
	$80	0	0.0 %	± 0.0 %
	$85	0	0.0 %	± 0.0 %
	$90	0	0.0 %	± 0.0 %
	$95	0	0.0 %	± 0.0 %
	$100	1	1.3 %	± 1.3 %
	$105	0	0.0 %	± 0.0 %
	$110	0	0.0 %	± 0.0 %
	$115	0	0.0 %	± 0.0 %
	$120	0	0.0 %	± 0.0 %
	Total	77	100.0 %

	Mean = 57.47
	SD = 12.21

	Missing Cases = 76
	Response Percent = 50.3 %

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

	 	Number	Percent	95% CI
	-50%	1	1.3 %	± 1.3 %
	-45%	0	0.0 %	± 0.0 %
	-40%	0	0.0 %	± 0.0 %
	-35%	0	0.0 %	± 0.0 %
	-30%	1	1.3 %	± 1.3 %
	-25%	1	1.3 %	± 1.3 %
	-20%	2	2.5 %	± 1.8 %
	-15%	3	3.8 %	± 2.2 %
	-10%	16	20.0 %	± 4.9 %
	-5%	10	12.5 %	± 4.0 %
	no change	14	17.5 %	± 4.7 %
	+5%	16	20.0 %	± 4.9 %
	+10%	14	17.5 %	± 4.7 %
	+15%	0	0.0 %	± 0.0 %
	+20%	0	0.0 %	± 0.0 %
	+25%	0	0.0 %	± 0.0 %
	+30%	1	1.3 %	± 1.3 %
	+35%	1	1.3 %	± 1.3 %
	+40%	0	0.0 %	± 0.0 %
	+45%	0	0.0 %	± 0.0 %
	+50%	0	0.0 %	± 0.0 %
	Total	80	100.0 %

	Mean = -1.44
	SD = 11.86

	Missing Cases = 73
	Response Percent = 52.3 %

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

	Mean	SD	Median	Total

By year-end 2015, what do you expect long term interest rates will change by:	42.31	81.02	50	78

By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	57.47	12.21	60	77

By year-end 2015, relative to US dollar, our currency will change by:	-1.44	11.86	0	80

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

	 	Number	Percent	95% CI
	Yes	55	87.3 %	± 7.9 %
	No	8	12.7 %	± 3.7 %
	Total	63	100.0 %

	Missing Cases = 86
	Response Percent = 42.3 %

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

	 	Number	Percent	95% CI
	Installed new software or changed procedures to try to
	   prevent a data breach	34	22.2 %	± 6.7 %
	Instituted required employee training on best practices to
	   prevent hacking and data breaches	21	13.7 %	± 5.6 %
	Purchased new hardware to try to prevent a data breach	16	10.5 %	± 4.9 %
	Hired at least one staff member specializing in data security	16	10.5 %	± 4.9 %
	Currently considering how to better ensure the safety of
	   your network	15	9.8 %	± 4.8 %
	Hired a data security firm to review your protocol and the
	   safety of your system	12	7.8 %	± 4.3 %
	Moved to cloud servers	12	7.8 %	± 4.3 %
	Hired a consultant to try to hack into your system	9	5.9 %	± 3.8 %
	Other data security steps taken in past year	8	5.2 %	± 3.6 %
	Had your staff try to hack into your system	4	2.6 %	± 2.6 %
	In the past year, we have not taken any significant steps
	   to address data security	20	13.1 %	± 5.4 %
	Total	167

	Number of Cases = 153
	Number of Responses = 167
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response = 81
	Response Percent = 52.9 %

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Other data security steps taken in past year:  

Bank/Fin/Insur/Real Est	prevencion de ataques contra denegacion de servicio	
Other	utilizaÃ§Ã£o de e-mails	

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

7. What should be the focus of the CFO to best serve all stakeholders?

(N=153)

	Mean & SD	None	Minor	Moderate	Significant
	  	0	1	2	3	
	2.65	0	1	27	56
Budget and Forecast	0.50	0.0%	1.2%	32.1%	66.7%

	2.43	2	3	33	41
Liquidity Management	0.69	2.5%	3.8%	41.8%	51.9%

	2.42	1	3	36	37
Capital Allocation	0.64	1.3%	3.9%	46.8%	48.1%

	2.41	2	3	35	40
Capital Structure	0.69	2.5%	3.8%	43.8%	50.0%

	2.40	0	5	36	36
Board Relations	0.61	0.0%	6.5%	46.8%	46.8%

	2.40	0	1	46	33
Financial Reporting and Compliance	0.52	0.0%	1.3%	57.5%	41.3%

	2.38	1	4	37	36
Risk Management	0.65	1.3%	5.1%	47.4%	46.2%

	2.14	1	12	40	25
Executive Leadership Team	0.72	1.3%	15.4%	51.3%	32.1%

	2.08	6	16	22	34
Corporate Strategy (including M&A)	0.98	7.7%	20.5%	28.2%	43.6%

	1.99	1	18	37	19
Administration (back office, support)	0.74	1.3%	24.0%	49.3%	25.3%

	1.96	7	16	26	27
Investor Relations	0.97	9.2%	21.1%	34.2%	35.5%

	1.85	4	19	35	16
Liaison to Regulators / Government	0.82	5.4%	25.7%	47.3%	21.6%

	1.73	2	28	37	11
Internal Growth	0.73	2.6%	35.9%	47.4%	14.1%

	1.66	11	16	33	13
Dividends, Share Repurchases	0.95	15.1%	21.9%	45.2%	17.8%

	1.62	4	29	36	8
Human Resources	0.74	5.2%	37.7%	46.8%	10.4%

	1.56	11	23	25	13
Spin-offs, Asset Sales	0.96	15.3%	31.9%	34.7%	18.1%

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

7. What should be the focus of the CFO to best serve all stakeholders?

	Mean & SD	None	Minor	Moderate	Significant
	  	0	1	2	3	
	1.33	2	1	2	1
Other 1	1.21	33.3%	16.7%	33.3%	16.7%

	1.25	13	33	28	2
Employee Benefits / Retirement	0.77	17.1%	43.4%	36.8%	2.6%

	1.00	2	1	2	0
Other 2	1.00	40.0%	20.0%	40.0%	0.0%

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

The focus of the finance leader (CFO) should be - Other specified:

Manufacturing	Caja	
	Back office	
Other	Gobierno corporativo	
	ReducciÃ³n de costos	
Transp, Public Util	productividad	

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Administration (back office, support) 

Healthcare/Pharm	Revisión de actividades a tercerizar, carga de personal, actividades de	
	soporte	
Manufacturing	Automatizar procesos	
Other	Controle de custos	
Services, Consulting	Implementacion de manuales de control	
Services, Consulting	mejoras de procesos	
Services, Consulting	Process Improvement	

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Board Relations

Agr, Forestry, Fishing	Contrato de GestÃ£o	
Bank/Fin/Insur/Real Est	Nuevos recursos	
Energy	Estrategia de negocios	
Manufacturing	70	
Other	cambios entorno negocios	
Services, Consulting	Generar mas beneficios	
Services, Consulting	Desarrollo de Negocios	
Transp, Public Util	proyecciones de largo plazo	

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Budget and Forecast

Agr, Forestry, Fishing	Planejamento Detalhado	
Energy	Presupuesto y pronÃ³stico financiero	
Healthcare/Pharm	En un contexto de inversiones en infraestructura el control presupestal y	
	de pronóstico es clave para mantener el flujo de caja y la operación	
Manufacturing	100	
Manufacturing	Rentabilizar Working Capital	
Mining/Construction	analisis de escenarios y toma de decisiones anticipadas	
Other	Previsto x realizado	
Other	Atender os planos	
Other	flujos de caja	
Services, Consulting	Reducir significativamente el gasto	
Services, Consulting	asertividad de las proyecciones	
Services, Consulting	Control de Presupuesto	
Tech [Soft/Hard/Bio]	Maior acompanhamento	
Transp, Public Util	control de gestion	
Transp, Public Util	ReduÃ§Ã£o de custos	

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Capital Allocation

Bank/Fin/Insur/Real Est	management of risk/return	
Energy	Rentabilidad de las inversiones	
Mining/Construction	Desinversiones, ventas de activos	
Services, Consulting	restriccion de compra de activos fijos	
Services, Consulting	DecisiÃ³n de inversiones	
Tech [Soft/Hard/Bio]	Maior analise nos investimentos	
Transp, Public Util	medir performance de capex	
Transp, Public Util	Planejamento de longo prazo	

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Capital Structure

Energy	Contar con recursos para nuevos proyectos	
Manufacturing	Deuda	
Services, Consulting	Mayores margenes rentables	
Services, Consulting	DecisiÃ³n sobre alternativas de financiamiento	
Services, Consulting	Reducir riesgos de insolvencia	
Transp, Public Util	Planejamento de longo prazo	

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Corporate Strategy (including M&A)

Energy	AnÃ¡lisis de oportunidades para concretar la estrategia corporativa	
Manufacturing	100	
Mining/Construction	support executive team	
Services, Consulting	Implementacion de la nueva planificacion estrategica	
Services, Consulting	DecisiÃ³n de conveniencia	
Services, Consulting	Fusiones para reducciÃ³n de costos	
Services, Consulting	Develop long term plan	

42 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Dividends, Share Repurchases

Services, Consulting	DecisiÃ³n de conveniencia	

43 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Employee Benefits / Retirement

Services, Consulting	Reduce gap vs Market	

44 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Executive Leadership Team

Agr, Forestry, Fishing	GestÃ£o por Resultados	
Healthcare/Pharm	La gestión fina de los recursos requere el integrar el equipo más alto de	
	liderazgo de la organizacion.	
Mining/Construction	Direccionamiento y disciplina financiera	
Mining/Construction	develop succesors	
Services, Consulting	Mayor interaccion con los funcionarios	
Services, Consulting	DefiniciÃ³n de estrategia a seguir	
Tech [Soft/Hard/Bio]	Investimentos em treinamentos e desenvolvimento	
Transp, Public Util	trabajo en equipo	

45 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Financial Reporting and Compliance

Energy	Confiabilidad de reportes a terceros	
Healthcare/Pharm	En particular la normatividad municipal de construcciones y las de calidad	
	en la atención, motivo de observaci´n de INDECOPI y otros organismos	
	superv	
Manufacturing	BP	
Services, Consulting	Incrementar el control de los procedimientos establecidos	
Services, Consulting	Cumplimiento de deberes legales	
Services, Consulting	NCG 309, 325	

46 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Human Resources

Manufacturing	Mejorar productividad	
Mining/Construction	develop succesors	
Services, Consulting	Mejores politicas de reclutamiento y capacitacion interna	
Services, Consulting	Elevate team morale	

47 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Internal Growth

Agr, Forestry, Fishing	Novo PCS	
Services, Consulting	Implementacion de nuevos planes de carrera	
Services, Consulting	Product innovation	

48 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Investor Relations

Healthcare/Pharm	Activa y de propuesta, condiciones financieras e impactos en los	
	ingresos futuros.	
Manufacturing	RelaciÃ³n con Bonistas	
Mining/Construction	Compliance	
Services, Consulting	Mayor interaccion con la plana ejecutiva	
Services, Consulting	PresentaciÃ³n de resultados	

49 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Liaison to Regulators / Government

Mining/Construction	Compliance	
Services, Consulting	Estricto cumplimiento a las normativas e instructivos	
Services, Consulting	Relacionamiento	

50 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Liquidity Management

Manufacturing	100	
Mining/Construction	GestiÃ³n de cobranza, necesidades de crÃ©dito de nuestros clientes,	
	gestiÃ³n de inventarios	
Services, Consulting	Mayor control intermedio entre cada proceso	
Services, Consulting	foco en recuperaciÃ³n de ctas por cobrar	
Services, Consulting	OptimizaciÃ³n del efectivo	
Tech [Soft/Hard/Bio]	CapitaÃ§Ã£o de recursos	

51 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Risk Management 

Bank/Fin/Insur/Real Est	risk based approach	
Energy	IdentificacÃ³n y cobertura de riesgos relevantes	
Mining/Construction	Prevent fraude	
Services, Consulting	Seguimiento a las suscripciones en cada uno de los ramos de seguros que	
	comercializamos	
Services, Consulting	ParÃ¡metros riesgo-rendimiento	
Services, Consulting	Mitigar rexposiciones fuera del negocio	

52 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for: Spin-offs, Asset Sales

Manufacturing	nÃ£o ter ativos parados	
Services, Consulting	ParticipaciÃ³n en decisiones	

53 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Example of focus for Other new/important roles

--- No Response ---

54 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

	Minimum = 0

	Maximum = 100

	Mean = 40.00

	Median = 25

	Variance (Unbiased Estimate) = 1391.67

	Standard Deviation (Unbiased Estimate) = 37.31

	Standard Error Of The Mean  = 4.05

	95 Percent Confidence Interval Around The Mean = 32.07 - 47.93

	99 Percent Confidence Interval Around The Mean = 29.58 - 50.42

	Skewness = 0.51

	Kurtosis = 1.72

4 Groups

	 1 = 5
	 2 = 22.50
	 3 = 77.50

Valid Cases =85
Missing Cases =68
Response Percent = 55.6%

55 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	7.34	10.66	4.69 - 9.99	6.95	-25	35	62

% Expected ROA in 2015	7.86	8.64	5.66 - 10.07	6.70	-10	32	59

56 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Liquidity ((Cash + Marketable Securities) / Total Assets)  x 100

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Liquidity %	34.62	36.35	25.27 - 43.98	20	0	175	58

57 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	74.38	12.87	68.88 - 79.88	80	40	95	21

% of capacity utilization planned for 2015	75.86	13.96	69.89 - 81.83	75	50	100	21

58 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	79.38	9.19	75.72 - 83.05	85	60	95	24

% of capacity utilization planned for 2015	75.86	10.59	71.64 - 80.08	75	60	95	24

59 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Industry

	 	Number	Percent	95% CI
	Manufacturing	24	16.0 %	± 5.8 %
	Services, Consulting	22	14.7 %	± 5.6 %
	Banking/Finance/Insurance/Real Estate	18	12.0 %	± 5.2 %
	Healthcare/Pharmaceutical	12	8.0 %	± 4.3 %
	Mining/Construction	11	7.3 %	± 4.1 %
	Energy	10	6.7 %	± 4.0 %
	Retail/Wholesale	7	4.7 %	± 3.4 %
	Transportation & Public Utilities	6	4.0 %	± 3.1 %
	Agriculture, Forestry, & Fishing	4	2.7 %	± 2.6 %
	Technology [Software/Hardware/Biotech]	4	2.7 %	± 2.6 %
	Communication/Media	1	0.7 %	± 1.3 %
	Public Administration	0	0.0 %	± 0.0 %
	Other Industry	31	20.7 %	± 6.4 %
	Total	150	100.0 %

	Missing Cases = 3
	Response Percent = 98.0 %

60 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Industry (Other specified)

ALIMENTICIA	
Auto peças	
Bienes de consumo	
Cementerios	
Cemento	
Comercial	
COMERCIALIZACION DE ELECTRODOMESTICOS	
Comercializadora de CAlzado	
Comercio Internacional	
Concesionaria de Infraestructura	
ConcessÃ£o rodoviÃ¡ria	
Conglomerado	
EducaciÃ³n	
EducaciÃ³n	
Educación	
Engenharia	
Exportaciones	
Grafico	
Grafico	
Grafico	
Grafico	
Industria Metal Mecanica	
industria quimica	
SANEAMENTO	
Servicios Ambientales	
TransformaÃ§Ã£o	
Turismo	
turisticas	
venta directa	
y Desperdicio	

61 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	29	20.4 %	± 6.3 %
	$25-$99 million	40	28.2 %	± 7.0 %
	$100-$499 million	36	25.4 %	± 6.8 %
	$500-$999 million	13	9.2 %	± 4.5 %
	$1-$4.9 billion	14	9.9 %	± 4.6 %
	$5-$9.9 billion	4	2.8 %	± 2.6 %
	More than $10 billion	6	4.2 %	± 3.1 %
	Total	142	100.0 %

	Missing Cases = 11
	Response Percent = 92.8 %

62 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1139.12

	Median = 300

	Variance (Unbiased Estimate) = 6407560.82

	Standard Deviation (Unbiased Estimate) = 2531.32

	Standard Error Of The Mean  = 212.42

	95 Percent Confidence Interval Around The Mean = 722.77 - 1555.47

	99 Percent Confidence Interval Around The Mean = 592.13 - 1686.11

	Skewness = 2.97

	Kolmogorov-Smirnov Statistic For Normality = 4.70

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases =142
Missing Cases =11
Response Percent = 92.8%

63 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	24	18.3 %	± 5.8 %
	100-499	37	28.2 %	± 6.9 %
	500-999	25	19.1 %	± 5.9 %
	1,000-2,499	26	19.8 %	± 6.0 %
	2,500-4,999	6	4.6 %	± 3.1 %
	5,000-9,999	7	5.3 %	± 3.4 %
	Over 10,000	6	4.6 %	± 3.1 %
	Total	131	100.0 %

	Missing Cases = 22
	Response Percent = 85.6 %

64 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1715.65

	Median = 750

	Variance (Unbiased Estimate) = 8106080.15

	Standard Deviation (Unbiased Estimate) = 2847.12

	Standard Error Of The Mean  = 248.75

	95 Percent Confidence Interval Around The Mean = 1228.09 - 2203.21

	99 Percent Confidence Interval Around The Mean = 1075.11 - 2356.19

	Skewness = 2.58

	Kolmogorov-Smirnov Statistic For Normality = 4.03

Quartiles

	 1 = 300
	 2 = 750
	 3 = 1750

Valid Cases =131
Missing Cases =22
Response Percent = 85.6%

65 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

In what country are you personally located

	 	Number	Percent	95% CI
	Mexico	58	39.7 %	± 7.8 %
	Brazil	32	21.9 %	± 6.5 %
	Chile	24	16.4 %	± 5.8 %
	Peru	18	12.3 %	± 5.2 %
	Colombia	8	5.5 %	± 3.6 %
	Latin America	2	1.4 %	± 1.8 %
	Venezuela	2	1.4 %	± 1.8 %
	Bolivia	1	0.7 %	± 1.3 %
	El Salvador	1	0.7 %	± 1.3 %
	Barbados	0	0.0 %	± 0.0 %
	Bahamas	0	0.0 %	± 0.0 %
	Cayman Islands	0	0.0 %	± 0.0 %
	Antigua	0	0.0 %	± 0.0 %
	Argentina	0	0.0 %	± 0.0 %
	Cuba	0	0.0 %	± 0.0 %
	Caicos Islands	0	0.0 %	± 0.0 %
	Dominican Republic	0	0.0 %	± 0.0 %
	Ecuador	0	0.0 %	± 0.0 %
	Barbuda	0	0.0 %	± 0.0 %
	Costa Rica	0	0.0 %	± 0.0 %
	Grenada	0	0.0 %	± 0.0 %
	Dominica	0	0.0 %	± 0.0 %
	Guadeloupe	0	0.0 %	± 0.0 %
	Guatemala	0	0.0 %	± 0.0 %
	Guyana	0	0.0 %	± 0.0 %
	Belize	0	0.0 %	± 0.0 %
	Honduras	0	0.0 %	± 0.0 %
	Jamaica	0	0.0 %	± 0.0 %
	Martinique	0	0.0 %	± 0.0 %
	Aruba	0	0.0 %	± 0.0 %
	Nevis	0	0.0 %	± 0.0 %
	Nicaragua	0	0.0 %	± 0.0 %
	French Guiana	0	0.0 %	± 0.0 %
	Paraguay	0	0.0 %	± 0.0 %
	Grenadines	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 %
	Panama	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 %

66 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

In what country are you personally located

	 	Number	Percent	95% CI
	Haiti	0	0.0 %	± 0.0 %
	United States	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	146	100.0 %

	Missing Cases = 7
	Response Percent = 95.4 %

67 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Headquarters Latin America (Other Specified)

& Ecuador	
Distrito Federal	
FORTALEZA	
Sao Paulo	
USA	

68 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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

ALEMANHA	
Alemanha	
Alemania	
BogotÃ¡	
Bogota	
CanadÃ¡	
DF	
Ecuador	
EU	
Francia	
Japan	
Japan	
Japon	
Luxemburgo	
Switzerland	
Switzerland	
US	
USA	
USA	
USA	
USA	
Usa	

69 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Ownership

	 	Number	Percent	95% CI
	Private	101	67.8 %	± 7.6 %
	Public	42	28.2 %	± 7.2 %
	Government	3	2.0 %	± 2.2 %
	Nonprofit	3	2.0 %	± 2.2 %
	Total	149	100.0 %

	Missing Cases = 4
	Response Percent = 97.4 %

70 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Foreign Sales

	 	Number	Percent	95% CI
	0%	74	50.0 %	± 8.0 %
	1-24%	49	33.1 %	± 7.5 %
	25-50%	15	10.1 %	± 4.8 %
	More than 50%	10	6.8 %	± 4.0 %
	Total	148	100.0 %

	Missing Cases = 5
	Response Percent = 96.7 %

71 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

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

	 	Number	Percent	95% CI
	Latin America	38	52.8 %	± 11.7 %
	US/Canada	25	34.7 %	± 11.0 %
	Europe	8	11.1 %	± 7.3 %
	Asia/Pacific Basin	1	1.4 %	± 2.7 %
	Africa	0	0.0 %	± 0.0 %
	Total	72	100.0 %

	Missing Cases = 2
	Response Percent = 97.3 %

72 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	4	7.1 %	7.1 %
	AA+	7	12.5 %	19.6 %
	AA	4	7.1 %	26.8 %
	AA-	7	12.5 %	39.3 %
	A+	2	3.6 %	42.9 %
	A	5	8.9 %	51.8 %
	A-	2	3.6 %	55.4 %
	BBB+	6	10.7 %	66.1 %
	BBB	6	10.7 %	76.8 %
	BBB-	4	7.1 %	83.9 %
	BB+	1	1.8 %	85.7 %
	BB	2	3.6 %	89.3 %
	BB-	1	1.8 %	91.1 %
	B+	2	3.6 %	94.6 %
	B	2	3.6 %	98.2 %
	B-	0	0.0 %	98.2 %
	CCC	0	0.0 %	98.2 %
	CC	1	1.8 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	56	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

73 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

What is your company's credit rating? 

N=56		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		56		28	28	
		100.0%		50.0%	50.0%	
						
AAA		4		3	1	
		7.1%		10.7%	3.6%	
						
AA+		7		3	4	
		12.5%		10.7%	14.3%	
						
AA		4		4	0	
		7.1%		14.3%	0.0%	
				b	a	
						
AA-		7		4	3	
		12.5%		14.3%	10.7%	
						
A+		2		1	1	
		3.6%		3.6%	3.6%	
						
A		5		3	2	
		8.9%		10.7%	7.1%	
						
A-		2		2	0	
		3.6%		7.1%	0.0%	
						
BBB+		6		2	4	
		10.7%		7.1%	14.3%	
						
BBB		6		2	4	
		10.7%		7.1%	14.3%	
						
BBB-		4		1	3	
		7.1%		3.6%	10.7%	
						
BB+		1		0	1	
		1.8%		0.0%	3.6%	
						
BB		2		1	1	
		3.6%		3.6%	3.6%	
						
BB-		1		0	1	
		1.8%		0.0%	3.6%	

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

74 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

What is your company's credit rating? 

N=56		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B+		2		0	2	
		3.6%		0.0%	7.1%	
						
B		2		1	1	
		3.6%		3.6%	3.6%	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		1		1	0	
		1.8%		3.6%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

75 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	32	22.5 %
	Director Financiero	11	7.7 %
	Gerente General	8	5.6 %
	CEO	6	4.2 %
	Director de Finanzas	6	4.2 %
	DIRECTOR FINANCIERO	4	2.8 %
	Contadora	2	1.4 %
	Asistente Contable	2	1.4 %
	Director General	2	1.4 %
	Gerente Financeiro	2	1.4 %
	Gerente de AdministraciÃ³n y Finanzas	2	1.4 %
	Administrativo	2	1.4 %
	Diretor Financeiro	2	1.4 %
	Finance Manager	2	1.4 %
	Tesorero	2	1.4 %
	Gerente Nacional Corporativo de Administracion y
	   Finanzas/Luciano Escobar Coronado	1	0.7 %
	Jefe Finanzas	1	0.7 %
	Gerente Administracion y Finanzas	1	0.7 %
	Diretor Geral	1	0.7 %
	CFO Executive Assistant	1	0.7 %
	diretor financeiro	1	0.7 %
	Gerente de Administracion y Finanzas	1	0.7 %
	Capital Market Director	1	0.7 %
	Gerente Financiero	1	0.7 %
	Fundador y Presidente Ejecutivo	1	0.7 %
	Gerente de Finanzas	1	0.7 %
	Controller	1	0.7 %
	Diretor Gestao Corporativa	1	0.7 %
	Director	1	0.7 %
	Diretor Financeiro e RI	1	0.7 %
	DIRETOR PRESIDENTE	1	0.7 %
	Ceo	1	0.7 %
	director comerciasl	1	0.7 %
	VP finanzas	1	0.7 %
	Gerente de Administracion	1	0.7 %
	Contador	1	0.7 %
	Jefe Finanzas Corporativas	1	0.7 %
	Gerente Finanzas	1	0.7 %
	Director Gerente	1	0.7 %
	Diretor Administrativo e Financeiro	1	0.7 %
	Vicepresidente de Finanzas	1	0.7 %
	Vicepresindente Finanzas	1	0.7 %
	Gerente Executivo Financeiro	1	0.7 %
	Gerente de Administración y Finanzas	1	0.7 %
	Director Ejecutivo	1	0.7 %
	Director Administrativo	1	0.7 %
	Dir. Financiero	1	0.7 %
	Vicepresidente Financiero	1	0.7 %
	Director general	1	0.7 %
	DIRECTOR FINACNCIERO	1	0.7 %
	Dir Admon y Finanzas	1	0.7 %

76 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	Director de AdministraciÃ³n y Finanzas	1	0.7 %
	Finance and Resources Director	1	0.7 %
	Director Fiscal	1	0.7 %
	Director Finanzas Latinoamerica	1	0.7 %
	DIRECTOR DE FINANZAS Y ADMÓN.	1	0.7 %
	Diretor Executivo	1	0.7 %
	DIRECTOR DE FINANZAS	1	0.7 %
	Director Finanzas	1	0.7 %
	Director de Planeacion Financiera	1	0.7 %
	Analista	1	0.7 %
	Director Banca Corporativa	1	0.7 %
	Director, Finanzas	1	0.7 %
	Director de Administracion y Finanzas	1	0.7 %
	Socio Director	1	0.7 %
	director financiero	1	0.7 %
	Gerente	1	0.7 %
	Director financiero	1	0.7 %
	Contralor	1	0.7 %
	Director de finanzas	1	0.7 %
	Director de Finanzas, Latin America	1	0.7 %
	Dir Finanzas y Administracion	1	0.7 %
	Total	142	100.0 %

	Missing Cases = 11
	Response Percent = 92.8 %

77 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2015

Language version

	 	Number	Percent	95% CI
	English	76	49.7 %	± 8.0 %
	Spanish	50	32.7 %	± 7.5 %
	Portuguese	27	17.6 %	± 6.1 %
	Total	153	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %