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]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - 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 - Revenue Weighted - Sorted]	12
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]	13
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]	14
5a. During the next year, does your company plan to:	15
5b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)	16
5c. How will your firm fund the acquisition(s)? (check all that apply)	18
5c. How will your firm fund the acquisition(s)?  - Other specified	19
6a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?	20
6a. Why has your firm recently increased your primary employees' real wages/salaries?	21
6a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified	22
6a. Why has your not increased your primary employees' real wages/salaries?	23
6b. How difficult is it for your firm to fill your key job openings?	24
7. I believe that the stock market in my country is:	26
8. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects
of, future economic stress (for example, a recession or crisis)?	27
Return on assets (ROA=operating earnings/assets)	28
Liquidity ((Cash + Marketable Securities) / Total Assets)  x 100	29
Manufacturing capacity utilized	30
Manufacturing capacity utilized (Revenue Weighted)	31
Industry	32
Industry (Other specified)	33
Sales Revenue	34
Number of Employees	35
In what country are you personally located	36
Headquarters Latin America (Other Specified)	37
If your company headquarters is another country, please indicate which country.	38
Ownership	39
Foreign Sales	40
In what region of the world are most of your foreign sales?	41
What is your company's credit rating? 	42
Your job title (e.g., CFO, Asst. Treasurer, etc):	45
Language version	47

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	14	7.3 %	± 3.7 %
	0=No change	36	18.8 %	± 5.5 %
	-1=Less optimistic	141	73.8 %	± 6.3 %
	Total	191	100.0 %

	Mean = -0.66
	SD = 0.61

	Missing Cases = 3
	Response Percent = 98.5 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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 = 90

	Mean = 42.9

	Median = 40

	Standard Deviation (Unbiased Estimate) = 20.0

	95 Percent Confidence Interval Around The Mean = 39.9 - 45.9

4 Groups

	 1 = 30
	 2 = 40
	 3 = 60

Valid Cases =168
Missing Cases =23
Response Percent = 88.0%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	48	25.1 %	± 6.1 %
	0=No change	63	33.0 %	± 6.7 %
	-1=Less optimistic	80	41.9 %	± 7.0 %
	Total	191	100.0 %

	Mean = -0.17
	SD = 0.80

	Missing Cases = 3
	Response Percent = 98.5 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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 = 58.9

	Median = 60

	Standard Deviation (Unbiased Estimate) = 21.8

	95 Percent Confidence Interval Around The Mean = 55.6 - 62.2

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =168
Missing Cases =25
Response Percent = 87.0%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	118	69.4 %	± 7.0 %
	Currency risk	76	44.7 %	± 7.6 %
	Government policies	70	41.2 %	± 7.5 %
	Weak demand for your products/services	59	34.7 %	± 7.2 %
	Corporate tax code [domestic]	37	21.8 %	± 6.3 %
	Inflation	37	21.8 %	± 6.3 %
	Cost of benefits	32	18.8 %	± 5.9 %
	Regulatory requirements	31	18.2 %	± 5.9 %
	Access to capital	27	15.9 %	± 5.6 %
	Employee productivity	26	15.3 %	± 5.5 %
	Cost of borrowing	22	12.9 %	± 5.1 %
	Difficulty attracting / retaining qualified employees	19	11.2 %	± 4.8 %
	Rising input or commodity costs	17	10.0 %	± 4.6 %
	Employee morale	12	7.1 %	± 3.9 %
	Rising wages and salaries	11	6.5 %	± 3.7 %
	Geopolitical / health crises	6	3.5 %	± 2.8 %
	Deflation	4	2.4 %	± 2.3 %
	Data security	3	1.8 %	± 2.0 %
	Other	12	7.1 %	± 3.9 %
	Total	619

	Number of Cases = 170
	Number of Responses = 619
	Average Number Of Responses Per Case = 3.6
	Number Of Cases With At Least One Response = 170
	Response Percent = 100.0 %

6 

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

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

Agr, Forestry, Fishing	bajos precios internacioales	
Agr, Forestry, Fishing	FENOMENOS NATURALES	
Energy	Precio del petrÃ³leo	
Energy	risco de aÃ§Ãµes judiciais	
Other	caÃ­da ventas	
Other	Costo energÃ­a	
Other	CRISE HÃDRICA	
Other	Poco apoyo del Estado al sector	
Other	supply-chain management and costs	
Retail/Wholesale	incremento de la cartera pesada	
Services, Consulting	Las ventas han estado difÃ­ciles	
Services, Consulting	semejanza conperiodo de allende	
Tech [Soft/Hard/Bio]	RegulaciÃ³n para salir a bolsa	

7 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	1.- ANUNCIO DE REFORMAS  SIN SUSTENTO (LABORAL,	
	CONSTITUCIONAL)  2.-  Incremento de delincuencia.	
Agr, Forestry, Fishing	Alta inflaciÃ³n y baja del dolar	
Agr, Forestry, Fishing	DesaceleraÃ§Ã£o chinesa, preÃ§o de commodities.	
Agr, Forestry, Fishing	FENOMENO DEL NINO QUE AFECTARA LA PRODUCTIVIDAD DEL	
	SECTOR AGRICOLA Y LA INFRAESTRUCTURA PRODUCTIVA.	
Agr, Forestry, Fishing	Mayor integracion a nivel internacional	
Bank/Fin/Insur/Real Est	el fenÃ³meno del NiÃ±o, al estar en la zona Norte trabajando con Agricultores,	
	podrÃ­a afectar a la	
Bank/Fin/Insur/Real Est	Elecciones y FenÃ³meno del NiÃ±o	
Bank/Fin/Insur/Real Est	Incremento de costos operativos.	
Bank/Fin/Insur/Real Est	Ingreso al mercado de nuevos operadores de seguro de credito y cauciÃ³n	
Bank/Fin/Insur/Real Est	Instabilidade polÃ­tica.	
Bank/Fin/Insur/Real Est	Mantener la rentabilidad en un entorno mas dificil	
Bank/Fin/Insur/Real Est	Reforma laboral	
Communication/Media	Baja Demanda Interna	
Communication/Media	Los MEDIOS digitales	
Communication/Media	Mi empresa es importadora de productos/servicios/SW, nos preocupa el no poder	
	regularizar los pagos	
Energy	-	
Energy	baixo crescimento, incertezas a novos investimentos, risco polÃ­tico	
Energy	Cambios en la legislación	
Energy	Colapso del precio del petrÃ³leo	
Energy	NÃ­vel de atividade EconÃ´mica	
Healthcare/Pharm	Capacitación del personal contable para adaptarse a las nuevas políticas tributarias	
Healthcare/Pharm	Crecimiento en la demanda de nuestros productos a nivel nacional e internacional-	
	exportaciones.	
Healthcare/Pharm	El contagio /impacto de Brasil y Argentina en el desempeño economico y en el	
	rumbo politico de Urug.	
Healthcare/Pharm	Medidas de las aseguradoras de Salud para evitar el pago de las prestaciones, o	
	dificultarlas.	
Healthcare/Pharm	Navegar en medio de una crisis económica, donde se hace hincapié en la reducción	
	de costos.	
Manufacturing	Atracao de trabalhadores qualificados.	
Manufacturing	Baixa atividade econômica com consequente redução de demanda	
Manufacturing	Baja demanda, bajo crecimiento paÃ­s, alto costo de energÃ­a y mayor desempleo.	
Manufacturing	Corriente del niÃ±o	
Manufacturing	DesaceleraciÃ³n econÃ³mica mundial puede afectar precios de commodities y	
	mercados clave	
Manufacturing	Eleciones presidenciales	
Manufacturing	incertidumbre con reforma laboral y tributaria	
Manufacturing	IndefiniÃ§Ã£o econÃ´mica por conta do ambiente polÃ­tico agudo por que passa	
	o paÃ­s.	
Manufacturing	Los riesgos que veo para las industrias es que los empresarios estan confundiendo	
	su rol.	
Manufacturing	Ninguno	
Manufacturing	Oferta adequada de Energia Eletrica	
Manufacturing	ONG´s ideologizadas.	
Manufacturing	Political Uncertainties	
Manufacturing	Presiones laborales solicitando aumento de sueldos.	
Manufacturing	Reformas laborales mal evaluadas con efectos ireversibles	
Manufacturing	Riesgo climÃ¡tico por el FenÃ³meno El NiÃ±o	
Manufacturing	SituaciÃ³n de Brasil	
Manufacturing	Termino dela actividad	
Manufacturing	Valor Dolar	
Mining/Construction	Baja demanda por servicios en industria minera a empresas subcontratista.	

8 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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. 

Mining/Construction	Conquista de Novos Clientes	
Mining/Construction	dÃ©bil crecimiento global	
Mining/Construction	el desafio es mantenerse a la espera las cosas mejoren	
Mining/Construction	Environmental policies restricting mining projects; much more gov't regulation and	
	restriction	
Mining/Construction	Falta de Funding para o Mercado ImobiliÃ¡rio	
Mining/Construction	Government difficulties in making timely payments due to diminuished receipts	
	through taxes	
Mining/Construction	La poca claridad de los actores polÃ­ticos respecto a la Reforma Laboral.	
Mining/Construction	MÃ£o de obra qualificada	
Mining/Construction	Mala Reforma Laboral Socialista	
Mining/Construction	Políticas del gobierno sobre las infraestructuras	
Mining/Construction	Que el exceso de regulaciÃ³n no afecte el crecimiento de la empresa	
Mining/Construction	Riesgos de incobrables	
Other	aÃ±o pre electoral	
Other	Ampliar la fuerza de ventas, para postular a licitaciones publicas y privadas.	
Other	CÃ¢mbio	
Other	consumo mundial de alimentos	
Other	Continuidade da crise hÃ­drica, seca.	
Other	Creciente competencia de empresas OTT que no cuentan con los mismos	
	requisitos regulatorios	
Other	Crisis polÃ­tica en Brasil y/o Chile	
Other	custos tributÃ¡rios	
Other	DÃ©bil demanda por baja de actividad econÃ³mica	
Other	Debilidad demanda externa.	
Other	Duvida dos clientes sobre o futuro da economia no BR e preÃ§o de commodities	
Other	El mercado en el que me encuentro esta muy golpeado, esto va a durar varios	
	meses.	
Other	estabilidad jurÃ­dica del pais	
Other	FenÃ³meno El NiÃ±o y elecciones presidenciales	
Other	Inadinplencia	
Other	Incerteza polÃ­tica.	
Other	mercado en desaceleraciÃ³n	
Other	Mudança no comportamento do consumidor	
Other	PersistÃªncia dos custos de energia e alongamento do quadro recessivo	
Other	RecuperaciÃ³n del mercado de vehiculos comerciales y pesados.	
Other	RestriÃ§Ã£o de credito pelos bancos em geral, que acaba gerando uma crise de	
	liquidez / inadimplÃªnc	
Other	Retener a los clientes en un ambiente polÃ­tico y econÃ³mico inestable.	
Other	RetraÃ§Ã£o de crÃ©dito; EstagnaÃ§Ã£o da economia.	
Other	Riesgo: Reforma Laboral	
Other	SeguranÃ§as de Dados; Produtividade dos empregados; Crises GeopolÃ­ticas;	
	Requerimentos RegulatÃ³rio	
Other	SituaÃ§Ã£o das obras no centro da cidade do rio de janeiro e falta de perspectivas	
	de melhorias.	
Other	Sobrevivir en Venezuela, incluyendo el efecto de la delincuencia e inseguridad a	
	todo nivel	
Pub Admin	proceso electoral del 2016	
Retail/Wholesale	ambiente social por elecciones	
Retail/Wholesale	Aumento de ventas	
Retail/Wholesale	Baja en la demanda y mayor competencia	
Retail/Wholesale	Competencia agresiva y el poder de los autoservicios que presionan sobre el	
	margen	
Retail/Wholesale	Crecer 20%	
Retail/Wholesale	Economia retraÃ­da, populaÃ§Ã£o endividada, alto preÃ§o dos produtos	
	vendidos, em funÃ§Ã£o do custo	

9 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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. 

Retail/Wholesale	elecciones presidenciales.	
Retail/Wholesale	Esperamos que el mercado se estabilice y que hayan polÃ­ticas tributarias y	
	econÃ³micas claras.	
Retail/Wholesale	fenÃ³meno del niÃ±o	
Retail/Wholesale	Financiamiento.	
Retail/Wholesale	Incertidumbre de Inversion por parte de las empresas	
Retail/Wholesale	Incertidumbre por perÃ­odo pre electoral	
Retail/Wholesale	Incertidumbre y falta de gobierno en mi pais	
Retail/Wholesale	incertidumbre econÃ³mica, costo del crÃ©dito	
Retail/Wholesale	Inseguridad ciudadana, robos, asaltos, secuestros (delincuencia)	
Retail/Wholesale	Inversion de maquinaria	
Retail/Wholesale	La contracciÃ³n del mercado en el rubro de la empresa, automotriz	
Retail/Wholesale	La poca claridad en las polÃ­ticas de gobierno central.	
Retail/Wholesale	Las dificultades polÃ­ticas del gobierno y elecciones del 2016 afecten el	
	crecimiento de la economÃ­	
Retail/Wholesale	Obsolescencia de los servicios.	
Retail/Wholesale	Perda do grau de investimento; Agravo da crise politica e econÃ´mica;	
	Impeachment; mais impostos;	
Retail/Wholesale	Reforma laboral	
Retail/Wholesale	reforma laboral y riesgo cambiario	
Retail/Wholesale	Relaciones laborales dificiles	
Retail/Wholesale	Riesgo cambiario	
Services, Consulting	Cambios en la ConstituciÃ³n PolÃ­tica	
Services, Consulting	Changes in customer behavior	
Services, Consulting	costo tributario	
Services, Consulting	Dificuldade de disponibilidade de linhas de funding	
Services, Consulting	Disminuir costos fijos	
Services, Consulting	Falta de interes, capacidad y confianza el las autoridades, que no son tal 0	
	ejecutivas y coherentes	
Services, Consulting	inflaciÃ³n	
Services, Consulting	Los problemas de las comunidades y la minerÃ­a	
Services, Consulting	Posibles causas por El NiÃ±o	
Services, Consulting	Riesgo Argentina y Brasil , dos vecinos con problemas para el  2016	
Services, Consulting	Ruido PolÃ­tico y caÃ­da de precios de commodities	
Tech [Soft/Hard/Bio]	Aumento da taxa de juros. ReduÃ§Ã£o do investimento. Desalinhamento do	
	governo em relaÃ§Ã£o Ã s aÃ§Ã	
Tech [Soft/Hard/Bio]	Contexto internacional devaluatorio	
Tech [Soft/Hard/Bio]	DesafÃ­o: Salida a bolsa (cotizaciÃ³n pÃºblica en NY)	
Tech [Soft/Hard/Bio]	Global financial crisis	
Tech [Soft/Hard/Bio]	ReduÃ§Ã£o da atratividade do mercado Brasileiro no cenÃ¡rio global	
Transp, Public Util	Competencia en el sector que hace que las tarifas no puedan aumentarse.	
Transp, Public Util	Impacto da falta de chuvas na produÃ§Ã£o agrÃ­cola e aumento do PIB abaixo	
	do esperado	

10 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	7.77	8.73	5.54 - 10.00	7	-10	28.13	92

Wages/Salaries	5.59	6.31	4.46 - 6.72	5	-15	28.55	86

Prices of your products	4.77	10.18	2.88 - 6.67	5	-23.50	35	23

Technology spending	4.12	18.99	-0.50 - 8.73	2	-71.90	86.48	120

Revenue	3.83	14.41	1.31 - 6.35	5	-29.10	37.48	59

Research and development spending	3.62	8.11	1.55 - 5.69	0	-26.50	32.16	88

Productivity (output per hour worked)	1.75	8.20	-0.10 - 3.59	0	-20.20	20	110

Marketing/advertising spending	1.22	13.56	-1.61 - 4.06	1.50	-32.80	35	72

Cash on the balance sheet	0.78	17.24	-2.86 - 4.43	0	-45.90	48.75	66

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0	111

Number of offshore outsourced employees	-0.52	11.66	-3.33 - 2.30	0	-34.10	32.07	76

Number of domestic temporary employees	-0.92	8.79	-2.95 - 1.12	0	-28.30	24.83	59

Number of domestic full-time employees	-1.08	8.59	-2.69 - 0.52	0	-21.70	19.02	126

Earnings	-1.51	20.59	-5.19 - 2.18	2	-50.90	47.62	23

Capital spending	-4.21	27.23	-9.77 - 1.36	0.50	-82.80	77.54	65

Dividends	-7.79	27.36	-18.97 - 3.39	0	-68.60	50	120

11 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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=194)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.75	99	12	9
Wages/Salaries	0.58	82.5%	10.0%	7.5%

	0.66	44	10	5
Health care costs	0.63	74.6%	16.9%	8.5%

	0.52	76	17	18
Prices of your products	0.76	68.5%	15.3%	16.2%

	0.42	37	18	10
Technology spending	0.75	56.9%	27.7%	15.4%

	0.39	26	30	3
Research and development spending	0.59	44.1%	50.8%	5.1%

	0.35	81	8	37
Revenue	0.91	64.3%	6.3%	29.4%

	0.32	37	26	13
Productivity (output per hour worked)	0.75	48.7%	34.2%	17.1%

	0.27	46	20	22
Marketing/advertising spending	0.84	52.3%	22.7%	25.0%

	0.20	46	18	28
Capital spending	0.88	50.0%	19.6%	30.4%

	0.11	62	9	49
Earnings	0.96	51.7%	7.5%	40.8%

Number of offshore outsourced	0.05	17	35	14
employees	0.69	25.8%	53.0%	21.2%

	0.00	0	23	0
Share repurchases	0.00	0.0%	100.0%	0.0%

	0.00	8	7	8
Dividends	0.85	34.8%	30.4%	34.8%

	-0.02	32	20	34
Cash on the balance sheet	0.88	37.2%	23.3%	39.5%

	-0.05	36	32	42
Number of domestic full-time employees	0.84	32.7%	29.1%	38.2%

Number of domestic temporary	-0.07	14	39	19
employees	0.68	19.4%	54.2%	26.4%

12 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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

Prices of your products	7.53	9.84	5.61 - 9.46	5.50	-23.50	35	100

Revenue	7.51	13.80	4.86 - 10.17	6.50	-29.10	37.48	49

Research and development spending	3.91	8.50	1.53 - 6.29	0	-26.50	32.16	104

Technology spending	3.26	14.95	-1.02 - 7.55	2	-71.90	86.48	72

Cash on the balance sheet	0.54	15.73	-3.22 - 4.30	0	-45.90	48.75	66

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0	106

Marketing/advertising spending	-1.13	12.67	-4.19 - 1.94	0	-32.80	35	67

Earnings	-1.74	22.92	-6.10 - 2.63	2.50	-50.90	47.62	32

Dividends	-8.47	33.14	-19.96 - 3.01	0	-68.60	50	14

Capital spending	-11.71	32.04	-19.09 - -4.32	0.50	-82.80	77.54	47

13 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	9.40	9.43	7.04 - 11.77	10	-10	28.13	79

Wages/Salaries	5.54	6.10	4.42 - 6.67	5	-15	28.55	109

Productivity (output per hour worked)	1.63	6.87	0.12 - 3.14	0	-20.20	20	80

Number of offshore outsourced employees	-0.55	11.15	-3.13 - 2.03	0	-34.10	32.07	72

Number of domestic full-time employees	-0.92	7.47	-2.33 - 0.48	0	-21.70	19.02	113

Number of domestic temporary employees	-0.95	7.70	-2.63 - 0.73	0	-28.30	24.83	61

14 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	13.69	15.57	8.95 - 18.43	10	-20	37.48

Earnings	2.92	24.88	-4.57 - 10.41	2.50	-50	47.62

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0

Cash on the balance sheet	-0.91	12.73	-5.26 - 3.43	0	-45.90	48.75

Dividends	-6.42	31.75	-17.61 - 4.77	0	-68.60	50

15 

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

5a. During the next year, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	14	7.3 %	± 3.7 %
	Acquire part of another company or companies?	12	6.3 %	± 3.4 %
	Both	8	4.2 %	± 2.8 %
	Neither	158	82.3 %	± 5.5 %
	Total	192	100.0 %

	Missing Cases = 2
	Response Percent = 99.0 %

16 

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

5b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)

	 	Number	Percent	95% CI
	To improve our industry position	17	50.0 %	± 17.7 %
	Consolidation of industry	15	44.1 %	± 17.6 %
	Geographic diversification	14	41.2 %	± 17.4 %
	Revenue synergies	12	35.3 %	± 16.9 %
	Cost synergies	11	32.4 %	± 16.6 %
	Attractive target valuation	10	29.4 %	± 16.2 %
	Product diversification	6	17.6 %	± 13.5 %
	Acquire fast-growing assets	3	8.8 %	± 10.1 %
	Change in government regulation/programs	1	2.9 %	± 6.0 %
	Tax savings	1	2.9 %	± 6.0 %
	Acquire personnel	0	0.0 %	± 0.0 %
	Deploy cash reserves	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	90

	Number of Cases = 34
	Number of Responses = 90
	Average Number Of Responses Per Case = 2.6
	Number Of Cases With At Least One Response = 34
	Response Percent = 100.0 %

17 

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

5b. Why is your firm making acquisition(s)? - Other specified

--- No Response ---

18 

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

5c. How will your firm fund the acquisition(s)? (check all that apply)

	 	Number	Percent	95% CI
	Cash Reserves	16	47.1 %	± 17.7 %
	Debt	16	47.1 %	± 17.7 %
	Stock	10	29.4 %	± 16.2 %
	Other	5	14.7 %	± 12.6 %
	Total	47

	Number of Cases = 34
	Number of Responses = 47
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response = 34
	Response Percent = 100.0 %

19 

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

5c. How will your firm fund the acquisition(s)?  - Other specified

Other	Reservas de efectivo y deuda	
Other	aumento de capital	
Retail/Wholesale	Capital dos sÃ³cios	
Bank/Fin/Insur/Real Est	Aporte fresco de capital	
Services, Consulting	mix de las anteriores	

20 

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

6a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

	 	Number	Percent	95% CI
	Yes	83	47.7 %	± 7.0 %
	No	91	52.3 %	± 7.1 %
	Total	174	100.0 %

	Missing Cases = 20
	Response Percent = 89.7 %

21 

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

6a. Why has your firm recently increased your primary employees' real wages/salaries?

	Why increase? (check one or two best options)	Number	Percent	95% CI
	To keep up with wages at our peer firms	28	33.7 %	± 10.4 %
	Difficulty attracting/retaining qualified employees	25	30.1 %	± 10.1 %
	Labor market pressures/conditions	23	27.7 %	± 9.8 %
	Pressure from employees or their representatives	16	19.3 %	± 8.7 %
	Company s financial performance has improved	13	15.7 %	± 8.0 %
	Company altruism	4	4.8 %	± 4.7 %
	Employees are stakeholders in the firm	3	3.6 %	± 4.1 %
	Other:	16	19.3 %	± 8.7 %
	Total	128

	Number of Cases = 83
	Number of Responses = 128
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 83
	Response Percent = 100.0 %

22 

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

6a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified

Retail/Wholesale	norma legal. recargo domingos + 7 domingos	
Retail/Wholesale	NegociaciÃ³n colectiva	
Manufacturing	Potenciales cambios en regulaciÃ³n	
Other	mercado e desempenho da economia	
Manufacturing	NegociaciÃ³n Colectiva	
Retail/Wholesale	por incremento del IPC	
Retail/Wholesale	Incremento anual acorde a la inflacion y rentabilidad de la Empresa	
Energy	Por Convención Colectiva	
Other	Por obligaciÃ³n gubernamental	
Services, Consulting	Por actuación de consejo de salarios del sector	
Manufacturing	NegociaciÃ³n Colectiva	
Other	Consejo de Salarios	
Manufacturing	Ajustes legales	
Transp, Public Util	Por reglamentaciones gubernamentales.  Tenemos un Convenio Colectivo firmado	
	entre el personal y la empresa, regulado por el gobierno.	
Other	DissÃ­dio Coletivo	
Agr, Forestry, Fishing	Acuerdo Sindical	

23 

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

6a. Why has your not increased your primary employees' real wages/salaries?

Other	pressÃ£o de custos	
Energy	politica da	
Services, Consulting	Porque no aumento la productividad	

24 

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

6b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	We have job openings for key jobs	166	87.4 %	± 4.8 %
	We do not have job openings for key jobs	24	12.6 %	± 4.7 %
	Total	190	100.0 %

	Missing Cases = 1
	Response Percent = 99.5 %

25 

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

6b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	+1=Easy	15	9.0 %	± 4.4 %
	0=Normal	76	45.8 %	± 7.6 %
	-1=Difficult	75	45.2 %	± 7.6 %
	Total	166	100.0 %

	Mean = -0.36
	SD = 0.64

	Missing Cases = 1
	Response Percent = 99.4 %

26 

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

7. I believe that the stock market in my country is:

	 	Number	Percent	95% CI
	+1=Overvalued	51	30.0 %	± 6.3 %
	0=Correctly valued	52	30.6 %	± 6.3 %
	-1=Undervalued	67	39.4 %	± 6.8 %
	Total	170	100.0 %

	Mean = -0.09
	SD = 0.83

	Missing Cases = 24
	Response Percent = 87.6 %

27 

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

8. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects of, future economic stress (for example, a recession or crisis)?

	 	Number	Percent	95% CI
	Yes	61	40.1 %	± 6.6 %
	No	91	59.9 %	± 7.1 %
	Total	152	100.0 %

	Missing Cases = 42
	Response Percent = 78.4 %

28 

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	8.53	11.22	6.68 - 10.38	7.20	-25	59	141

% Expected ROA in 2015	8.15	9.53	6.52 - 9.77	7	-15	45	132

29 

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

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Liquidity %	33.54	32.46	27.78 - 39.30	25	0	206	122

30 

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	78.86	10.48	74.49 - 83.24	80	60	100	22

% of capacity utilization planned for the remainder of
2015	80.45	17.18	73.28 - 87.63	85	30	100	22

31 

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	79.44	10.34	75.82 - 83.06	80	60	100	31

% of capacity utilization planned for the remainder of
2015	76.88	23.17	68.76 - 85.00	85	30	100	31

32 

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

Industry

	 	Number	Percent	95% CI
	Retail/Wholesale	34	17.6 %	± 5.4 %
	Manufacturing	25	13.0 %	± 4.8 %
	Mining/Construction	17	8.8 %	± 4.0 %
	Services, Consulting	16	8.3 %	± 3.9 %
	Banking/Finance/Insurance/Real Estate	15	7.8 %	± 3.8 %
	Agriculture, Forestry, & Fishing	11	5.7 %	± 3.3 %
	Energy	9	4.7 %	± 3.0 %
	Technology [Software/Hardware/Biotech]	8	4.1 %	± 2.8 %
	Healthcare/Pharmaceutical	7	3.6 %	± 2.7 %
	Communication/Media	5	2.6 %	± 2.3 %
	Transportation & Public Utilities	4	2.1 %	± 2.0 %
	Public Administration	1	0.5 %	± 1.0 %
	Other Industry	41	21.2 %	± 5.8 %
	Total	193	100.0 %

	Missing Cases = 1
	Response Percent = 99.5 %

33 

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

Industry (Other specified)

Adm Patrimonial	
Agroindustria	
AgronegÃ³cio	
Alimentos	
alimentos	
Armado de Luminarias	
Bens de Capital	
celulose, papel, embalagens	
consumo masivo	
Energia y Automatizacion	
ExportaciÃ³n Fruta Fresca	
furniture production and sale	
Hotelera/Turismo	
importacion y distribucion	
IncorporaÃ§Ã£o e ConstruÃ§Ã£o Residencial	
Industria cemento	
Industria de Papel e Celulose	
Infraestrutura	
Inmobiliaria	
Inmobiliria	
LogÃ­stica refrigerada	
logistica	
Manufactura de neumaticos	
Metal mecanico	
PetroquÃ­mico e Transformados de plÃ¡stico	
petroquÃ­mica	
Prestador de ServiÃ§o	
quimico	
Saneamento	
Servicios Financieros: Fondos Colectivos	
Servicios a la MinerÃ­a	
Servicios de ingenierÃ­a y construcciÃ³n sector petrÃ³leo y energÃ­a	
servicios	
Telecomuniações	
Telecomunicaciones	
Textil	
trader	
Turismo	
Turismo	
Ventas de Vehiculos	

34 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	56	29.3 %	± 6.4 %
	$25-$99 million	50	26.2 %	± 6.2 %
	$100-$499 million	37	19.4 %	± 5.6 %
	$500-$999 million	13	6.8 %	± 3.6 %
	$1-$4.9 billion	17	8.9 %	± 4.0 %
	$5-$9.9 billion	10	5.2 %	± 3.1 %
	More than $10 billion	8	4.2 %	± 2.8 %
	Total	191	100.0 %

	Missing Cases = 3
	Response Percent = 98.5 %

35 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	53	30.6 %	± 6.3 %
	100-499	47	27.2 %	± 6.1 %
	500-999	15	8.7 %	± 3.8 %
	1,000-2,499	28	16.2 %	± 5.0 %
	2,500-4,999	13	7.5 %	± 3.6 %
	5,000-9,999	7	4.0 %	± 2.7 %
	Over 10,000	10	5.8 %	± 3.1 %
	Total	173	100.0 %

	Missing Cases = 21
	Response Percent = 89.2 %

36 

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

In what country are you personally located

	 	Number	Percent	95% CI
	Chile	67	34.7 %	± 6.8 %
	Brazil	55	28.5 %	± 6.4 %
	Peru	47	24.4 %	± 6.1 %
	Uruguay	11	5.7 %	± 3.3 %
	Other	2	1.0 %	± 1.4 %
	Colombia	2	1.0 %	± 1.4 %
	Argentina	2	1.0 %	± 1.4 %
	Venezuela	2	1.0 %	± 1.4 %
	Paraguay	1	0.5 %	± 1.0 %
	United States	1	0.5 %	± 1.0 %
	Mexico	1	0.5 %	± 1.0 %
	El Salvador	1	0.5 %	± 1.0 %
	Latin America	1	0.5 %	± 1.0 %
	Total	193	100.0 %

	Missing Cases = 1
	Response Percent = 99.5 %

37 

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

Headquarters Latin America (Other Specified)

callao	
Lima	
Philippines	
Santiago	
Santiago	
Santiago	

38 

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

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

Alemanha	
Alemania	
Argentina	
Australia	
Chile	
Dinamarca	
DK	
EspaÃ±a	
EspaÃ±a	
Estados Unidos	
Europa	
Francia	
Holanda	
Japan	
lima	
Panamá.	
PANAMA	
Portugal	
Reino Unido	
Singapur	
Suecia	
SuiÃ§a	
USA	
USA	
USA	

39 

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

Ownership

	 	Number	Percent	95% CI
	Private	120	64.2 %	± 6.9 %
	Public	58	31.0 %	± 6.5 %
	Nonprofit	5	2.7 %	± 2.3 %
	Government	4	2.1 %	± 2.0 %
	Total	187	100.0 %

	Missing Cases = 7
	Response Percent = 96.4 %

40 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	97	51.6 %	± 7.1 %
	1-24%	50	26.6 %	± 6.2 %
	25-50%	15	8.0 %	± 3.8 %
	More than 50%	26	13.8 %	± 4.8 %
	Total	188	100.0 %

	Missing Cases = 6
	Response Percent = 96.9 %

41 

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

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

	 	Number	Percent	95% CI
	Latin America	55	64.7 %	± 10.3 %
	US/Canada	15	17.6 %	± 7.8 %
	Europe	7	8.2 %	± 5.6 %
	Asia/Pacific Basin	7	8.2 %	± 5.6 %
	Africa	1	1.2 %	± 2.2 %
	Total	85	100.0 %

	Missing Cases = 6
	Response Percent = 93.4 %

42 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	11	9.8 %	9.8 %
	AA+	17	15.2 %	25.0 %
	AA	15	13.4 %	38.4 %
	AA-	6	5.4 %	43.8 %
	A+	12	10.7 %	54.5 %
	A	9	8.0 %	62.5 %
	A-	3	2.7 %	65.2 %
	BBB+	11	9.8 %	75.0 %
	BBB	7	6.3 %	81.3 %
	BBB-	2	1.8 %	83.0 %
	BB+	10	8.9 %	92.0 %
	BB	3	2.7 %	94.6 %
	BB-	0	0.0 %	94.6 %
	B+	2	1.8 %	96.4 %
	B	1	0.9 %	97.3 %
	B-	0	0.0 %	97.3 %
	CCC	3	2.7 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	112	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

43 

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

What is your company's credit rating? 

N=112		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		112		64	48	
		100.0%		57.1%	42.9%	
						
AAA		11		6	5	
		9.8%		9.4%	10.4%	
						
AA+		17		12	5	
		15.2%		18.8%	10.4%	
						
AA		15		9	6	
		13.4%		14.1%	12.5%	
						
AA-		6		4	2	
		5.4%		6.3%	4.2%	
						
A+		12		5	7	
		10.7%		7.8%	14.6%	
						
A		9		4	5	
		8.0%		6.3%	10.4%	
						
A-		3		2	1	
		2.7%		3.1%	2.1%	
						
BBB+		11		7	4	
		9.8%		10.9%	8.3%	
						
BBB		7		3	4	
		6.3%		4.7%	8.3%	
						
BBB-		2		2	0	
		1.8%		3.1%	0.0%	
						
BB+		10		5	5	
		8.9%		7.8%	10.4%	
						
BB		3		2	1	
		2.7%		3.1%	2.1%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		2		1	1	
		1.8%		1.6%	2.1%	
						
B		1		0	1	
		0.9%		0.0%	2.1%	

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

44 

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

What is your company's credit rating? 

N=112		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		3		2	1	
		2.7%		3.1%	2.1%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

45 

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

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

	 	Number	Percent
	CFO	38	21.3 %
	Gerente General	15	8.4 %
	Director Financiero	11	6.2 %
	CEO	8	4.5 %
	Gerente de Finanzas	6	3.4 %
	Gerente de AdministraciÃ³n y Finanzas	5	2.8 %
	Gerente Financeiro	3	1.7 %
	Director	3	1.7 %
	gerente general	3	1.7 %
	Diretor Financeiro	3	1.7 %
	director financiero	2	1.1 %
	Diretor de Controladoria	2	1.1 %
	Gerente Financiero	2	1.1 %
	Controller	2	1.1 %
	Gerente	2	1.1 %
	Gerente Finanzas	2	1.1 %
	Director financiero	2	1.1 %
	diretor financeiro	2	1.1 %
	GERENTE GENERAL	2	1.1 %
	Contador	1	0.6 %
	Gerente Comercial	1	0.6 %
	director gerente	1	0.6 %
	VP	1	0.6 %
	CAO CHIEF ACCOUNTING OFFICER	1	0.6 %
	Director de Finanzas	1	0.6 %
	Contador Auditor	1	0.6 %
	admin. y finanzas	1	0.6 %
	Vice Pres. Financeiro	1	0.6 %
	Dirtor Financiero	1	0.6 %
	Gerente Desarrollo de Negocios	1	0.6 %
	GERENTE FINANZAS	1	0.6 %
	Investor Relations Sr Manager	1	0.6 %
	Tesoureiro	1	0.6 %
	Gerente Operaciones	1	0.6 %
	Treasury Manager	1	0.6 %
	Regional CFO	1	0.6 %
	Conselheiro	1	0.6 %
	gerente de RelaÃ§Ãµes com Investidores	1	0.6 %
	C.O.B	1	0.6 %
	Presidente	1	0.6 %
	principal	1	0.6 %
	Departamento de Operaciones	1	0.6 %
	Consultant	1	0.6 %
	Procurador/Ex-Diretor Financeiro	1	0.6 %
	socio diretor	1	0.6 %
	Gte Gral.	1	0.6 %
	Managing director	1	0.6 %
	DIRETOR DE GESTAO CORPORATIVA	1	0.6 %
	Director, (DueÃ±o)	1	0.6 %
	gerente	1	0.6 %
	Director Ejecutivo	1	0.6 %
	gerente de finanzas	1	0.6 %
	Director General	1	0.6 %
	Gerente general	1	0.6 %
	dIRECTOR	1	0.6 %
	Cfo	1	0.6 %
	director	1	0.6 %

46 

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

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

	 	Number	Percent
	MD	1	0.6 %
	SUB-GERENTE FINANCIERO	1	0.6 %
	Gerente Administracion y Finanzas	1	0.6 %
	Gte financiero	1	0.6 %
	Contralor	1	0.6 %
	Director Gerente	1	0.6 %
	CFO+IR	1	0.6 %
	Diretor Executivo	1	0.6 %
	Vice Presidente Financeiro	1	0.6 %
	SubgerenteGeneral	1	0.6 %
	Gte Finanzas	1	0.6 %
	Analista de RelaÃ§Ãµes com Investidores	1	0.6 %
	Tesorero	1	0.6 %
	tesorero	1	0.6 %
	Gerente de Administración & Finanzas	1	0.6 %
	CFO Executive Assitant	1	0.6 %
	DIRECTOR FINANCIERO	1	0.6 %
	Director Fciero	1	0.6 %
	Gerente de TesorerÃ­a y Cuentas a Pagar	1	0.6 %
	Dir Financ	1	0.6 %
	DIRETOR FINANCEIRO	1	0.6 %
	Vicepresidente Finanzas	1	0.6 %
	VP Financeiro	1	0.6 %
	Diretor Administrativo/Financeiro	1	0.6 %
	Gerente Adm y Finanzas	1	0.6 %
	Administración/Finanzas	1	0.6 %
	adm y finanzas	1	0.6 %
	Total	178	100.0 %

	Missing Cases = 16
	Response Percent = 91.8 %

47 

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

Language version

	 	Number	Percent	95% CI
	Spanish	122	62.9 %	± 6.9 %
	Portuguese	54	27.8 %	± 6.4 %
	English	18	9.3 %	± 4.1 %
	Total	194	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %