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
5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or
next year?	14
5. How have the following factors affected your capital spending THIS year? (sorted)	16
5. How have the following factors affected your capital spending plans for NEXT year? (sorted)	17
6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of
your fixed assets changed relative to five years ago?	18
6b. Is the aging of your fixed assets a drag on your productivity growth?	19
7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital
investment?	20
7a. Why will you require LESS capital investment?	21
7b. Why will you require MORE capital investment?	22
8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate
investment?	23
9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -
15%, +10%)	24
10a. Is your firm's rate of productivity growth changing?	25
10b. Have the following factors affected the productivity growth rate at your company?	26
10b. Have the following factors affected the productivity growth rate at your company? - Other specified	27
11a. Please indicate if you agree or disagree with the following statements. The current migrant/refugee crisis…	28
11b. Please indicate if you agree or disagree with the following statements.	29
Return on assets (ROA=operating earnings/assets)	30
Manufacturing capacity utilized	31
Manufacturing capacity utilized (Revenue Weighted)	32
Industry	33
Industry (Other specified)	34
Sales Revenue	35
Weighted Sales Revenue (Millions)	36
Number of Employees	37
Weighted Number of Employees	38
In what country are you personally located	39
Headquarters Europe (Other Specified)	40
If your company headquarters is in another country, please indicate which country.	41
Ownership	42
Foreign Sales	43
In what region of the world are most of your foreign sales?	44
What is your company's credit rating? 	45
Your job title (e.g., CFO, Asst. Treasurer, etc):	48

 1 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	41	41.4 %	± 9.8 %
	0=No change	33	33.3 %	± 9.3 %
	-1=Less optimistic	25	25.3 %	± 8.6 %
	Total	99	100.0 %

	Mean = 0.16
	SD = 0.80

	Missing Cases = 2
	Response Percent = 98.0 %

2 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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 = 7

	Maximum = 90

	Mean = 58.4

	Median = 62.5

	Standard Deviation (Unbiased Estimate) = 18.8

	95 Percent Confidence Interval Around The Mean = 54.4 - 62.4

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =84
Missing Cases =17
Response Percent = 83.2%

3 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	54	54.5 %	± 9.9 %
	0=No change	21	21.2 %	± 8.1 %
	-1=Less optimistic	24	24.2 %	± 8.5 %
	Total	99	100.0 %

	Mean = 0.30
	SD = 0.84

	Missing Cases = 2
	Response Percent = 98.0 %

4 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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 = 6

	Maximum = 100

	Mean = 65.2

	Median = 70

	Standard Deviation (Unbiased Estimate) = 20.3

	95 Percent Confidence Interval Around The Mean = 60.9 - 69.5

4 Groups

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =85
Missing Cases =16
Response Percent = 84.2%

5 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	47	46.5 %	± 9.9 %
	Weak demand for your products/services	33	32.7 %	± 9.3 %
	Difficulty attracting / retaining qualified employees	30	29.7 %	± 9.1 %
	Currency risk	24	23.8 %	± 8.4 %
	Government policies	24	23.8 %	± 8.4 %
	Employee productivity	20	19.8 %	± 7.9 %
	Access to capital	18	17.8 %	± 7.6 %
	Regulatory requirements	18	17.8 %	± 7.6 %
	Data security	16	15.8 %	± 7.2 %
	Employee morale	15	14.9 %	± 7.1 %
	Cost of borrowing	14	13.9 %	± 6.9 %
	Geopolitical / health crises	13	12.9 %	± 6.6 %
	Corporate tax code	10	9.9 %	± 5.9 %
	Cost of benefits	10	9.9 %	± 5.9 %
	Deflation	8	7.9 %	± 5.4 %
	Rising wages and salaries	5	5.0 %	± 4.3 %
	Rising input or commodity costs	2	2.0 %	± 2.8 %
	Inflation	2	2.0 %	± 2.8 %
	Other	11	10.9 %	± 6.2 %
	Total	320

	Number of Cases = 101
	Number of Responses = 320
	Average Number Of Responses Per Case = 3.2
	Number Of Cases With At Least One Response = 101
	Response Percent = 100.0 %

6 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

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

Bank/Fin/Insur/Real Est	te veel werk	
Energy	declining oil price	
Healthcare/Pharm	Price competition	
Manufacturing	beheersing van de groei	
Other	Cash Flow	
Other	Potential breach of loan covenants	
Retail/Wholesale	Has the economic outlook gotten as good as it will get?	
Services, Consulting	business development and marketing foresight	
Services, Consulting	Innovatie	
Services, Consulting	profitability	
Services, Consulting	Risicomanagement	

7 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	terrorism	
Bank/Fin/Insur/Real Est	Continued global eco uncertainty	
Bank/Fin/Insur/Real Est	Economic stagnation and political instability due to non execution of economic	
	reforms	
Bank/Fin/Insur/Real Est	geen	
Bank/Fin/Insur/Real Est	Wet- en regelgeving steeds belangrijker	
Bank/Fin/Insur/Real Est	World war III risk	
Communication/Media	new streems of earning and better approch to customers	
Energy	geen	
Healthcare/Pharm	baisse du pouvoir d'achat, baisse de confiance sur les marchÃ©s	
Healthcare/Pharm	New restricting laws for health-care based products	
Manufacturing	aantrekken van voldoende gekwalificeerd personeel wat relatief jong is. uitbouwen	
	van productieloc.	
Manufacturing	Bulles speculatives financieres, changements climatiques, elections aux USA,	
	M&As dans notre secteur	
Manufacturing	Keep sales margin percent	
Manufacturing	next door war	
Manufacturing	Political uncertainty worldwide and in UK continued membership of EU	
Mining/Construction	global economic slowdown	
Mining/Construction	na	
Other	Changement technologique	
Other	Economy  +  Venture  Capital injections % To Business Companies !?	
Other	Manque de visibilitÃ© lÃ©gislative	
Other	Political stability in Catalonia, Spain.	
Retail/Wholesale	competition from substitute products	
Retail/Wholesale	Concurentie	
Retail/Wholesale	More and more competitive environment which will be pressuring the pricing of	
	products	
Retail/Wholesale	Production contraints and uncertain economic and political outlook in European	
	countries.	
Retail/Wholesale	verstÃ¤rkte staatliche Regulierung; VerschÃ¤rfung des Steuerregimes fÃ¼r	
	gemischtwirtschaftliche Ges.	
Services, Consulting	Climat	
Services, Consulting	Disruptive changes in mutual businesses	
Services, Consulting	Economische instabiliteit in Europa, vanwege vluchtelingenprobleem, onrust	
	binnen bepaalde bevolking	
Services, Consulting	Geen	
Services, Consulting	Growth, executing business strategy, goal congruence, staff buy in and	
	understanding of strategy	
Services, Consulting	Kostenbeheersing (huisvesting)	
Services, Consulting	low demande for the services offered	
Services, Consulting	Mitarbeitergewinnung, TariferhÃ¶hungen	
Services, Consulting	need to raise up margins to sustain investment and profitability commitments	
Services, Consulting	no	
Services, Consulting	none	
Services, Consulting	oil price	
Services, Consulting	organizational change	
Services, Consulting	Risico niet tijdig aan nieuwe regelgeving te kunnen voldoen	
Services, Consulting	Terughoudendheid met betrekking tot investeringen door onze klanten en daarmee	
	het opdrachtvolume.	
Services, Consulting	the evolution of the very narrow market of my company	
Tech [Soft/Hard/Bio]	Developing new product lines and time to market	
Tech [Soft/Hard/Bio]	mogelijk stagnerende vraag, Vluchtelinge risico's	
Tech [Soft/Hard/Bio]	New competition	
Tech [Soft/Hard/Bio]	potential international political scenarios	
Tech [Soft/Hard/Bio]	Risk around free movement of goods	

8 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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. 

Transp, Public Util	Overcapacity in shipping thus balancing cost becomes even more significant.	

9 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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

Revenue	8.98	14.43	5.52 - 12.43	6	-15	48.26	60

Technology spending	8.44	9.98	4.98 - 11.90	5	-9.75	26.98	48

Capital spending	8.33	16.81	4.08 - 12.59	5	-35.10	53.17	7

Research and development spending	7.64	11.01	3.83 - 11.46	2.50	-10	40.62	56

Cash on the balance sheet	6.49	20.32	0.74 - 12.24	3.50	-36	50.29	21

Productivity (output per hour worked)	5.36	7.08	3.11 - 7.61	3	0	24.24	45

Earnings	5.02	12.59	1.72 - 8.32	3	-21.70	31.76	53

Number of domestic full-time employees	4.68	9.84	2.03 - 7.33	3	-21.70	33.89	34

Number of offshore outsourced employees	3.76	6.14	1.56 - 5.96	0.50	-2	20.91	30

Marketing/advertising spending	3.65	11.87	0.18 - 7.12	2	-20	50.22	57

Number of domestic temporary employees	3.55	5.13	1.82 - 5.27	2	-5	14.16	38

Wages/Salaries	3.38	5.34	2.03 - 4.73	2.75	-13.40	21.70	32

Health care costs	1.88	4.06	0.14 - 3.62	0	-2	9.88	67

Prices of your products	1.51	4.20	0.42 - 2.60	1	-7.31	9.75	16

Share repurchases	0.26	0.71	-0.09 - 0.61	0	0	2.16	32

Dividends	0.00	2.74	-2.03 - 2.03	0	-4.75	4.75	60

10 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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=101)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.76	29	9	0
Productivity (output per hour worked)	0.43	76.3%	23.7%	0.0%

	0.72	25	5	2
Technology spending	0.58	78.1%	15.6%	6.3%

	0.70	48	6	6
Wages/Salaries	0.65	80.0%	10.0%	10.0%

	0.66	54	3	10
Revenue	0.73	80.6%	4.5%	14.9%

	0.63	22	8	2
Research and development spending	0.61	68.8%	25.0%	6.3%

	0.57	42	10	8
Capital spending	0.72	70.0%	16.7%	13.3%

Number of domestic temporary	0.56	21	11	2
employees	0.61	61.8%	32.4%	5.9%

	0.51	36	8	9
Number of domestic full-time employees	0.78	67.9%	15.1%	17.0%

	0.50	39	6	11
Earnings	0.81	69.6%	10.7%	19.6%

	0.49	28	11	6
Marketing/advertising spending	0.73	62.2%	24.4%	13.3%

Number of offshore outsourced	0.47	15	14	1
employees	0.57	50.0%	46.7%	3.3%

	0.44	37	8	12
Prices of your products	0.82	64.9%	14.0%	21.1%

	0.38	30	6	12
Cash on the balance sheet	0.87	62.5%	12.5%	25.0%

	0.24	7	12	2
Health care costs	0.62	33.3%	57.1%	9.5%

	0.13	2	14	0
Share repurchases	0.34	12.5%	87.5%	0.0%

	0.00	1	5	1
Dividends	0.58	14.3%	71.4%	14.3%

11 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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

Research and development spending	5.40	9.18	2.03 - 8.77	2	-10	40.62	59

Revenue	5.06	11.56	2.21 - 7.91	5	-15	48.26	28

Technology spending	4.16	6.46	1.74 - 6.58	3	-9.75	26.98	63

Capital spending	3.74	16.38	-0.34 - 7.83	3	-35.10	53.17	62

Cash on the balance sheet	2.87	16.09	-2.38 - 8.13	0	-36	50.29	39

Earnings	2.68	8.98	0.20 - 5.16	2	-21.70	31.76	51

Marketing/advertising spending	2.63	7.18	0.37 - 4.89	2	-20	50.22	36

Prices of your products	0.50	4.32	-0.60 - 1.60	1	-7.31	9.75	16

Dividends	0.24	1.32	-0.41 - 0.89	0	-4.75	4.75	20

Share repurchases	0.04	0.27	-0.09 - 0.16	0	0	2.16	27

12 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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

Productivity (output per hour worked)	4.79	5.74	2.90 - 6.68	3	0	24.24	35

Number of offshore outsourced employees	4.75	5.30	2.97 - 6.52	2	-2	20.91	42

Number of domestic full-time employees	3.61	9.15	0.84 - 6.39	3	-21.70	33.89	26

Wages/Salaries	3.26	4.74	1.87 - 4.65	2.50	-13.40	21.70	34

Number of domestic temporary employees	2.01	5.38	-0.08 - 4.09	1	-5	14.16	44

Health care costs	1.47	3.65	-0.25 - 3.18	0	-2	9.88	17

13 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	1.21	12.35	-3.59 - 6.01	2	-10	48.26

Earnings	0.72	3.80	-0.78 - 2.23	2	-3	20

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0

Dividends	0.00	0.00	0.00 - 0.00	0	0	0

Cash on the balance sheet	-3.43	4.38	-5.59 - -1.27	-5	-36	1

14 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

(N=101)

	Mean & SD	Up	No Effect	Down
	  	+1	0	-1	
	0.00	13	64	13
Currency valuation (2015 actual)	0.54	14.4%	71.1%	14.4%

	-0.04	9	62	12
Currency valuation (2016 planned)	0.50	10.8%	74.7%	14.5%

 	 	 	 	 

	0.07	14	67	8
Interest rates (2015 actual)	0.50	15.7%	75.3%	9.0%

	0.05	13	64	9
Interest rates (2016 planned)	0.51	15.1%	74.4%	10.5%

 	 	 	 	 

	-0.17	3	61	17
Slowdown in China (2015 actual)	0.47	3.7%	75.3%	21.0%

	-0.12	5	56	14
Slowdown in China (2016 planned)	0.49	6.7%	74.7%	18.7%

 	 	 	 	 

Economic/political changes in Latin	-0.09	3	67	10
America (2015 actual)	0.40	3.8%	83.8%	12.5%

Economic/political changes in Latin	-0.04	6	60	9
America (2016 planned)	0.45	8.0%	80.0%	12.0%

 	 	 	 	 

New or anticipated regulatory	0.23	34	45	13
requirements (2015 actual)	0.68	37.0%	48.9%	14.1%

New or anticipated regulatory	0.25	31	42	10
requirements (2016 planned)	0.66	37.3%	50.6%	12.0%

 	 	 	 	 

	-0.07	11	58	17
Price of fuel (2015 actual)	0.57	12.8%	67.4%	19.8%

	0.09	15	56	8
Price of fuel (2016 planned)	0.54	19.0%	70.9%	10.1%

15 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

	Mean & SD	Up	No Effect	Down
	  	+1	0	-1	

	0.04	6	59	3
Dividends/share repurchases (2015 actual)	0.36	8.8%	86.8%	4.4%

Dividends/share repurchases (2016	0.02	7	50	6
planned)	0.46	11.1%	79.4%	9.5%

 	 	 	 	 

	0.00	1	9	1
Other: (2015 actual)	0.45	9.1%	81.8%	9.1%

	0.13	2	5	1
Other: (2016 planned)	0.64	25.0%	62.5%	12.5%

16 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

5. How have the following factors affected your capital spending THIS year? (sorted)

(N=101)

	Mean & SD	Up	No Effect	Down
	  	+1	0	-1	
New or anticipated regulatory	0.23	34	45	13
requirements	0.68	37.0%	48.9%	14.1%

	0.07	14	67	8
Interest rates	0.50	15.7%	75.3%	9.0%

	0.04	6	59	3
Dividends/share repurchases	0.36	8.8%	86.8%	4.4%

	0.00	13	64	13
Currency valuation	0.54	14.4%	71.1%	14.4%

	-0.07	11	58	17
Price of fuel	0.57	12.8%	67.4%	19.8%

Economic/political changes in Latin	-0.09	3	67	10
America	0.40	3.8%	83.8%	12.5%

	-0.17	3	61	17
Slowdown in China	0.47	3.7%	75.3%	21.0%

	0.00	1	9	1
Other:	0.45	9.1%	81.8%	9.1%

17 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

5. How have the following factors affected your capital spending plans for NEXT year? (sorted)

(N=101)

	Mean & SD	Up	No Effect	Down
	  	+1	0	-1	
New or anticipated regulatory	0.25	31	42	10
requirements	0.66	37.3%	50.6%	12.0%

	0.09	15	56	8
Price of fuel	0.54	19.0%	70.9%	10.1%

	0.05	13	64	9
Interest rates	0.51	15.1%	74.4%	10.5%

	0.02	7	50	6
Dividends/share repurchases	0.46	11.1%	79.4%	9.5%

	-0.04	9	62	12
Currency valuation	0.50	10.8%	74.7%	14.5%

Economic/political changes in Latin	-0.04	6	60	9
America	0.45	8.0%	80.0%	12.0%

	-0.12	5	56	14
Slowdown in China	0.49	6.7%	74.7%	18.7%

	0.13	2	5	1
Other:	0.64	25.0%	62.5%	12.5%

18 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

	 	Number	Percent	95% CI
	+2=Large increase in age	6	6.4 %	± 4.7 %
	+1=Moderate increase in age	32	34.0 %	± 9.2 %
	0=No change	37	39.4 %	± 9.6 %
	-1=Moderate decrease in age	17	18.1 %	± 7.4 %
	-2=Large decrease in age	2	2.1 %	± 2.8 %
	Total	94	100.0 %

	Mean = 0.24
	SD = 0.90

	Missing Cases = 7
	Response Percent = 93.1 %

19 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

6b. Is the aging of your fixed assets a drag on your productivity growth?

	 	Number	Percent	95% CI
	No	21	63.6 %	± 16.7 %
	Yes	12	36.4 %	± 15.6 %
	Total	33	100.0 %

	Missing Cases = 5
	Response Percent = 86.8 %

20 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

	 	Number	Percent	95% CI
	-2=Much less capital investment will be required	1	1.0 %	± 2.0 %
	-1=Moderately less	3	3.1 %	± 3.4 %
	0=No change	48	49.5 %	± 9.9 %
	+1=Moderately more	32	33.0 %	± 9.2 %
	+2=Much more capital investment will be required	13	13.4 %	± 6.7 %
	Total	97	100.0 %

	Mean = 0.55
	SD = 0.80

	Missing Cases = 4
	Response Percent = 96.0 %

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Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

7a. Why will you require LESS capital investment?

Other	-30%	
Other	Industry growth rates are expected to be lower therefore reducing investment	
	opportunities	

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Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

7b. Why will you require MORE capital investment?

Bank/Fin/Insur/Real Est	Regulatory environment is changing and requires more analysis and control over	
	our clients money.	
Communication/Media	finance the growth	
Energy	bedrijf zit in 3e groeifase	
Healthcare/Pharm	Adopt to new regulatory requirements	
Healthcare/Pharm	Y	
Manufacturing	Pour suivre l'evolution technologique des nouveaux produits	
Manufacturing	to increase productivity	
Manufacturing	extension of separate profit centers	
Manufacturing	Increased production capacity, increased need to comply with emerging	
	regulations, staying ahead of competition	
Manufacturing	New Products	
Manufacturing	different type of technology to produce required products	
Manufacturing	behoefte aan groei in vierkante meters productie	
Mining/Construction	NEW REGULATIONS	
Mining/Construction	capex and working capital	
Other	Development  Of Quality To infrastructure + Eco -Systeme	
Other	Pour rÃ©pondre Ã  la demande	
Other	NumÃ©risation partielle de l'activitÃ©	
Pub Admin	pour les travaux de grosse maintenance	
Retail/Wholesale	Veranderingen in de markt maken het noodzakelijk om te investeren in	
	voornamelijk IT en training.	
Retail/Wholesale	More and more investment in new technology	
Retail/Wholesale	Renewal of facilities and promotional assets	
Retail/Wholesale	plus technique et personnel plus qualifiÃ©	
Services, Consulting	acquisitions to improve competitive position	
Services, Consulting	The important accent on  technology based education delivery	
Services, Consulting	additional premises	
Services, Consulting	More Capital intensive offerings	
Services, Consulting	Corporate restructure and investment profile changes	
Services, Consulting	Software development	
Services, Consulting	new technologies impact business	
Services, Consulting	Aanpassen automatisering	
Services, Consulting	Groei van de organisatie + Toegenomen automatisering, ICT	
Services, Consulting	Om disruptive changes bij te benen	
Tech [Soft/Hard/Bio]	We are working on strengthening our product capability for which we need to	
	invest in the R&D. I consider this as Capital Investment as this is the core of our	
	product.	
Tech [Soft/Hard/Bio]	Increase in staff & R&D	
Tech [Soft/Hard/Bio]	m&a options	
Tech [Soft/Hard/Bio]	investment in R & D projects	

23 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

	 	Number	Percent	95% CI
	2=Yes, a lot	5	6.3 %	± 4.3 %
	1=Yes, a little	23	28.8 %	± 8.4 %
	0=No	52	65.0 %	± 10.0 %
	Total	80	100.0 %

	Mean = 0.41
	SD = 0.61

	Missing Cases = 21
	Response Percent = 79.2 %

24 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%)

	Minimum = -20

	Maximum = 15

	Mean = -1.64

	Median = -1.75

	Standard Deviation (Unbiased Estimate) = 6.58

	95 Percent Confidence Interval Around The Mean = -2.96 - -0.32

	99 Percent Confidence Interval Around The Mean = -3.37 - 0.09

Quartiles

	 1 = -5
	 2 = -2
	 3 = 2

Valid Cases =79
Missing Cases =5
Response Percent = 94.0%

25 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

10a. Is your firm's rate of productivity growth changing?

	 	Number	Percent	95% CI
	-2=Slowing a lot	2	2.0 %	± 2.8 %
	-1=Slowing moderately	12	11.9 %	± 6.4 %
	0=No change	32	31.7 %	± 9.2 %
	+1=Accelerating moderately	49	48.5 %	± 9.9 %
	+2=Accelerating a lot	6	5.9 %	± 4.7 %
	Total	101	100.0 %

	Mean = 0.45
	SD = 0.85

	Missing Cases = 0
	Response Percent = 100.0 %

26 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

10b. Have the following factors affected the productivity growth rate at your company?

(N=69)

		Very				Very
	Mean & SD	positive	Positive	No impact	Negative	negative
	  	1	2	3	4	5	
	2.01	13	41	14	0	0
Automation and technology use	0.63	19.1%	60.3%	20.6%	0.0%	0.0%

	2.09	11	41	15	1	0
Process change	0.66	16.2%	60.3%	22.1%	1.5%	0.0%

	2.50	2	33	27	4	0
New business model	0.66	3.0%	50.0%	40.9%	6.1%	0.0%

	2.91	4	14	35	12	2
Unit labor costs	0.87	6.0%	20.9%	52.2%	17.9%	3.0%

	2.99	5	18	20	21	3
Economic conditions	1.04	7.5%	26.9%	29.9%	31.3%	4.5%

	3.15	1	6	43	16	1
Currency valuation	0.66	1.5%	9.0%	64.2%	23.9%	1.5%

	3.34	2	8	29	23	6
Regulation	0.91	2.9%	11.8%	42.6%	33.8%	8.8%

Business disruption from external events
(e.g., bad weather, political turmoil,	3.43	2	3	31	26	5
supply chain interruptions)	0.82	3.0%	4.5%	46.3%	38.8%	7.5%

	3.13	0	0	7	1	0
Other:	0.35	0.0%	0.0%	87.5%	12.5%	0.0%

27 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

10b. Have the following factors affected the productivity growth rate at your company? - Other specified

Unspecified Industry	Wettbewerb	
Healthcare/Pharm	Where is the 11a ) Other category? Silly	

28 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

11a. Please indicate if you agree or disagree with the following statements. The current migrant/refugee crisis…

(N=101)

					Neither			
		Strongly		Somewhat	agree nor	Somewhat		Strongly
	Mean & SD	disagree	Disagree	disagree	disagree	agree	Agree	agree
	  	1	2	3	4	5	6	7	
Will help solve the future
demographic challenges of
Europe (e.g. aging
population, shrinking
labor force, increased cost
of care) through the influx	4.11	9	14	12	9	38	14	4
of young migrants/refugees	1.68	9.0%	14.0%	12.0%	9.0%	38.0%	14.0%	4.0%

will have a negative
economic impact (e.g.
from increased public
spending, welfare	4.11	6	17	20	12	17	18	10
spending, etc.)	1.80	6.0%	17.0%	20.0%	12.0%	17.0%	18.0%	10.0%

will have a positive
economic impact (e.g.,
create new demand for	4.18	5	13	16	11	36	15	3
goods and services)	1.54	5.1%	13.1%	16.2%	11.1%	36.4%	15.2%	3.0%

Increases labor market
tensions (e.g. downward
pressure on wages due to
increased competition for
jobs, crowding out of	4.32	3	15	16	11	31	16	8
native workers);	1.62	3.0%	15.0%	16.0%	11.0%	31.0%	16.0%	8.0%

is a bigger challenge for
Europe than the economic	4.71	4	10	15	9	22	24	16
crisis was	1.75	4.0%	10.0%	15.0%	9.0%	22.0%	24.0%	16.0%

is disruptive to the social	5.36	2	5	4	10	25	31	23
cohesion of Europe	1.47	2.0%	5.0%	4.0%	10.0%	25.0%	31.0%	23.0%

should primarily be
managed and coordinated
at EU-level (rather than at	5.77	0	3	7	5	13	39	33
the national level)	1.32	0.0%	3.0%	7.0%	5.0%	13.0%	39.0%	33.0%

29 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

11b. Please indicate if you agree or disagree with the following statements.

(N=101)

					Neither			
		Strongly		Somewhat	agree nor	Somewhat		Strongly
	Mean & SD	disagree	Disagree	disagree	disagree	agree	Agree	agree
	  	1	2	3	4	5	6	7	
European leaders are
managing the migrant/
refugee crisis in an	2.45	34	22	25	6	10	3	0
effective way	1.42	34.0%	22.0%	25.0%	6.0%	10.0%	3.0%	0.0%

European leaders should
allow more refugees/
migrants into their	3.76	14	14	11	18	31	10	2
countries	1.67	14.0%	14.0%	11.0%	18.0%	31.0%	10.0%	2.0%

In an attempt to help
mitigate the crisis, my
company is willing to hire
refugees/migrants, if the
regulatory environment	3.98	11	9	9	33	23	10	5
allows us to do so	1.60	11.0%	9.0%	9.0%	33.0%	23.0%	10.0%	5.0%

The EU and its countries
should donate more
financially to combat the	4.84	2	5	15	9	33	24	11
refugee crisis	1.47	2.0%	5.1%	15.2%	9.1%	33.3%	24.2%	11.1%

30 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	9.44	15.21	5.95 - 12.93	6	-10	100	73

% Expected ROA in 2015	11.14	16.24	7.28 - 15.00	6.50	-5	100	68

31 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	73.47	16.04	65.35 - 81.59	80	45	95	15

% of capacity utilization planned for the remainder of
2015	74.00	19.42	64.17 - 83.83	80	35	98	15

32 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	68.85	14.04	60.69 - 77.00	70	45	95	11

% of capacity utilization planned for the remainder of
2015	55.69	23.27	42.17 - 69.21	70	35	98	11

33 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Industry

	 	Number	Percent	95% CI
	Services, Consulting	30	30.0 %	± 9.1 %
	Manufacturing	16	16.0 %	± 7.3 %
	Retail/Wholesale	9	9.0 %	± 5.7 %
	Banking/Finance/Insurance/Real Estate	7	7.0 %	± 5.0 %
	Technology [Software/Hardware/Biotech]	6	6.0 %	± 4.7 %
	Communication/Media	4	4.0 %	± 3.9 %
	Transportation & Public Utilities	3	3.0 %	± 3.4 %
	Public Administration	3	3.0 %	± 3.4 %
	Mining/Construction	3	3.0 %	± 3.4 %
	Healthcare/Pharmaceutical	3	3.0 %	± 3.4 %
	Energy	2	2.0 %	± 2.8 %
	Agriculture, Forestry, & Fishing	1	1.0 %	± 2.0 %
	Other Industry	13	13.0 %	± 6.7 %
	Total	100	100.0 %

	Missing Cases = 1
	Response Percent = 99.0 %

34 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Industry (Other specified)

Education	
Educational Charity	
Enseignement & formation	
Etudes	
Hospitality	
industrie	
Logistic	
Metals and Mining	
Movie  Business Industry %	
Online Adult Entertaiment	
services	
Steel trade	
Wasserij	

35 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	43	43.4 %	± 9.8 %
	$25-$99 million	20	20.2 %	± 7.9 %
	$100-$499 million	21	21.2 %	± 8.1 %
	$500-$999 million	3	3.0 %	± 3.4 %
	$1-$4.9 billion	3	3.0 %	± 3.4 %
	$5-$9.9 billion	4	4.0 %	± 3.9 %
	More than $10 billion	5	5.1 %	± 4.3 %
	Total	99	100.0 %

	Missing Cases = 2
	Response Percent = 98.0 %

36 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1059.24

	Median = 62

	Variance (Unbiased Estimate) = 7649018.35

	Standard Deviation (Unbiased Estimate) = 2765.69

	Standard Error Of The Mean  = 277.96

	95 Percent Confidence Interval Around The Mean = 514.44 - 1604.05

	99 Percent Confidence Interval Around The Mean = 343.49 - 1774.99

	Skewness = 2.87

	Kolmogorov-Smirnov Statistic For Normality = 18.44

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =99
Missing Cases =2
Response Percent = 98.0%

37 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	34	42.0 %	± 9.4 %
	100-499	22	27.2 %	± 8.2 %
	500-999	6	7.4 %	± 4.7 %
	1,000-2,499	9	11.1 %	± 5.7 %
	2,500-4,999	2	2.5 %	± 2.8 %
	5,000-9,999	0	0.0 %	± 0.0 %
	Over 10,000	8	9.9 %	± 5.4 %
	Total	81	100.0 %

	Missing Cases = 20
	Response Percent = 80.2 %

38 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1651.23

	Median = 300

	Variance (Unbiased Estimate) = 12406623.46

	Standard Deviation (Unbiased Estimate) = 3522.30

	Standard Error Of The Mean  = 391.37

	95 Percent Confidence Interval Around The Mean = 884.16 - 2418.31

	99 Percent Confidence Interval Around The Mean = 643.46 - 2659.00

	Skewness = 2.50

	Kolmogorov-Smirnov Statistic For Normality = 15.88

Quartiles

	 1 = 100
	 2 = 300
	 3 = 750

Valid Cases =81
Missing Cases =20
Response Percent = 80.2%

39 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

In what country are you personally located

	 	Number	Percent	95% CI
	Netherlands	18	18.2 %	± 7.6 %
	United Kingdom	12	12.1 %	± 6.4 %
	France	12	12.1 %	± 6.4 %
	Spain	10	10.1 %	± 5.9 %
	Germany	6	6.1 %	± 4.7 %
	Other	6	6.1 %	± 4.7 %
	Belgium	5	5.1 %	± 4.3 %
	Italy	4	4.0 %	± 3.9 %
	Switzerland	4	4.0 %	± 3.9 %
	Portugal	3	3.0 %	± 3.4 %
	Russia	3	3.0 %	± 3.4 %
	Cyprus	2	2.0 %	± 2.8 %
	Denmark	2	2.0 %	± 2.8 %
	Sweden	2	2.0 %	± 2.8 %
	Greece	2	2.0 %	± 2.8 %
	Romania	2	2.0 %	± 2.8 %
	Malta	1	1.0 %	± 2.0 %
	Ireland	1	1.0 %	± 2.0 %
	Asia	1	1.0 %	± 2.0 %
	Norway	1	1.0 %	± 2.0 %
	Poland	1	1.0 %	± 2.0 %
	United States	1	1.0 %	± 2.0 %
	Finland	0	0.0 %	± 0.0 %
	Lithuania	0	0.0 %	± 0.0 %
	Slovakia	0	0.0 %	± 0.0 %
	Slovenia	0	0.0 %	± 0.0 %
	Ukraine	0	0.0 %	± 0.0 %
	Bulgaria	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Luxembourg	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	Turkey	0	0.0 %	± 0.0 %
	Austria	0	0.0 %	± 0.0 %
	Total	99	100.0 %

	Missing Cases = 2
	Response Percent = 98.0 %

40 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Headquarters Europe (Other Specified)

Bosnia and Herzegovina	
Croatia	
FRANCE	
Kazakhstan	
maleisiÃ«	
Nederland	
Paris	
Republic of Macedonia	
Serbia	
serbia	

41 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

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

Deutschland	
Frankrijk	
Germany	
Ireland	
Israel	
Japon / Londres	
Luxembourg	
Romania	
Singapore	
Sweden	
Taiwan	
UK	
Uk  -  London	
United States	
USA	
USA	
USA	
USA	
Zwitserland	

42 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Ownership

	 	Number	Percent	95% CI
	Private	69	75.0 %	± 9.2 %
	Public	16	17.4 %	± 7.3 %
	Government	4	4.3 %	± 3.9 %
	Nonprofit	3	3.3 %	± 3.4 %
	Total	92	100.0 %

	Missing Cases = 9
	Response Percent = 91.1 %

43 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

Foreign Sales

	 	Number	Percent	95% CI
	0%	21	21.6 %	± 8.1 %
	1-24%	27	27.8 %	± 8.8 %
	25-50%	17	17.5 %	± 7.4 %
	More than 50%	32	33.0 %	± 9.2 %
	Total	97	100.0 %

	Missing Cases = 4
	Response Percent = 96.0 %

44 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

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

	 	Number	Percent	95% CI
	Europe	46	68.7 %	± 11.3 %
	Asia/Pacific Basin	9	13.4 %	± 7.5 %
	US/Canada	6	9.0 %	± 6.2 %
	Latin America	4	6.0 %	± 5.2 %
	Africa	2	3.0 %	± 3.7 %
	Total	67	100.0 %

	Missing Cases = 9
	Response Percent = 88.2 %

45 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	13	19.1 %	19.1 %
	AA+	12	17.6 %	36.8 %
	AA	7	10.3 %	47.1 %
	AA-	1	1.5 %	48.5 %
	A+	4	5.9 %	54.4 %
	A	8	11.8 %	66.2 %
	A-	4	5.9 %	72.1 %
	BBB+	7	10.3 %	82.4 %
	BBB	2	2.9 %	85.3 %
	BBB-	2	2.9 %	88.2 %
	BB+	0	0.0 %	88.2 %
	BB	1	1.5 %	89.7 %
	BB-	1	1.5 %	91.2 %
	B+	1	1.5 %	92.6 %
	B	2	2.9 %	95.6 %
	B-	1	1.5 %	97.1 %
	CCC	0	0.0 %	97.1 %
	CC	0	0.0 %	97.1 %
	D	2	2.9 %	100.0 %
	Total	68	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

What is your company's credit rating? 

N=68		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		68		38	30	
		100.0%		55.9%	44.1%	
						
AAA		13		8	5	
		19.1%		21.1%	16.7%	
						
AA+		12		8	4	
		17.6%		21.1%	13.3%	
						
AA		7		2	5	
		10.3%		5.3%	16.7%	
						
AA-		1		0	1	
		1.5%		0.0%	3.3%	
						
A+		4		2	2	
		5.9%		5.3%	6.7%	
						
A		8		5	3	
		11.8%		13.2%	10.0%	
						
A-		4		2	2	
		5.9%		5.3%	6.7%	
						
BBB+		7		5	2	
		10.3%		13.2%	6.7%	
						
BBB		2		1	1	
		2.9%		2.6%	3.3%	
						
BBB-		2		1	1	
		2.9%		2.6%	3.3%	
						
BB+		0		0	0	
		0.0%		0.0%	0.0%	
						
BB		1		1	0	
		1.5%		2.6%	0.0%	
						
BB-		1		0	1	
		1.5%		0.0%	3.3%	
						
B+		1		0	1	
		1.5%		0.0%	3.3%	
						
B		2		2	0	
		2.9%		5.3%	0.0%	

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

47 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

What is your company's credit rating? 

N=68		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		1		0	1	
		1.5%		0.0%	3.3%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		2		1	1	
		2.9%		2.6%	3.3%	

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

48 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth Quarter, 2015

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

	 	Number	Percent
	CFO	36	39.1 %
	CEO	5	5.4 %
	DAF	3	3.3 %
	Controller	3	3.3 %
	Finance Manager	2	2.2 %
	Decision Architect	1	1.1 %
	CHIEF ACCOUNTANT	1	1.1 %
	Deputy FIN. Manager	1	1.1 %
	Bussines Controller	1	1.1 %
	Leiter Finanzen	1	1.1 %
	directeur financier	1	1.1 %
	Finance Director BNL	1	1.1 %
	Finance Director	1	1.1 %
	professor of finance	1	1.1 %
	manager	1	1.1 %
	Treasury Manager	1	1.1 %
	Fin Manager	1	1.1 %
	GRA Adviser	1	1.1 %
	Member of the Board	1	1.1 %
	Financial Controller	1	1.1 %
	Management Controller	1	1.1 %
	Managing Director	1	1.1 %
	Assistant	1	1.1 %
	Financieel Directeur	1	1.1 %
	CFO & Co-CEO	1	1.1 %
	Finance Consultant	1	1.1 %
	consultant	1	1.1 %
	Head of Unit	1	1.1 %
	Chairman & Ceo	1	1.1 %
	Cfo	1	1.1 %
	PRESIDENT	1	1.1 %
	Daf	1	1.1 %
	Eigenaar/CEO	1	1.1 %
	Directeur commercial	1	1.1 %
	Advisor to the CEO	1	1.1 %
	DIRIGEANT	1	1.1 %
	Genaral manager	1	1.1 %
	Director	1	1.1 %
	Director Value Chain	1	1.1 %
	Eigenaar	1	1.1 %
	eigenaar/directeur	1	1.1 %
	dga	1	1.1 %
	Project Manager	1	1.1 %
	Strategy Director	1	1.1 %
	DGA	1	1.1 %
	COO	1	1.1 %
	RAF	1	1.1 %
	ContrÃ´le de gestion	1	1.1 %
	Total	92	100.0 %

	Missing Cases = 9
	Response Percent = 91.1 %