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. What do you think is the probability that your country's economy will be in recession at the end of 2016?	14
5b. What are the key risks that might lead to recession in your country at year-end 2016?	15
5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified	16
6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended
low core inflation scenario have on your firm's financial performance?	17
6b. Do you believe that an extended period of low core inflation would …	18
6b. How would the competitive balance change?	19
6c. What steps would your firm take to remain competitive in an extended low inflation environment?	20
7. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce hiring plans'?	22
7. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce capital spending plans'?	23
7. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce borrowing plans'?	24
8a. Do you have a good understanding of the following? (one choice per row)	25
8b. Which of the following innovations will affect your company and its operations in the next 5 years?	26
Return on assets (ROA=operating earnings/assets)	27
Manufacturing capacity utilized	28
Manufacturing capacity utilized (Revenue Weighted)	29
Industry	30
Industry (Other specified)	31
Sales Revenue	32
Weighted Sales Revenue (Millions)	33
Number of Employees	34
Weighted Number of Employees	35
In what country are you personally located	36
Headquarters Europe (Other Specified)	37
If your company headquarters is in 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

 1 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

	 	Number	Percent	95% CI
	1=More optimistic	30	17.8 %	± 5.8 %
	0=No change	64	37.9 %	± 7.4 %
	-1=Less optimistic	75	44.4 %	± 7.5 %
	Total	169	100.0 %

	Mean = -0.27
	SD = 0.74

	Missing Cases = 1
	Response Percent = 99.4 %

2 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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 = 4

	Maximum = 100

	Mean = 53.0

	Median = 54

	Standard Deviation (Unbiased Estimate) = 19.0

	95 Percent Confidence Interval Around The Mean = 49.9 - 56.1

4 Groups

	 1 = 40
	 2 = 54
	 3 = 65

Valid Cases =147
Missing Cases =23
Response Percent = 86.5%

3 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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	58	34.5 %	± 7.2 %
	0=No change	65	38.7 %	± 7.4 %
	-1=Less optimistic	45	26.8 %	± 6.7 %
	Total	168	100.0 %

	Mean = 0.08
	SD = 0.78

	Missing Cases = 2
	Response Percent = 98.8 %

4 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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 = 62.5

	Median = 70

	Standard Deviation (Unbiased Estimate) = 21.8

	95 Percent Confidence Interval Around The Mean = 59.0 - 66.0

4 Groups

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =146
Missing Cases =23
Response Percent = 86.4%

5 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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	94	58.4 %	± 7.7 %
	Government policies	47	29.2 %	± 7.1 %
	Difficulty attracting / retaining qualified employees	47	29.2 %	± 7.1 %
	Currency risk	44	27.3 %	± 7.0 %
	Weak demand for your products/services	42	26.1 %	± 6.9 %
	Regulatory requirements	35	21.7 %	± 6.4 %
	Access to capital	32	19.9 %	± 6.2 %
	Employee morale	31	19.3 %	± 6.2 %
	Employee productivity	30	18.6 %	± 6.1 %
	Geopolitical / health crises	26	16.1 %	± 5.7 %
	Data security	18	11.2 %	± 4.9 %
	Cost of benefits	13	8.1 %	± 4.3 %
	Corporate tax code	12	7.5 %	± 4.1 %
	Rising wages and salaries	11	6.8 %	± 3.9 %
	Deflation	9	5.6 %	± 3.6 %
	Rising input or commodity costs	7	4.3 %	± 3.2 %
	Cost of borrowing	7	4.3 %	± 3.2 %
	Inflation	2	1.2 %	± 1.7 %
	Other	10	6.2 %	± 3.8 %
	Total	517

	Number of Cases = 161
	Number of Responses = 517
	Average Number Of Responses Per Case = 3.2
	Number Of Cases With At Least One Response = 161
	Response Percent = 100.0 %

6 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

Healthcare/Pharm	macht zorgverzekeraars	
Healthcare/Pharm	Snelheid ontwikkeltraject	
Manufacturing	Customer financial concerns	
Mining/Construction	Low metal prices	
Other	kosten en verplichitngen van allerlei verplichte organisaties	
Retail/Wholesale	dalende marge	
Services, Consulting	competition in mature market	
Services, Consulting	debtors	
Services, Consulting	Politique Ã©conomique du pays	
Tech [Soft/Hard/Bio]	Increased requirements on Pension	

7 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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	eau	
Bank/Fin/Insur/Real Est	decrease of consumption, less new businesses to appear, more uncertainties in	
	growth economies	
Bank/Fin/Insur/Real Est	economic development	
Bank/Fin/Insur/Real Est	financement, embauches, nouveaux clients, rÃ©forme du droit du travail.	
Bank/Fin/Insur/Real Est	Geen nieuwe problemen	
Bank/Fin/Insur/Real Est	Global Economy Uncertainty	
Bank/Fin/Insur/Real Est	Government policies	
Bank/Fin/Insur/Real Est	Incertitude sur l'Ã©volution de certaines rÃ©glementations	
Bank/Fin/Insur/Real Est	kostenbesperingen, eer digitaliseren	
Bank/Fin/Insur/Real Est	Normes rÃ¨glementaires pour le domaine banque-assurance	
Bank/Fin/Insur/Real Est	Nouvelles technologies et concurrence des 'fintech'.	
Bank/Fin/Insur/Real Est	terroristische dreiging/ verhoogde veiligheidseisen	
Bank/Fin/Insur/Real Est	Too much of cash in our competing market	
Communication/Media	low growth	
Energy	Langdurige lage olieprijzen	
Energy	na	
Healthcare/Pharm	afname vraag, behouden of hervinden business	
Healthcare/Pharm	aftopping betaalde omzet mogelijkheden, budgetplafonds verzekeraars	
	samenhangend met politieke keuze	
Healthcare/Pharm	ContrÃ´les administratifs redondants	
Healthcare/Pharm	diminution du tarif de la sÃ©curitÃ© sociale  dÃ©remboursement de certains	
	mÃ©dicaments et actes	
Healthcare/Pharm	Health care reform across the globe and access to medicine for	
Healthcare/Pharm	Problemen met het werven en/of vasthouden van gekwalificeerd personeel	
Healthcare/Pharm	Veranderende zorgvraag door consumenten	
Healthcare/Pharm	Vote on EU likely effect will be negative on GBP which ironically will improve	
	translated earnings !	
Manufacturing	- SÃ©curitÃ© / Terrorisme.  - BREXIT / Fin de la libre circulation de l'UE.  -	
	Donald Trump / Protectionisme.  - Crash boursier / crise financiÃ¨re.	
Manufacturing	Baisse des investissements dans le secteur Ã©nergie et pÃ©trolier	
Manufacturing	deflation	
Manufacturing	digitalisation des entreprises	
Manufacturing	Further devaluation of emerging market currencies and rising interest in those	
	countries	
Manufacturing	Gebrek aan wet - en regelgeving om sustaibility te pushen	
Manufacturing	Impact due to internal uncertainty in Group, expected changes, partial	
	divestments,etc	
Manufacturing	lack of orders	
Manufacturing	Lancement de nouvelles techonologies	
Manufacturing	oil region crisis	
Manufacturing	Regierungsbildung in Spanien, Kurswechsel der Politik (weniger	
	wirtschaftsfoerderend,	
Manufacturing	Uncertainty caused by BREXIT	
Manufacturing	Verandering van vraag. Nieuwe technologien/concurrenten.	
Manufacturing	Vertical integration by customers downward in the supply chain.	
Manufacturing	world trade	
Mining/Construction	baisse de nos marchÃ©s  loi sur la pÃ©nibilitÃ©	
Mining/Construction	croissance pays emergents  croissance chine	
Mining/Construction	Less Activity to Oil Activity	
Mining/Construction	POLITIC UNCERTAINTY	
Mining/Construction	Revoir son offre pour se dÃ©marquer de la concurrence - identifier les leviers	
	potentiels pour Ãªtre les premiers sur le marchÃ©	
Other	La stratÃ©gie digitale Ã  mettre en oeuvre dans notre secteur d'activitÃ©	
Other	loi vigilance des sociÃ©tÃ©s mÃ¨res	
Other	More taxation	

8 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

Other	Political RIsk	
Retail/Wholesale	Grow Business Company At Differents Levels + Contracts To Delivery % !?	
Retail/Wholesale	loi Macron et travaille du dimanche: risque partenaires sociaux	
Retail/Wholesale	Produktiviteit medewerkers+1	
Retail/Wholesale	RÃ©ussite Croissance Externe	
Retail/Wholesale	Strategischer Wandel, Managementwechsel	
Retail/Wholesale	uncertainty about demand (= volatile from optimistic to very pessimistic)	
Services, Consulting	Competition	
Services, Consulting	Government Underpayment for Services	
Services, Consulting	Less than attractive international legislation in respect to payment terms and	
	taxation treaties.	
Services, Consulting	manque de flexibilitÃ© du contrat de travail, hausse des cotisations, barriÃ¨re Ã 	
	l'entrÃ©e sur la taille auprÃ¨s de certains clients	
Services, Consulting	MARKET CONSOLIDATION	
Services, Consulting	none	
Services, Consulting	Political risks	
Services, Consulting	political instability	
Services, Consulting	political unstability	
Services, Consulting	POTENTIAL BREXIT	
Services, Consulting	risque market	
Services, Consulting	stijgende loonkosten	
Services, Consulting	Uberisarion des mÃ©tiers  Faible anticipation face Ã  la croissance de	
	l'Ã©conomie digitale	
Tech [Soft/Hard/Bio]	.	
Tech [Soft/Hard/Bio]	boundries between industries becoming more transparent, new entrants,	
	competitors emerging.	
Tech [Soft/Hard/Bio]	CHANGEMENT CADRE REGLEMENTAIRE	
Tech [Soft/Hard/Bio]	risque de choc exogÃ¨ne (guerre) provoquant une crise du marchÃ© obligataire	
	entrainant une rÃ©cession	
Tech [Soft/Hard/Bio]	Ruimte creeren voor innovatie en product ontwikkeling, resources: mensen en	
	middelen.	
Tech [Soft/Hard/Bio]	slow-down of investment in innovative technologies and solutions	
Tech [Soft/Hard/Bio]	Transformation digitale, recrutement, dÃ©veloppement des potentiels et	
	perspectives de carriÃ¨res, incertitudes liÃ©es Ã  l'Ã©volution du marchÃ©	
Tech [Soft/Hard/Bio]	unestable government and europe uncertainty	
Transp, Public Util	Ã©mergence de nouveaux concurrents	
Transp, Public Util	'L'uberisation' des mÃ©tiers	
Transp, Public Util	Baisse des cours des matiÃ¨res premiÃ¨res	

9 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

Dividends	8.87	18.27	0.43 - 17.31	1.50	-30	54.67	93

Revenue	6.30	10.31	4.42 - 8.19	5	-15	35.51	78

Earnings	6.04	13.72	3.22 - 8.86	4	-24.70	38.13	18

Capital spending	5.07	15.60	1.90 - 8.24	3	-32.10	45.14	91

Cash on the balance sheet	5.04	14.88	1.74 - 8.35	3	-28.50	39.08	46

Technology spending	4.93	11.85	1.50 - 8.35	1	-10	43.59	71

Research and development spending	4.57	8.56	2.29 - 6.86	0.50	-10	29.65	90

Marketing/advertising spending	4.38	11.55	1.70 - 7.07	1	-25.70	38.21	58

Number of offshore outsourced employees	3.49	9.29	0.94 - 6.04	0	-26.20	32.19	51

Productivity (output per hour worked)	3.33	5.41	2.02 - 4.63	3	-10	25.50	89

Wages/Salaries	2.34	2.64	1.83 - 2.85	2	-6.54	12.04	66

Health care costs	2.17	3.49	1.16 - 3.17	0.50	-4.90	9.90	54

Number of domestic full-time employees	2.00	7.87	0.37 - 3.62	0	-16.30	22.33	115

Prices of your products	1.29	4.16	0.43 - 2.16	1	-8.26	11.28	30

Share repurchases	0.93	4.52	-0.69 - 2.54	0	-10	17.81	46

Number of domestic temporary employees	0.01	5.87	-1.50 - 1.52	0	-18.40	16.36	102

10 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

(N=170)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.81	87	11	4
Wages/Salaries	0.48	85.3%	10.8%	3.9%

	0.64	91	7	17
Revenue	0.73	79.1%	6.1%	14.8%

	0.61	46	14	6
Productivity (output per hour worked)	0.65	69.7%	21.2%	9.1%

	0.46	23	21	2
Health care costs	0.59	50.0%	45.7%	4.3%

	0.46	24	19	3
Technology spending	0.62	52.2%	41.3%	6.5%

	0.44	9	8	1
Dividends	0.62	50.0%	44.4%	5.6%

	0.44	58	15	18
Earnings	0.81	63.7%	16.5%	19.8%

	0.43	27	23	4
Research and development spending	0.63	50.0%	42.6%	7.4%

	0.38	48	12	18
Cash on the balance sheet	0.84	61.5%	15.4%	23.1%

	0.38	37	24	10
Marketing/advertising spending	0.72	52.1%	33.8%	14.1%

	0.38	56	16	21
Capital spending	0.83	60.2%	17.2%	22.6%

Number of offshore outsourced	0.31	19	29	3
employees	0.58	37.3%	56.9%	5.9%

	0.30	47	22	20
Prices of your products	0.82	52.8%	24.7%	22.5%

	0.09	39	20	31
Number of domestic full-time employees	0.88	43.3%	22.2%	34.4%

	0.07	3	26	1
Share repurchases	0.37	10.0%	86.7%	3.3%

Number of domestic temporary	0.03	14	32	12
employees	0.67	24.1%	55.2%	20.7%

11 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

Dividends	6.12	12.13	2.22 - 10.02	3	-30	54.67	52

Capital spending	6.03	11.74	3.29 - 8.77	5	-32.10	45.14	32

Technology spending	5.84	9.43	2.10 - 9.58	2.50	-10	43.59	77

Revenue	5.28	6.70	3.78 - 6.78	5	-15	35.51	70

Earnings	5.26	11.25	2.46 - 8.06	3.50	-24.70	38.13	29

Research and development spending	4.96	6.76	2.60 - 7.32	2	-10	29.65	62

Cash on the balance sheet	4.53	15.02	-0.14 - 9.20	3	-28.50	39.08	40

Marketing/advertising spending	4.34	8.91	1.10 - 7.57	3	-25.70	38.21	37

Share repurchases	3.13	4.80	1.25 - 5.01	0	-10	17.81	25

Prices of your products	1.40	3.71	0.39 - 2.40	1	-8.26	11.28	24

12 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

Number of offshore outsourced employees	4.23	11.75	1.01 - 7.46	2	-26.20	32.19	54

Productivity (output per hour worked)	3.52	2.95	2.74 - 4.31	3	-10	25.50	70

Health care costs	1.84	3.84	0.51 - 3.17	1	-4.90	9.90	41

Wages/Salaries	1.36	2.72	0.79 - 1.93	2	-6.54	12.04	51

Number of domestic full-time employees	0.06	7.04	-1.59 - 1.71	0	-16.30	22.33	88

Number of domestic temporary employees	-1.52	6.80	-3.60 - 0.56	0	-18.40	16.36	32

13 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

Dividends	6.13	12.14	2.23 - 10.03	3	-30	54.67

Revenue	5.37	3.96	4.24 - 6.51	5	-10	35.51

Earnings	4.52	7.84	2.14 - 6.91	4	-24.70	38.13

Share repurchases	3.38	4.84	1.40 - 5.36	0	0	10

Cash on the balance sheet	1.92	13.94	-3.49 - 7.33	3	-28.50	39.08

14 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

	 	Number	Percent	Cumulative
	0	14	9.0 %	9.0 %
	1-10	33	21.2 %	30.1 %
	11-20	31	19.9 %	50.0 %
	21-30	22	14.1 %	64.1 %
	31-40	9	5.8 %	69.9 %
	41-50	17	10.9 %	80.8 %
	51-60	6	3.8 %	84.6 %
	61-70	5	3.2 %	87.8 %
	71-80	6	3.8 %	91.7 %
	81-90	4	2.6 %	94.2 %
	91-99	2	1.3 %	95.5 %
	100	7	4.5 %	100.0 %
	Total	156	100.0 %	100.0 %

	Mean = 29.5
	SD = 28.0

	Missing Cases = 14
	Response Percent = 91.8 %

15 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

	 	Number	Percent	95% CI
	Slowdown in Europe	110	64.7 %	± 7.3 %
	Political risk	78	45.9 %	± 7.6 %
	Budget Deficit	72	42.4 %	± 7.5 %
	Slowdown in China	64	37.6 %	± 7.4 %
	Stock market decline	43	25.3 %	± 6.6 %
	Slowdown in emerging economies other than China	42	24.7 %	± 6.6 %
	Terrorism	35	20.6 %	± 6.1 %
	Price of oil	34	20.0 %	± 6.1 %
	Low Inflation	33	19.4 %	± 6.0 %
	Currency valuation	32	18.8 %	± 5.9 %
	Workforce disruptions	26	15.3 %	± 5.5 %
	New regulations	24	14.1 %	± 5.3 %
	Corruption	23	13.5 %	± 5.2 %
	Interest rates	19	11.2 %	± 4.8 %
	Price of non-oil commodities	9	5.3 %	± 3.4 %
	Infrastructure	9	5.3 %	± 3.4 %
	High inflation	5	2.9 %	± 2.6 %
	Health crises	3	1.8 %	± 2.0 %
	Other	13	7.6 %	± 4.0 %
	Total	674

	Number of Cases = 170
	Number of Responses = 674
	Average Number Of Responses Per Case = 4.0
	Number Of Cases With At Least One Response = 168
	Response Percent = 98.8 %

16 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified

Bank/Fin/Insur/Real Est	War agression from Russia	
Bank/Fin/Insur/Real Est	vluchtelingencrisis europa	
Healthcare/Pharm	Vote against EU in June 2016	
Manufacturing	Refugee challenge	
Manufacturing	slow down in US	
Manufacturing	BREXIT	
Manufacturing	FlÃ¼chtlingskrise	
Mining/Construction	Bursting rea-estate bubble	
Other	ralentissement aux US	
Retail/Wholesale	MoneyMaking  %	
Retail/Wholesale	bretxit	
Services, Consulting	It will not be in recession	
Tech [Soft/Hard/Bio]	risque de tension au Moyen Orient	

17 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended low core inflation scenario have on your firm's financial performance?

	 	Number	Percent	95% CI
	-2=Very negative	3	1.9 %	± 2.0 %
	-1=Negative	48	29.8 %	± 6.8 %
	0=No effect	79	49.1 %	± 7.6 %
	+1=Positive	28	17.4 %	± 5.6 %
	+2=Very positive	3	1.9 %	± 2.0 %
	Total	161	100.0 %

	Mean = -0.12
	SD = 0.78

	Missing Cases = 9
	Response Percent = 94.7 %

18 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would …

(N=170)

	Yes	No	
substantially diminish your company's ability to raise prices to keep pace with	91	73
rising labor and non-labor costs?	55.5%	44.5%

	62	102
substantially diminish your company's ability to meet its profitability targets?	37.8%	62.2%

	32	132
change the competitive balance in your industry?	19.5%	80.5%

19 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

6b. How would the competitive balance change?

Bank/Fin/Insur/Real Est	More money in the market increasing bid price of competitors	
Bank/Fin/Insur/Real Est	Shadow Banking	
Manufacturing	Negatively, tougher competion from lower cost alternatives to our goods/services	
Manufacturing	Lagere loonkosten tov China	
Retail/Wholesale	Werkzaamheden zouden kunnen verschuiven naar verre OOsten	
Retail/Wholesale	10 %	
Retail/Wholesale	we are selling luxury goods; there would be a shift to more standard products;	
	generating a fierce volume fight in the luxury segment	
Services, Consulting	Innovating pricing including fixed fees	
Services, Consulting	it may make it more difficult for clients to afford our services	
Services, Consulting	lower prices	
Services, Consulting	FOR COMPANIES WITH LIMITED ONSHORE EMPLOYEES AND MORE	
	FLEXIPLE EMPLOYMENT MARKET	
Tech [Soft/Hard/Bio]	dk	

20 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

6c. What steps would your firm take to remain competitive in an extended low inflation environment? 

Agr, Forestry, Fishing	NEANT	
Bank/Fin/Insur/Real Est	rise slow down	
Bank/Fin/Insur/Real Est	Uitgaven vertragen	
Bank/Fin/Insur/Real Est	business process improvement, new innovative business solutions	
Bank/Fin/Insur/Real Est	Waiting	
Bank/Fin/Insur/Real Est	augmenter le volume des ventes	
Bank/Fin/Insur/Real Est	MaÃ®trise de coÃ»ts	
Bank/Fin/Insur/Real Est	baisse de la masse salariale  renegociation des financement  arbitrage sur	
	patrimoine/actifs	
Bank/Fin/Insur/Real Est	diminuer les coÃ»ts salariaux et augmenter les prix	
Bank/Fin/Insur/Real Est	Costs Cutting	
Bank/Fin/Insur/Real Est	put a Focus on different markets	
Communication/Media	increase financial efficiency	
Communication/Media	Increase Wages/Salaries, to accelerate the economy	
Energy	innovation	
Energy	Productiviteit verhogen	
Healthcare/Pharm	Niets i.v.m. inflatie. Zijn een ziekenhuis.	
Healthcare/Pharm	Continue to focus on resource allocation and prioritize the portfolio	
Healthcare/Pharm	Derive procurement /productivity savings	
Healthcare/Pharm	allÃ©gement de la masse salariale	
Healthcare/Pharm	Abaissement des charges et taxes	
Healthcare/Pharm	Rationalisatie van de productievestigingen; meer samenwerking met toeleveranciers	
Healthcare/Pharm	geen stuurgegeven	
Healthcare/Pharm	Geen, heeft weinig invloed	
Healthcare/Pharm	focus in business, concept aanscherpen, investeren in eigen personeel	
	(ontwikkelen, duurzame inzetbaarheid vergroten)	
Manufacturing	we are not in an extended low inflation environment.	
Manufacturing	R&D New segments and applications and increase productivity	
Manufacturing	Switzerland is used to low inflation	
Manufacturing	+1	
Manufacturing	Introduce further mechanical machinery	
Manufacturing	Produktiekosten reduceren	
Manufacturing	Revoir sensible le modèle d'évolution des rémunérations.	
Manufacturing	Licnenciements, crÃ©ation de la valeur, amÃ©liorer le mix	
Manufacturing	Productivity improvment, reducing overhead cost	
Manufacturing	Diminuer les effectifs	
Manufacturing	1. pression sur les prix d'achats  2. reconception de produits pour prodcutivitÃ©	
	3.modÃ©ration salariale	
Manufacturing	externalize workforce	
Manufacturing	Effizienzmassnahmen, keine Preiserhoehungen, hoehere Discounts	
Manufacturing	Increase efficiency in all aspects - cut down on employees.	
Manufacturing	RÃ©duction des coÃ»ts hors main-d'oeuvre (hausse productivitÃ©)	
Manufacturing	Le Japon est deja dans cette situation depuis des annees, il n est pas necessaire de	
	mettre en place un plan d action specifique.	
Manufacturing	RÃ©duction des couts et des investissements.	
Manufacturing	none	
Manufacturing	Negotiations matieres premieres,  Reduction de la masse salariale.	
Manufacturing	RÃ©duction des coÃ»ts	
Manufacturing	Encourage customers to buy invest more in automation and thus our products.	
	Keep cost inflation to same low rates.	
Manufacturing	Restructure salaries to emerging economies	
Manufacturing	pensioenen versoberen. Of belachelijke IFRS system op de helling. Met alge	
	rentes rekenen we ons in de put. Rendement beleggingen &gt;&gt; discontovoet	
	verplichtingen	
Mining/Construction	MARKETING AND TO BE HONEST WITH THE CUSTOMERS	
Mining/Construction	Costcontroll	
Mining/Construction	equipment investiton	

21 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

6c. What steps would your firm take to remain competitive in an extended low inflation environment? 

Mining/Construction	Faible hausse des salaires	
Mining/Construction	Improve productivity                         Keep selling prices under control	
Other	Reduce Costs	
Other	Geen	
Other	Plan de sauvegarde de l'emploi	
Retail/Wholesale	Automatiseren Meer werk aankunnen met minder werknemers	
Retail/Wholesale	Quality Products , Services , Competition , Money & Profit  %	
Retail/Wholesale	ajuster la masse salariale	
Retail/Wholesale	1. restructure for lower volume (already in progress) 2. Expand in neibouring	
	market segments to leverage our infrastructure and sales base	
Retail/Wholesale	Investition in MarkenattraktivitÃ¤t, Investition in Produktionstechnologie und	
	Effizienz, Investition in Digitalisierung	
Retail/Wholesale	productivitÃ©, nouveau concept de distribution	
Retail/Wholesale	Renforcement de la communication sur les ^plus technologiques de nos produits	
Services, Consulting	Diversification of services	
Services, Consulting	Invest in training, product development, customer relationships	
Services, Consulting	Develop more activity in a few key newer markets	
Services, Consulting	arbeidsproductiviteit verhogen, meer outsourcen/offshoren	
Services, Consulting	Reduction of personel	
Services, Consulting	Hold Prices & Wages down to below 3%	
Services, Consulting	think creatively about how we can provide services more cost effectively without	
	cutting our profits	
Services, Consulting	entsprechend geringe Gehaltssteigerungen	
Services, Consulting	none	
Services, Consulting	DÃ©matÃ©risalisation, out-sourcing	
Services, Consulting	Keep costs down	
Services, Consulting	Augmenter la productivitÃ©	
Services, Consulting	REGROUPEMENT,RECOURS A DES CDD ET CONTRATS DE MISSION,	
	MUTUALISATION DE FONCTIONS ET DEPENSES SUPPORT	
Services, Consulting	Internationalisation  Diversification  Croissance externe	
Services, Consulting	focus on clients, better offer	
Services, Consulting	Increase marketing budgetand improve service quality	
Services, Consulting	keen eye on all costs	
Services, Consulting	Less spending	
Services, Consulting	NO HEADCOUNT INCREASE	
Tech [Soft/Hard/Bio]	N/S	
Tech [Soft/Hard/Bio]	differentiation of brand, services and products to justify a Premium in prices	
Tech [Soft/Hard/Bio]	Augmenter la standardisation des solutions software pour augmenter la	
	productivitÃ©  Travailler sur les prix des achats	
Tech [Soft/Hard/Bio]	cut cost	
Tech [Soft/Hard/Bio]	further cost management - offering portfolio changes	
Tech [Soft/Hard/Bio]	Invest in research and development, and in new technology	
Tech [Soft/Hard/Bio]	nvy	
Tech [Soft/Hard/Bio]	Improve communication on value proposition and focus on key targets	
Transp, Public Util	Maintain vigilant in cost control.	
Transp, Public Util	Maitrise des couts internes dont la masse salariale + nÃ©gociation des achats des	
	sous traitance plus drastique	
Transp, Public Util	MaÃ®trise des coÃ»ts accentuÃ©e	
Transp, Public Util	productivitÃ©, innovation	
Transp, Public Util	more productive adjustment driver for innovation	
Transp, Public Util	RÃ©duction des couts	
Transp, Public Util	no extra steps. Definitely review the system of pay rise.	
Unspecified Industry	RÃ©duction des embauches et des investissements	

22 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

7. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce hiring plans'?

	 	Number	Percent	Cumulative
	0.25	3	4.0 %	4.0 %
	0.5	2	2.7 %	6.7 %
	0.75	4	5.3 %	12.0 %
	1.0	12	16.0 %	28.0 %
	1.5	3	4.0 %	32.0 %
	2.0	17	22.7 %	54.7 %
	2.5	2	2.7 %	57.3 %
	3.0	16	21.3 %	78.7 %
	3.5	2	2.7 %	81.3 %
	4.0	14	18.7 %	100.0 %
	Total	75	100.0 %	100.0 %

	Mean = 2.28
	SD = 1.18

	Missing Cases = 95
	Response Percent = 44.1 %

23 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

7. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce capital spending plans'?

	 	Number	Percent	Cumulative
	0.25	2	2.1 %	2.1 %
	0.5	7	7.4 %	9.6 %
	0.75	3	3.2 %	12.8 %
	1.0	17	18.1 %	30.9 %
	1.5	8	8.5 %	39.4 %
	2.0	20	21.3 %	60.6 %
	2.5	6	6.4 %	67.0 %
	3.0	9	9.6 %	76.6 %
	3.5	4	4.3 %	80.9 %
	4.0	18	19.1 %	100.0 %
	Total	94	100.0 %	100.0 %

	Mean = 2.16
	SD = 1.20

	Missing Cases = 76
	Response Percent = 55.3 %

24 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

7. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce borrowing plans'?

	 	Number	Percent	Cumulative
	0.25	3	3.3 %	3.3 %
	0.5	6	6.5 %	9.8 %
	0.75	1	1.1 %	10.9 %
	1.0	17	18.5 %	29.3 %
	1.5	12	13.0 %	42.4 %
	2.0	18	19.6 %	62.0 %
	2.5	5	5.4 %	67.4 %
	3.0	11	12.0 %	79.3 %
	3.5	2	2.2 %	81.5 %
	4.0	17	18.5 %	100.0 %
	Total	92	100.0 %	100.0 %

	Mean = 2.13
	SD = 1.18

	Missing Cases = 78
	Response Percent = 54.1 %

25 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

8a. Do you have a good understanding of the following? (one choice per row)

(N=170)

			I understand basically		I have a professional
		I know the name but I	what it is but not the	I understand this	understanding of this
	I have never heard of	cannot say what it is	details	technology well	technology	
	92	21	42	8	5
Blockchain	54.8%	12.5%	25.0%	4.8%	3.0%

	3	11	102	41	8
Bitcoin	1.8%	6.7%	61.8%	24.8%	4.8%

Smart	67	42	39	12	4
contract	40.9%	25.6%	23.8%	7.3%	2.4%

	75	33	42	12	3
Robo-advisor	45.5%	20.0%	25.5%	7.3%	1.8%

High-
frequency	34	27	49	43	12
trading	20.6%	16.4%	29.7%	26.1%	7.3%

	7	6	44	79	30
Big data	4.2%	3.6%	26.5%	47.6%	18.1%

26 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

8b. Which of the following innovations will affect your company and its operations in the next 5 years?

(N=170)

			This technology will		
		This might impact my	impact my business but	We are currently	
	This will not affect my	business but I don't	we are not currently	working to adopt this	We have already
	business	know exactly how	adopting	technology	adopted this technology	
	80	37	16	7	2
Blockchain	56.3%	26.1%	11.3%	4.9%	1.4%

	105	30	13	5	2
Bitcoin	67.7%	19.4%	8.4%	3.2%	1.3%

Smart	59	53	18	6	6
contract	41.5%	37.3%	12.7%	4.2%	4.2%

	77	37	16	9	3
Robo-advisor	54.2%	26.1%	11.3%	6.3%	2.1%

High-
frequency	108	20	9	6	4
trading	73.5%	13.6%	6.1%	4.1%	2.7%

	24	32	39	48	19
Big data	14.8%	19.8%	24.1%	29.6%	11.7%

27 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2015	8.32	10.38	6.32 - 10.31	7	-25	50	104

% Expected ROA in 2016	10.31	9.66	8.42 - 12.20	8	-10	60	100

28 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	74.23	18.56	66.47 - 81.98	77.50	2	95	22

% of capacity utilization planned for the first half of
2016	73.73	21.57	64.72 - 82.74	77.50	2	100	22

29 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	60.43	22.01	48.55 - 72.30	75	39.20	95	13

% of capacity utilization planned for the first half of
2016	58.68	25.70	44.81 - 72.54	70	34.15	100	13

30 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Manufacturing	36	21.4 %	± 6.2 %
	Services, Consulting	31	18.5 %	± 5.9 %
	Banking/Finance/Insurance/Real Estate	20	11.9 %	± 4.9 %
	Mining/Construction	14	8.3 %	± 4.2 %
	Retail/Wholesale	13	7.7 %	± 4.0 %
	Healthcare/Pharmaceutical	13	7.7 %	± 4.0 %
	Technology [Software/Hardware/Biotech]	11	6.5 %	± 3.7 %
	Transportation & Public Utilities	10	6.0 %	± 3.6 %
	Energy	6	3.6 %	± 2.8 %
	Communication/Media	5	3.0 %	± 2.6 %
	Agriculture, Forestry, & Fishing	1	0.6 %	± 1.2 %
	Public Administration	1	0.6 %	± 1.2 %
	Other Industry	7	4.2 %	± 3.0 %
	Total	168	100.0 %

	Missing Cases = 2
	Response Percent = 98.8 %

31 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Industry (Other specified)

Brewing industry	
industrie hÃ´teliÃ¨re	
investissement	
makelaardij	
Media & Entertainment  Industry A- Liste	
Projets architecture et environement	
Steel Trade	

32 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	57	34.3 %	± 7.2 %
	$25-$99 million	26	15.7 %	± 5.5 %
	$100-$499 million	32	19.3 %	± 5.9 %
	$500-$999 million	8	4.8 %	± 3.2 %
	$1-$4.9 billion	18	10.8 %	± 4.7 %
	$5-$9.9 billion	7	4.2 %	± 3.0 %
	More than $10 billion	18	10.8 %	± 4.7 %
	Total	166	100.0 %

	Missing Cases = 4
	Response Percent = 97.6 %

33 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1946.61

	Median = 181

	Variance (Unbiased Estimate) = 12801480.97

	Standard Deviation (Unbiased Estimate) = 3577.92

	Standard Error Of The Mean  = 277.70

	95 Percent Confidence Interval Around The Mean = 1402.32 - 2490.90

	99 Percent Confidence Interval Around The Mean = 1231.53 - 2661.69

	Skewness = 1.84

	Kolmogorov-Smirnov Statistic For Normality = 20.33

Quartiles

	 1 = 25
	 2 = 62
	 3 = 3000

Valid Cases =166
Missing Cases =4
Response Percent = 97.6%

34 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	41	28.5 %	± 6.5 %
	100-499	33	22.9 %	± 6.0 %
	500-999	9	6.3 %	± 3.4 %
	1,000-2,499	18	12.5 %	± 4.7 %
	2,500-4,999	7	4.9 %	± 3.0 %
	5,000-9,999	6	4.2 %	± 2.8 %
	Over 10,000	30	20.8 %	± 5.8 %
	Total	144	100.0 %

	Missing Cases = 26
	Response Percent = 84.7 %

35 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3357.64

	Median = 300

	Variance (Unbiased Estimate) = 22350255.92

	Standard Deviation (Unbiased Estimate) = 4727.61

	Standard Error Of The Mean  = 393.97

	95 Percent Confidence Interval Around The Mean = 2585.46 - 4129.81

	99 Percent Confidence Interval Around The Mean = 2343.17 - 4372.10

	Skewness = 1.14

	Kolmogorov-Smirnov Statistic For Normality = 17.63

Quartiles

	 1 = 100
	 2 = 300
	 3 = 3750

Valid Cases =144
Missing Cases =26
Response Percent = 84.7%

36 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

In what country are you personally located

	 	Number	Percent	95% CI
	France	44	26.3 %	± 6.7 %
	Netherlands	26	15.6 %	± 5.5 %
	United Kingdom	18	10.8 %	± 4.7 %
	Spain	13	7.8 %	± 4.0 %
	Portugal	8	4.8 %	± 3.2 %
	Sweden	7	4.2 %	± 3.0 %
	Belgium	5	3.0 %	± 2.6 %
	Germany	5	3.0 %	± 2.6 %
	Switzerland	5	3.0 %	± 2.6 %
	Russia	5	3.0 %	± 2.6 %
	Other	4	2.4 %	± 2.3 %
	Italy	4	2.4 %	± 2.3 %
	Norway	4	2.4 %	± 2.3 %
	Greece	3	1.8 %	± 2.0 %
	Finland	3	1.8 %	± 2.0 %
	Turkey	3	1.8 %	± 2.0 %
	Denmark	2	1.2 %	± 1.6 %
	Romania	2	1.2 %	± 1.6 %
	Austria	2	1.2 %	± 1.6 %
	Ireland	1	0.6 %	± 1.2 %
	Lithuania	1	0.6 %	± 1.2 %
	Poland	1	0.6 %	± 1.2 %
	Ukraine	1	0.6 %	± 1.2 %
	Malta	0	0.0 %	± 0.0 %
	Cyprus	0	0.0 %	± 0.0 %
	Slovenia	0	0.0 %	± 0.0 %
	Luxembourg	0	0.0 %	± 0.0 %
	Bulgaria	0	0.0 %	± 0.0 %
	Slovakia	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	United States	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Total	167	100.0 %

	Missing Cases = 3
	Response Percent = 98.2 %

37 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Headquarters Europe (Other Specified)

Albania	
ALGER	
Bosnia-Herzegovina	
Czech Republic	
FRANCE	
France	
global active	
Japon	
NANTERRE	
Nantes	
Nederland	
PACA	
Paris	
Paris	
paris	
Tanzania	

38 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

-	
Allemagne	
Austria	
China	
Deutschland	
Duitsland	
Etats-Unis	
Finland	
France	
France	
Frankirijk	
Frankrijk	
Germany	
Japan	
Maqedonia	
Nee	
Nee	
nee	
pays bas	
Suisse	
suisse	
Sweden	
Taiwan	
U.S.	
UK	
US	
US	
US	
US	
US	
USA	
USA	
USA	
USA	

39 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Private	100	61.0 %	± 7.5 %
	Public	49	29.9 %	± 6.9 %
	Government	8	4.9 %	± 3.2 %
	Nonprofit	7	4.3 %	± 3.0 %
	Total	164	100.0 %

	Missing Cases = 6
	Response Percent = 96.5 %

40 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	41	25.0 %	± 6.5 %
	1-24%	45	27.4 %	± 6.7 %
	25-50%	26	15.9 %	± 5.5 %
	More than 50%	52	31.7 %	± 7.0 %
	Total	164	100.0 %

	Missing Cases = 6
	Response Percent = 96.5 %

41 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

	 	Number	Percent	95% CI
	Europe	38	54.3 %	± 8.4 %
	US/Canada	13	18.6 %	± 5.6 %
	Asia/Pacific Basin	11	15.7 %	± 5.2 %
	Latin America	4	5.7 %	± 3.2 %
	Africa	4	5.7 %	± 3.2 %
	Total	70	100.0 %

	Missing Cases = 53
	Response Percent = 56.9 %

42 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	12	10.6 %	10.6 %
	AA+	19	16.8 %	27.4 %
	AA	9	8.0 %	35.4 %
	AA-	7	6.2 %	41.6 %
	A+	12	10.6 %	52.2 %
	A	9	8.0 %	60.2 %
	A-	4	3.5 %	63.7 %
	BBB+	9	8.0 %	71.7 %
	BBB	7	6.2 %	77.9 %
	BBB-	4	3.5 %	81.4 %
	BB+	3	2.7 %	84.1 %
	BB	5	4.4 %	88.5 %
	BB-	2	1.8 %	90.3 %
	B+	2	1.8 %	92.0 %
	B	4	3.5 %	95.6 %
	B-	1	0.9 %	96.5 %
	CCC	1	0.9 %	97.3 %
	CC	2	1.8 %	99.1 %
	D	1	0.9 %	100.0 %
	Total	113	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

43 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

What is your company's credit rating? 

N=113		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		113		63	50	
		100.0%		55.8%	44.2%	
						
AAA		12		8	4	
		10.6%		12.7%	8.0%	
						
AA+		19		12	7	
		16.8%		19.0%	14.0%	
						
AA		9		6	3	
		8.0%		9.5%	6.0%	
						
AA-		7		4	3	
		6.2%		6.3%	6.0%	
						
A+		12		8	4	
		10.6%		12.7%	8.0%	
						
A		9		6	3	
		8.0%		9.5%	6.0%	
						
A-		4		0	4	
		3.5%		0.0%	8.0%	
				b	a	
						
BBB+		9		5	4	
		8.0%		7.9%	8.0%	
						
BBB		7		5	2	
		6.2%		7.9%	4.0%	
						
BBB-		4		1	3	
		3.5%		1.6%	6.0%	
						
BB+		3		1	2	
		2.7%		1.6%	4.0%	
						
BB		5		2	3	
		4.4%		3.2%	6.0%	
						
BB-		2		1	1	
		1.8%		1.6%	2.0%	
						
B+		2		0	2	
		1.8%		0.0%	4.0%	
						
B		4		1	3	
		3.5%		1.6%	6.0%	

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

44 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

What is your company's credit rating? 

N=113		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		1		0	1	
		0.9%		0.0%	2.0%	
						
CCC		1		1	0	
		0.9%		1.6%	0.0%	
						
CC		2		1	1	
		1.8%		1.6%	2.0%	
						
D		1		1	0	
		0.9%		1.6%	0.0%	

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

45 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

	 	Number	Percent
	CFO	53	34.9 %
	DAF	11	7.2 %
	CEO	8	5.3 %
	daf	6	3.9 %
	Controller	2	1.3 %
	Director	2	1.3 %
	controleur financier	2	1.3 %
	Finance Director	2	1.3 %
	Head of Finance, Russia & CIS	1	0.7 %
	Managing Director	1	0.7 %
	CFO of a division	1	0.7 %
	Finance Transformation	1	0.7 %
	Treasurer	1	0.7 %
	CHIEF ACCOUNTANT	1	0.7 %
	COO	1	0.7 %
	Business controller	1	0.7 %
	Finance manager	1	0.7 %
	Industry sales lead	1	0.7 %
	Directeur FinanciÃ«n	1	0.7 %
	Markteing & Sales Director	1	0.7 %
	Finance Manager	1	0.7 %
	Deputy Manager	1	0.7 %
	Global BUsiness Services	1	0.7 %
	head of department	1	0.7 %
	Senior Partner	1	0.7 %
	Vorstand	1	0.7 %
	BP Finance-CFO	1	0.7 %
	Risk manager	1	0.7 %
	Chair	1	0.7 %
	Chairman	1	0.7 %
	directeur financier	1	0.7 %
	dept. head	1	0.7 %
	prÃ©sident	1	0.7 %
	DF	1	0.7 %
	DG Finances	1	0.7 %
	Finacial Controller	1	0.7 %
	Daf	1	0.7 %
	Project Director, Finance & Administration	1	0.7 %
	auditeur groupe	1	0.7 %
	directeur	1	0.7 %
	CONTROLEUR DE GESTION	1	0.7 %
	directeur du contrÃ´le de gestion	1	0.7 %
	DAF Directeur GÃ©nÃ©ral dÃ©lÃ©guÃ©	1	0.7 %
	Directeur	1	0.7 %
	bedrijfsmanager	1	0.7 %
	CFO Europe Region	1	0.7 %
	FD	1	0.7 %
	Group Treasury Director	1	0.7 %
	Leiter Risikomanagement	1	0.7 %
	CEO advisor	1	0.7 %
	Avocat	1	0.7 %
	ContrÃ´leur financier	1	0.7 %
	PRESIDENT	1	0.7 %
	ContrÃ´leur de gestion	1	0.7 %
	ContrÃ´le de gestion	1	0.7 %
	cho	1	0.7 %
	Analyste	1	0.7 %

46 

Duke Tias CFO magazine Global Business Outlook survey - Europe - First Quarter, 2016

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

	 	Number	Percent
	Dir co	1	0.7 %
	Direction commerciale	1	0.7 %
	Senior analyst	1	0.7 %
	Achat	1	0.7 %
	Consultant Senior	1	0.7 %
	Sr Partner	1	0.7 %
	FM	1	0.7 %
	Group Treasurer	1	0.7 %
	Consultant	1	0.7 %
	controller	1	0.7 %
	Accountant	1	0.7 %
	C.E.O.	1	0.7 %
	Head of Finance tools and processes	1	0.7 %
	CACC	1	0.7 %
	PMO	1	0.7 %
	BoD member	1	0.7 %
	Director, Financial Services	1	0.7 %
	Total	152	100.0 %

	Missing Cases = 18
	Response Percent = 89.4 %