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. What do you think is the probability that your country's economy will be in recession at the end of 2016?	15
5b. What are the key risks that might lead to recession in your country at year-end 2016?	16
5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified	17
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce hiring plans'?	18
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce capital spending plans'?	19
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce borrowing plans'?	20
Return on assets (ROA=operating earnings/assets)	21
Liquidity ((Cash + Marketable Securities) / Total Assets)  x 100	22
Manufacturing capacity utilized	23
Manufacturing capacity utilized (Revenue Weighted)	24
Industry	25
Industry (Other specified)	26
Sales Revenue	28
Number of Employees	29
In what country are you personally located	30
Headquarters Latin America (Other Specified)	31
If your company headquarters is another country, please indicate which country.	32
Ownership	33
Foreign Sales	34
In what region of the world are most of your foreign sales?	35
What is your company's credit rating? 	36
Your job title (e.g., CFO, Asst. Treasurer, etc):	39
Language version	41

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	66	13.6 %	± 3.1 %
	0=No change	129	26.7 %	± 3.9 %
	-1=Less optimistic	289	59.7 %	± 4.4 %
	Total	484	100.0 %

	Mean = -0.46
	SD = 0.72

	Missing Cases = 2
	Response Percent = 99.6 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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 = 0

	Maximum = 100

	Mean = 44.6

	Median = 50

	Standard Deviation (Unbiased Estimate) = 22.4

	95 Percent Confidence Interval Around The Mean = 42.6 - 46.7

4 Groups

	 1 = 30
	 2 = 50
	 3 = 60

Valid Cases =456
Missing Cases =20
Response Percent = 95.8%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	152	31.4 %	± 4.1 %
	0=No change	187	38.6 %	± 4.3 %
	-1=Less optimistic	145	30.0 %	± 4.1 %
	Total	484	100.0 %

	Mean = 0.01
	SD = 0.78

	Missing Cases = 2
	Response Percent = 99.6 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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 = 58.0

	Median = 60

	Standard Deviation (Unbiased Estimate) = 22.4

	95 Percent Confidence Interval Around The Mean = 56.0 - 60.0

4 Groups

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases =466
Missing Cases =17
Response Percent = 96.5%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	101	65.2 %	± 7.6 %
	Government policies	74	47.7 %	± 8.0 %
	Currency risk	62	40.0 %	± 7.8 %
	Weak demand for your products/services	56	36.1 %	± 7.7 %
	Corporate tax code	51	32.9 %	± 7.5 %
	Access to capital	36	23.2 %	± 6.7 %
	Cost of benefits	34	21.9 %	± 6.6 %
	Employee productivity	30	19.4 %	± 6.3 %
	Regulatory requirements	28	18.1 %	± 6.1 %
	Inflation	20	12.9 %	± 5.3 %
	Cost of borrowing	17	11.0 %	± 5.0 %
	Difficulty attracting / retaining qualified employees	16	10.3 %	± 4.8 %
	Rising input or commodity costs	13	8.4 %	± 4.4 %
	Employee morale	10	6.5 %	± 3.9 %
	Rising wages and salaries	8	5.2 %	± 3.5 %
	Geopolitical / health crises	3	1.9 %	± 2.2 %
	Data security	2	1.3 %	± 1.8 %
	Deflation	2	1.3 %	± 1.8 %
	Other	7	4.5 %	± 3.3 %
	Total	570

	Number of Cases = 155
	Number of Responses = 570
	Average Number Of Responses Per Case = 3.7
	Number Of Cases With At Least One Response = 155
	Response Percent = 100.0 %

6 

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

Bank/Fin/Insur/Real Est	Venta activos	
Communication/Media	Agresiva competencia	
Healthcare/Pharm	Competencia	
Manufacturing	Crise politica	
Manufacturing	Rigidez laboral que hace imposible la reestructuraciÃ³n del personaÃ±	
Mining/Construction	ReducciÃ³n de costos y aumento de productiividad	
Retail/Wholesale	Rigidez del sistema laoboral del país	
Services, Consulting	Reforma laboral	

7 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	CAMBIO DE GOBIERNO	
Agr, Forestry, Fishing	climÃ¡tico	
Agr, Forestry, Fishing	Desarrollo de nuevos productos que reemplazen los que se estan volviendo	
	obsoletos comercialmente	
Agr, Forestry, Fishing	dificuldade na renovaÃ§Ã£o dos emprÃ©stimos de curto prazo.	
Agr, Forestry, Fishing	Gran incertidumbre para invertir por las polÃ­ticas antiempresa del Gobierno en	
	perjuicio del PerÃº	
Agr, Forestry, Fishing	InadimplÃªncia	
Agr, Forestry, Fishing	INCERTIDUMBRE EN LOS NEGOCIOS	
Agr, Forestry, Fishing	inestabilidad politica	
Agr, Forestry, Fishing	La incertidumbre y riesgos por normativas poco claras genera poca inversiÃ³n en	
	nuestros clientes	
Agr, Forestry, Fishing	Llevar a cabo las reformas ineficientes.	
Agr, Forestry, Fishing	PAGO CARTERA DE CLIENTES	
Agr, Forestry, Fishing	Reforma Laboral y sus implicancias.	
Bank/Fin/Insur/Real Est	apertura de nuevos mercados	
Bank/Fin/Insur/Real Est	Fuerte competencia.	
Bank/Fin/Insur/Real Est	Implementar prÃ¡cticas de Buen Gobierno Corporativo	
Bank/Fin/Insur/Real Est	income from investment strategies	
Bank/Fin/Insur/Real Est	Nuevas regulaciones.	
Bank/Fin/Insur/Real Est	Queda de Consumo	
Communication/Media	Aumentar las ventas. DisminuciÃ³n de las decisiones de inversiÃ³n en proyectos	
	por parte de clientes.	
Communication/Media	High Competition	
Energy	Hidrologia	
Energy	Judicialização do Setor; Redução de Custos; Projestos de Investimentos	
Healthcare/Pharm	AÃ±o electoral en Peru	
Healthcare/Pharm	Asumir los cambios regulatorios que ha impuesto el gobierno, riesgo sobre la	
	propiedad privada	
Healthcare/Pharm	consolidaciÃ³n del negocio en Brasil. Mantener la competitividad en PerÃº.	
Healthcare/Pharm	ImplementaciÃ³n de estrategia de crecimiento detenida, acorde a mal gobierno.	
Healthcare/Pharm	No aplica	
Healthcare/Pharm	produtividade dos empregados;inflaÃ§Ã£o;aumento dos custos de insumos;	
	inflaÃ§Ã£o mÃ©dica	
Manufacturing	Asumir los costos para la certificación de calidad ISO a fin de acceder a otros	
	mercados.	
Manufacturing	AUMENTO DA CARGA TRIBUTÃRIA, AUMENTO DE	
	CONCORRÃŠNCIA DESLEAL 'INFORMALIDADE'	
Manufacturing	Aumento en los plazos de pago de nuestras facturas	
Manufacturing	AUTOMATIZAR LA PRODUCCION	
Manufacturing	Baja actividad nacional	
Manufacturing	Baja actividad nacional	
Manufacturing	calificaciÃ³n crediticia del sector	
Manufacturing	Consolidar cultura	
Manufacturing	ContinÃºe cayendo la inversiÃ³n en maquinarias y equipos	
Manufacturing	Costo de los beneficios laborales	
Manufacturing	Enfrentamiento a condiciones comerciales inequitativas por tratados comeriales	
	internacionales.	
Manufacturing	Inadimplencia	
Manufacturing	InflaciÃ³n, conflictividad laboral debido a reformas, incertidumbre frente a reforma	
	constitucional	
Manufacturing	La caÃ­da en las inversiones mineras y la alta competencia de precios en el sector	
Manufacturing	Mano de obra calificada.  Es escasa	
Manufacturing	Mantener alineados los objetivos del Directorio y de la AdministraciÃ³n.	
Manufacturing	Mayores regulaciones, incremento de precios de materias primas y baja en la	
	demanda de productos de	

8 

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

Manufacturing	Menor actividad de la economÃ­a y mayor conflictividad laboral	
Manufacturing	NegociaciÃ³n colectiva, en un ambiente mÃ¡s polarizado generado por los	
	polÃ­ticos y el gobierno	
Manufacturing	PostergaÃ§Ã£o de projetos por causa da situaÃ§Ã£o economica	
Manufacturing	Principalmente el aumento de la injerencia estatal en las empresas	
Manufacturing	productividad	
Manufacturing	REFORMA LABORAL	
Manufacturing	Reforma Laboral, serÃ¡ un derecho adquirido imposible de revertir, se	
	producirÃ¡n roces en empresas.	
Manufacturing	relaciones sidicales	
Mining/Construction	AusÃªncia de novos contratos.	
Mining/Construction	Continuar con buenas polÃ­ticas que faciliten la dinÃ¡mica del sector constructor	
	y su endeudamiento	
Mining/Construction	enfoque en productividad y dar mayor valor agregado y soluciones integrales	
Mining/Construction	Incertidumbre por cambio de gobierno	
Mining/Construction	La competencia desleal en mi empresa.	
Mining/Construction	Las sobre expectativas de las Comunidades alrededor de nuestra empresa.	
Mining/Construction	low demand for the company's products	
Mining/Construction	Manejo Sindical y en consecuencia el costo de la Mano de Obra	
Mining/Construction	Precio de algunos commodities.	
Mining/Construction	reducciÃ³n de costos, aumento de productividad, desaceleraciÃ³n econÃ³mica	
Mining/Construction	RegulaciÃ³n tributaria	
Other	A instabilidade econÃ´mica e polÃ­tica do paÃ­s que limita a capacidade de	
	planejamento a longo prazo.	
Other	Alta comoeticao, demanda por precos baixos	
Other	caÃ­da en la actividad econÃ³mica	
Other	Cambios en Leyes laborales, educaciÃ³n superior, etc.	
Other	cambios leyes laborales en especial relacionadas con sindicatos.	
Other	DesaceleraciÃ³n de la EconomÃ­a Chilena, aumento del gasto pÃºblico y mala	
	administraciÃ³n del Gobierno	
Other	DISMINUCION DEL REQUERIMIENTO DE SERVICIOS QUE PRESTA LA	
	EMPRESA POR CONTRACCION DEL MERCADO	
Other	increased price preasure due to weak economic conditions.	
Other	Posible salida de dolar del paÃ­s	
Other	reforma laboral	
Other	riesgo de estancamiento mayor y no cumplir plan de negocios	
Retail/Wholesale	alta competitivida y menor actividaddisminucion de margenes	
Retail/Wholesale	Baja en el consumo	
Retail/Wholesale	bajo crecimiento de la economÃ­a local y latinoamericana	
Retail/Wholesale	CRECIMIENTO.	
Retail/Wholesale	DesafÃ­o : Acelerar el crecimiento .Riesgo : DevaluaciÃ³n del tipo de cambio .	
Retail/Wholesale	dificultad para encontrar trabajadores que quieran adecuarse a este trabajo	
Retail/Wholesale	DisminuciÃ³n de las perspectivas de crecimiento y endeudamiento por baja en las	
	ventas.	
Retail/Wholesale	Falta de recursos no mercado financeiro para custeio das atividades desenvolvidas	
	pela empresa.	
Retail/Wholesale	Incertidumbre en reformas de tipo laboral	
Retail/Wholesale	LEY LABORAL RETROGRADA. DEMANDA AGREGADA ESTANCADA.	
	SOBRE DIMENSIÃ“N DEL APARATO ESTATAL.	
Retail/Wholesale	Mala reforma laboral	
Retail/Wholesale	PolÃ­ticas de pago de organismos pÃºblicos	
Retail/Wholesale	Productividad de los empleados	
Retail/Wholesale	Reforma laboral chilena	
Retail/Wholesale	RigidizaciÃ³n las relaciones laborales y excesos de regulaciones que dificultan la	
	inversiÃ³n	
Services, Consulting	AlcanÃ§ar Lucro	

9 

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

Services, Consulting	Cambio de gobierno con futuro incierto	
Services, Consulting	Competividad	
Services, Consulting	Continuar creciendo pese a la coyuntura del Ã¡mbito econÃ³mico y polÃ­tico	
Services, Consulting	Exceso y lentitud de tramites para obtenciÃ³n de crÃ©dito	
Services, Consulting	Las Elecciones Presidenciales	
Services, Consulting	Lograr que la empresa tenga mas clientes2	
Services, Consulting	Lograr utilidades	
Services, Consulting	Mantener el crecimiento	
Services, Consulting	Mayor competencia por precio	
Services, Consulting	Menor inversiÃ³n del sector privado	
Services, Consulting	Perdida de negocios y baja rentabilidad, clientes requieren bajar precios para	
	reducir sus costos	
Services, Consulting	preocupado por la ley laboral, especialmente con los sindicatos	
Services, Consulting	Que la parte polÃ­tica no funcione y ello repercuta en la econÃ³mica del paÃ­s.	
Tech [Soft/Hard/Bio]	baja demanda y dificultad de crÃ©dito para capital de trabajo	
Transp, Public Util	A continuidade da inflaÃ§Ã£o alta reduzindo o poder de compra e a elevaÃ§Ã£o	
	das taxas de desemprego.	
Transp, Public Util	Baixa preÃ§o do barril de petrÃ³leo.	
Transp, Public Util	competencia	
Transp, Public Util	los propios de la agricultura	
Transp, Public Util	Queda de demanda e excedente de empregados	
Unspecified Industry	Crise polÃ­tica, prognÃ³sticos econÃ´micos desanimadores para o mÃ©dio e	
	longo prazos	

10 

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

Technology spending	6.21	11.02	3.65 - 8.77	2	-15	38.44	409

Dividends	3.92	26.55	-9.98 - 17.83	0	-57.20	64.13	83

Health care costs	3.34	4.89	2.15 - 4.53	0	-5.73	12.84	14

Productivity (output per hour worked)	3.18	6.18	1.74 - 4.61	2	-10	17.98	425

Wages/Salaries	2.01	5.15	1.52 - 2.50	0	-16.50	22.05	65

Capital spending	1.78	9.81	0.83 - 2.73	0	-24.50	28.32	88

Research and development spending	1.77	4.09	0.76 - 2.79	0	-7.69	11.43	410

Prices of your products	1.11	7.18	0.42 - 1.80	0	-19.10	22.09	69

Cash on the balance sheet	0.36	11.49	-2.11 - 2.84	0	-26.70	26.46	64

Share repurchases	0.03	0.17	-0.03 - 0.09	0	0	0.97	413

Number of domestic temporary employees	0.03	9.04	-2.10 - 2.16	0	-20.20	18.68	71

Marketing/advertising spending	-0.30	9.86	-2.36 - 1.77	0	-24.80	22.43	62

Number of offshore outsourced employees	-0.48	8.05	-2.45 - 1.49	0	-19	17.10	430

Revenue	-0.74	15.72	-2.23 - 0.74	0	-36.70	34.93	32

Number of domestic full-time employees	-1.94	9.67	-2.88 - -1.00	0	-30.80	26.46	71

Earnings	-2.15	18.73	-3.93 - -0.36	0	-43.60	39.54	426

11 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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=486)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.46	37	30	4
Technology spending	0.61	52.1%	42.3%	5.6%

	0.45	42	19	10
Productivity (output per hour worked)	0.73	59.2%	26.8%	14.1%

	0.45	32	30	3
Health care costs	0.59	49.2%	46.2%	4.6%

	0.33	159	250	17
Wages/Salaries	0.55	37.3%	58.7%	4.0%

	0.32	23	36	3
Research and development spending	0.57	37.1%	58.1%	4.8%

	0.21	5	7	2
Dividends	0.70	35.7%	50.0%	14.3%

	0.21	126	242	41
Capital spending	0.60	30.8%	59.2%	10.0%

	0.16	36	30	22
Marketing/advertising spending	0.80	40.9%	34.1%	25.0%

	0.16	119	240	54
Prices of your products	0.63	28.8%	58.1%	13.1%

	0.13	36	22	25
Cash on the balance sheet	0.85	43.4%	26.5%	30.1%

Number of domestic temporary	0.13	23	32	14
employees	0.73	33.3%	46.4%	20.3%

Number of offshore outsourced	0.11	17	37	10
employees	0.65	26.6%	57.8%	15.6%

	0.08	147	172	111
Revenue	0.77	34.2%	40.0%	25.8%

	0.03	1	31	0
Share repurchases	0.18	3.1%	96.9%	0.0%

	-0.01	133	155	137
Earnings	0.80	31.3%	36.5%	32.2%

	-0.07	62	257	91
Number of domestic full-time employees	0.61	15.1%	62.7%	22.2%

12 

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

Research and development spending	3.25	4.70	1.86 - 4.64	0	-7.69	11.43	403

Technology spending	2.86	6.45	1.25 - 4.47	0	-15	38.44	44

Capital spending	2.22	9.06	1.33 - 3.11	0	-24.50	28.32	428

Dividends	2.19	22.55	-9.61 - 13.99	0	-57.20	64.13	400

Cash on the balance sheet	1.32	9.93	-0.99 - 3.63	0	-26.70	26.46	75

Prices of your products	1.06	6.91	0.38 - 1.73	0	-19.10	22.09	423

Share repurchases	0.00	0.07	-0.02 - 0.03	0	0	0.97	71

Revenue	-0.95	15.19	-2.39 - 0.49	0	-36.70	34.93	14

Marketing/advertising spending	-1.05	9.96	-3.30 - 1.20	0	-24.80	22.43	31

Earnings	-1.69	18.26	-3.43 - 0.06	0	-43.60	39.54	62

13 

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

Health care costs	3.57	5.05	2.37 - 4.77	1	-5.73	12.84	64

Productivity (output per hour worked)	3.44	5.52	2.09 - 4.79	2	-10	17.98	413

Wages/Salaries	2.07	5.06	1.59 - 2.55	0	-16.50	22.05	73

Number of domestic temporary employees	-0.15	8.20	-2.04 - 1.73	0	-20.20	18.68	63

Number of offshore outsourced employees	-1.22	6.91	-2.94 - 0.49	0	-19	17.10	430

Number of domestic full-time employees	-2.17	9.38	-3.07 - -1.26	0	-30.80	26.46	67

14 

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

Revenue	2.37	16.11	-1.43 - 6.16	0	-36.70	34.93

Dividends	2.21	22.65	-9.70 - 14.11	0	-57.20	64.13

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0

Earnings	-0.32	18.30	-4.65 - 4.01	0	-43.60	39.54

Cash on the balance sheet	-0.35	13.81	-7.61 - 6.91	0	-26.70	26.46

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	18	9.8 %	9.8 %
	1-10	25	13.6 %	23.4 %
	11-20	22	12.0 %	35.3 %
	21-30	21	11.4 %	46.7 %
	31-40	11	6.0 %	52.7 %
	41-50	24	13.0 %	65.8 %
	51-60	20	10.9 %	76.6 %
	61-70	11	6.0 %	82.6 %
	71-80	10	5.4 %	88.0 %
	81-90	10	5.4 %	93.5 %
	91-99	1	0.5 %	94.0 %
	100	11	6.0 %	100.0 %
	Total	184	100.0 %	100.0 %

	Mean = 38.3
	SD = 30.0

	Missing Cases = 302
	Response Percent = 37.9 %

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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
	Political risk	128	26.3 %	± 3.9 %
	Slowdown in China	122	25.1 %	± 3.9 %
	Budget Deficit	102	21.0 %	± 3.6 %
	Corruption	95	19.5 %	± 3.6 %
	New regulations	72	14.8 %	± 3.2 %
	High inflation	52	10.7 %	± 2.8 %
	Currency valuation	42	8.6 %	± 2.5 %
	Price of non-oil commodities	40	8.2 %	± 2.5 %
	Interest rates	39	8.0 %	± 2.4 %
	Price of oil	37	7.6 %	± 2.4 %
	Slowdown in emerging economies other than China	33	6.8 %	± 2.3 %
	Stock market decline	32	6.6 %	± 2.2 %
	Workforce disruptions	25	5.1 %	± 2.0 %
	Slowdown in Europe	23	4.7 %	± 1.9 %
	Infrastructure	18	3.7 %	± 1.7 %
	Terrorism	14	2.9 %	± 1.5 %
	Health crises	4	0.8 %	± 0.8 %
	Low Inflation	4	0.8 %	± 0.8 %
	Other	18	3.7 %	± 1.7 %
	Total	900

	Number of Cases = 486
	Number of Responses = 900
	Average Number Of Responses Per Case = 1.9
	Number Of Cases With At Least One Response = 191
	Response Percent = 39.3 %

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	Elecciones presidenciales	
Bank/Fin/Insur/Real Est	DesaceleraciÃ³n EEUU	
Healthcare/Pharm	precio del cobre	
Healthcare/Pharm	Balanza comercial negativa	
Manufacturing	menor inversiÃ³n privada	
Manufacturing	Anarquia	
Manufacturing	Anarquia	
Manufacturing	Proceso de paz	
Manufacturing	Guerrilla	
Mining/Construction	caÃ­da en la inversiÃ³n	
Other	Desemprego	
Other	DÃ©ficit de balanza comercial	
Other	Desaceleracion en USA	
Retail/Wholesale	caida del precio de los commodities	
Services, Consulting	baja cobre	
Services, Consulting	bajo precio cobre	
Services, Consulting	poco crecimiento en USA	
Services, Consulting	Seguridad interna	

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

6. 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	9	9.3 %	9.3 %
	0.5	14	14.4 %	23.7 %
	0.75	4	4.1 %	27.8 %
	1.0	15	15.5 %	43.3 %
	1.5	11	11.3 %	54.6 %
	2.0	13	13.4 %	68.0 %
	2.5	4	4.1 %	72.2 %
	3.0	9	9.3 %	81.4 %
	3.5	3	3.1 %	84.5 %
	4.0	15	15.5 %	100.0 %
	Total	97	100.0 %	100.0 %

	Mean = 1.83
	SD = 1.28

	Missing Cases = 389
	Response Percent = 20.0 %

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

6. 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	14	12.8 %	12.8 %
	0.5	11	10.1 %	22.9 %
	0.75	7	6.4 %	29.4 %
	1.0	20	18.3 %	47.7 %
	1.5	9	8.3 %	56.0 %
	2.0	15	13.8 %	69.7 %
	2.5	4	3.7 %	73.4 %
	3.0	6	5.5 %	78.9 %
	3.5	3	2.8 %	81.7 %
	4.0	20	18.3 %	100.0 %
	Total	109	100.0 %	100.0 %

	Mean = 1.80
	SD = 1.33

	Missing Cases = 377
	Response Percent = 22.4 %

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

6. 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	13	11.8 %	11.8 %
	0.5	17	15.5 %	27.3 %
	0.75	9	8.2 %	35.5 %
	1.0	16	14.5 %	50.0 %
	1.5	7	6.4 %	56.4 %
	2.0	15	13.6 %	70.0 %
	2.5	4	3.6 %	73.6 %
	3.0	7	6.4 %	80.0 %
	3.5	5	4.5 %	84.5 %
	4.0	17	15.5 %	100.0 %
	Total	110	100.0 %	100.0 %

	Mean = 1.74
	SD = 1.32

	Missing Cases = 376
	Response Percent = 22.6 %

21 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2015	7.65	11.64	5.54 - 9.77	6.10	-25	70	116

% Expected ROA in 2016	9.44	10.20	7.55 - 11.32	7	-20	60	112

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Liquidity %	34.19	30.14	28.46 - 39.93	28	0	188	106

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	73.00	15.01	68.03 - 77.97	75	40	100	35

% of capacity utilization planned for the first half of
2016	74.37	15.73	69.16 - 79.58	75	40	100	35

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	72.82	21.89	64.97 - 80.67	75	40.51	100	30

% of capacity utilization planned for the first half of
2016	73.44	16.48	67.53 - 79.35	72.50	40.18	100	30

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Mining/Construction	103	21.2 %	± 3.6 %
	Manufacturing	88	18.1 %	± 3.4 %
	Healthcare/Pharmaceutical	68	14.0 %	± 3.1 %
	Agriculture, Forestry, & Fishing	45	9.3 %	± 2.6 %
	Retail/Wholesale	26	5.4 %	± 2.0 %
	Services, Consulting	24	4.9 %	± 1.9 %
	Technology [Software/Hardware/Biotech]	14	2.9 %	± 1.5 %
	Banking/Finance/Insurance/Real Estate	13	2.7 %	± 1.4 %
	Transportation & Public Utilities	8	1.6 %	± 1.1 %
	Energy	3	0.6 %	± 0.7 %
	Communication/Media	3	0.6 %	± 0.7 %
	Public Administration	0	0.0 %	± 0.0 %
	Other Industry	90	18.6 %	± 3.5 %
	Total	485	100.0 %

	Missing Cases = 1
	Response Percent = 99.8 %

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Industry (Other specified)

Agroindustria	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
ALMACENES	
Bens de Capital	
Celulose e Papel	
CPG	
EducaciÃ³n	
EducaciÃ³n Superior	
en Veterinaria	
Engenharia e deteccao	
entretencion	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Industry (Other specified)

Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
Grafico	
hoteleria	
IMPORTADORES	
Inmobiliaria (Real Estate)	
inmobiliaria	
LogÃ­stica e serviÃ§os	
Manufactura, arriendo y venta de equipos para la construcciÃ³n	
Metal- MecÃ¡nico	
metalmecanica	
petroquimica	
publicidad virtual	
RENTA DE AUTOS	
SEGURIDAD Y RECURSOS HUMANOS	
Servicios	
Servicios	
Servicios Inmobiliarios	
Servicios Publicitarios	
Staffing, HR Solutions	
Telecomunicaciones	

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	71	37.4 %	± 3.2 %
	$25-$99 million	39	20.5 %	± 2.4 %
	$100-$499 million	39	20.5 %	± 2.4 %
	$500-$999 million	10	5.3 %	± 1.3 %
	$1-$4.9 billion	20	10.5 %	± 1.8 %
	$5-$9.9 billion	2	1.1 %	± 0.6 %
	More than $10 billion	9	4.7 %	± 1.2 %
	Total	190	100.0 %

	Missing Cases = 296
	Response Percent = 39.1 %

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	59	34.5 %	± 2.9 %
	100-499	46	26.9 %	± 2.6 %
	500-999	20	11.7 %	± 1.8 %
	1,000-2,499	21	12.3 %	± 1.8 %
	2,500-4,999	8	4.7 %	± 1.1 %
	5,000-9,999	10	5.8 %	± 1.3 %
	Over 10,000	7	4.1 %	± 1.1 %
	Total	171	100.0 %

	Missing Cases = 315
	Response Percent = 35.2 %

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

In what country are you personally located

	 	Number	Percent	95% CI
	Ecuador	296	61.2 %	± 4.4 %
	Chile	88	18.2 %	± 3.4 %
	Peru	37	7.6 %	± 2.4 %
	Brazil	30	6.2 %	± 2.1 %
	Mexico	22	4.5 %	± 1.9 %
	Colombia	5	1.0 %	± 0.9 %
	Other	2	0.4 %	± 0.6 %
	Caribbean	1	0.2 %	± 0.4 %
	Central America	1	0.2 %	± 0.4 %
	North America	1	0.2 %	± 0.4 %
	Venezuela	1	0.2 %	± 0.4 %
	Total	484	100.0 %

	Missing Cases = 2
	Response Percent = 99.6 %

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Headquarters Latin America (Other Specified)

concepcion	
en menor medida en PerÃº, Argentina, Colombia, Bolivia	
Guadeloupe	
Lima	
NiterÃ³i	
Panama	
Peru	
QuerÃ©taro	
Recife	
Santiago	

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

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

Alemanha	
Alemanha	
ESPAÃ‘A	
FRANCIA	
Japan	
Noruega	
Norway	
Norway	
Peru	
Peru	
Reino Unido	
Suiza	
USA	
USA	
USA	

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Private	380	80.9 %	± 3.7 %
	Public	85	18.1 %	± 3.4 %
	Nonprofit	3	0.6 %	± 0.7 %
	Government	2	0.4 %	± 0.6 %
	Total	470	100.0 %

	Missing Cases = 16
	Response Percent = 96.7 %

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	335	73.0 %	± 4.1 %
	1-24%	81	17.6 %	± 3.3 %
	25-50%	18	3.9 %	± 1.7 %
	More than 50%	25	5.4 %	± 2.0 %
	Total	459	100.0 %

	Missing Cases = 27
	Response Percent = 94.4 %

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

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

	 	Number	Percent	95% CI
	Latin America	48	55.2 %	± 8.7 %
	US/Canada	23	26.4 %	± 7.0 %
	Europe	8	9.2 %	± 4.4 %
	Asia/Pacific Basin	7	8.0 %	± 4.1 %
	Africa	1	1.1 %	± 1.6 %
	Total	87	100.0 %

	Missing Cases = 37
	Response Percent = 70.2 %

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	13	13.7 %	13.7 %
	AA+	16	16.8 %	30.5 %
	AA	13	13.7 %	44.2 %
	AA-	4	4.2 %	48.4 %
	A+	8	8.4 %	56.8 %
	A	6	6.3 %	63.2 %
	A-	6	6.3 %	69.5 %
	BBB+	9	9.5 %	78.9 %
	BBB	6	6.3 %	85.3 %
	BBB-	2	2.1 %	87.4 %
	BB+	5	5.3 %	92.6 %
	BB	3	3.2 %	95.8 %
	BB-	0	0.0 %	95.8 %
	B+	1	1.1 %	96.8 %
	B	2	2.1 %	98.9 %
	B-	0	0.0 %	98.9 %
	CCC	0	0.0 %	98.9 %
	CC	0	0.0 %	98.9 %
	D	1	1.1 %	100.0 %
	Total	95	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

What is your company's credit rating? 

N=95		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		95		50	45	
		100.0%		52.6%	47.4%	
						
AAA		13		8	5	
		13.7%		16.0%	11.1%	
						
AA+		16		9	7	
		16.8%		18.0%	15.6%	
						
AA		13		5	8	
		13.7%		10.0%	17.8%	
						
AA-		4		3	1	
		4.2%		6.0%	2.2%	
						
A+		8		3	5	
		8.4%		6.0%	11.1%	
						
A		6		2	4	
		6.3%		4.0%	8.9%	
						
A-		6		4	2	
		6.3%		8.0%	4.4%	
						
BBB+		9		4	5	
		9.5%		8.0%	11.1%	
						
BBB		6		5	1	
		6.3%		10.0%	2.2%	
						
BBB-		2		2	0	
		2.1%		4.0%	0.0%	
						
BB+		5		3	2	
		5.3%		6.0%	4.4%	
						
BB		3		1	2	
		3.2%		2.0%	4.4%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		1		0	1	
		1.1%		0.0%	2.2%	
						
B		2		1	1	
		2.1%		2.0%	2.2%	

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

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

What is your company's credit rating? 

N=95		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		1		0	1	
		1.1%		0.0%	2.2%	

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

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

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

	 	Number	Percent
	DueÃ±o	67	22.3 %
	Administrador	47	15.6 %
	CFO	26	8.6 %
	Gerente General	18	6.0 %
	Director Financiero	15	5.0 %
	GERENTE GENERAL	6	2.0 %
	CEO	6	2.0 %
	director	5	1.7 %
	Gerente Finanzas	4	1.3 %
	Director	3	1.0 %
	GERENTE	3	1.0 %
	gerente general	3	1.0 %
	Socio	3	1.0 %
	gerente finanzas	3	1.0 %
	CONTADOR	3	1.0 %
	Gerente	3	1.0 %
	Diretor Financeiro	2	0.7 %
	Gerente de AdministraciÃ³n y Finanzas	2	0.7 %
	GERENTE DE FINANZAS	2	0.7 %
	Gerente de Finanzas	2	0.7 %
	Director de Finanzas	2	0.7 %
	Director Ejecutivo	2	0.7 %
	Finance Manager	2	0.7 %
	Director financiero	2	0.7 %
	gerente de finanzas	2	0.7 %
	gerente corporativo	1	0.3 %
	Diretor Administrativo/Financeiro	1	0.3 %
	Gerente de Administracion y Finanzas	1	0.3 %
	Gte. Adm. y Fzas.	1	0.3 %
	Finance Controller	1	0.3 %
	DIRECTOR GENERAL	1	0.3 %
	Director de Desarrollo Corporativo	1	0.3 %
	Coordenador Financeiro	1	0.3 %
	Diretor Financeiro e RI	1	0.3 %
	Gerente Financiero	1	0.3 %
	COO	1	0.3 %
	Gerente Administracion y Finanzas	1	0.3 %
	analista	1	0.3 %
	gerente	1	0.3 %
	gerente de finanzas (s)	1	0.3 %
	Gerente Financeiro	1	0.3 %
	dueño	1	0.3 %
	TESORERO	1	0.3 %
	Sub gerente finanzas	1	0.3 %
	Dir Financ ADm	1	0.3 %
	gerente fnanzas	1	0.3 %
	Gte General	1	0.3 %
	gte de adm y finanzas	1	0.3 %
	Gerente/propietario	1	0.3 %
	DIRETOR PRESIDENTE	1	0.3 %
	Presidente Ejecutivo	1	0.3 %
	Director Gerente	1	0.3 %
	director gerente	1	0.3 %
	Coordinador General	1	0.3 %
	Diretor de Controladoria	1	0.3 %
	Director general	1	0.3 %
	Director General	1	0.3 %

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

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

	 	Number	Percent
	socio-gerente Pyme	1	0.3 %
	Gerente general	1	0.3 %
	Ceo	1	0.3 %
	CEF	1	0.3 %
	Presidente	1	0.3 %
	Director ContralorÃ­a y GestiÃ³n	1	0.3 %
	Director GH	1	0.3 %
	ADMINISTRADOR	1	0.3 %
	GestiÃ³n Humana	1	0.3 %
	gerente General	1	0.3 %
	Cost Controller	1	0.3 %
	Gerente Generaql	1	0.3 %
	Jefe administrativo	1	0.3 %
	Accounting Manager	1	0.3 %
	Contralor	1	0.3 %
	Gerente/DueÃ±o	1	0.3 %
	Jefe Gestion Humana	1	0.3 %
	CFO MEXICO	1	0.3 %
	Subgerente de AdministraciÃ³n y RRHH	1	0.3 %
	encargada de administracion	1	0.3 %
	Business Controller	1	0.3 %
	Socio Director	1	0.3 %
	DIRECTOR fINANCIERO	1	0.3 %
	Finance and Resources Director	1	0.3 %
	Dir Admon y Finanzas	1	0.3 %
	Director de finanzas y Administracion	1	0.3 %
	Chief Administrative Officer	1	0.3 %
	Director de AdministracÃ³n y Finanzas	1	0.3 %
	DIRETOR FINANCEIRO	1	0.3 %
	PRESIDENTE	1	0.3 %
	JEFE FINANCIERO	1	0.3 %
	COORDINADORA	1	0.3 %
	JEFE DE PLANTA	1	0.3 %
	Gerente Controladoria	1	0.3 %
	COORDINACION DE PRODUCCION	1	0.3 %
	SOCIO MAYORITARIO	1	0.3 %
	Total	301	100.0 %

	Missing Cases = 185
	Response Percent = 61.9 %

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - First Quarter, 2016

Language version

	 	Number	Percent	95% CI
	Spanish	446	91.8 %	± 2.5 %
	Portuguese	30	6.2 %	± 2.1 %
	English	10	2.1 %	± 1.3 %
	Total	486	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %