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. How much cash and marketable securities does your firm hold (as a percentage of total assets)?	14
Cash & marketable securities held - Comparison of today to one year ago	15
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)	16
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)	17
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO	18
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES	20
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - Other specified	21
5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and
marketable securities to hold?	22
5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range?	23
5c. What best describes your cash target? (choose best one or two)	24
5c. Selected cash to cover a specific number of days/months - Explain:	25
5c. Selected specific dollar (or other currency) amount of Cash - Explain:	26
5c. Selected other target - Specified:	27
5d. What portion of your balance sheet cash is held in risk-free versus risky assets?	28
6a. How would you rate the degree of political uncertainty or political risk in your country?	29
6b. Has political uncertainty led your firm to be more cautious...	30
6c. Which political uncertainties are the source of your caution? (choose up to 5)	31
6c.Which political uncertainties are the source of your caution? - Other specified:	32
7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the
U.S. or with U.S. companies?	33
8a. How do you think trade alliances between countries affect...	34
8b. How do you think trade alliances between countries affect number of workers your company employs?	35
9a. In June, the U.K is holding a referendum on the country's future in the EU. The outcome will determine whether the UK.
will leave the union ("Brexit"). What do you estimate to be the probability that Brexit will occur?	36
9b. In your opinion...	37
9c. In your opinion, what would be the impact of a Brexit?	38
Return on assets (ROA=operating earnings/assets)	39
Manufacturing capacity utilized	40
Manufacturing capacity utilized (Revenue Weighted)	41
Industry	42
Industry (Other specified)	43
Sales Revenue	44
Weighted Sales Revenue (Millions)	45
How much of your revenues are sourced in other EU countries?   (e.g. 0%, 45%)	46
How much of your revenues are sourced in the UK?  (e.g. 0%, 45%)	47
Number of Employees	48
Weighted Number of Employees	49
In what country are you personally located	50
Headquarters Europe (Other Specified)	51
If your company headquarters is in another country, please indicate which country.	52
Ownership	53
Foreign Sales	54
In what region of the world are most of your foreign sales?	55
What is your company's credit rating? 	56
Your job title (e.g., CFO, Asst. Treasurer, etc):	59

 1 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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	43	33.6 %	± 8.2 %
	0=No change	47	36.7 %	± 8.4 %
	-1=Less optimistic	38	29.7 %	± 7.9 %
	Total	128	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 2
	Response Percent = 98.5 %

2 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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 = 5

	Maximum = 87

	Mean = 55.3

	Median = 60

	Standard Deviation (Unbiased Estimate) = 19.1

	95 Percent Confidence Interval Around The Mean = 51.7 - 58.8

4 Groups

	 1 = 45
	 2 = 60
	 3 = 70

Valid Cases =112
Missing Cases =18
Response Percent = 86.2%

3 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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	45	34.9 %	± 8.3 %
	0=No change	43	33.3 %	± 8.2 %
	-1=Less optimistic	41	31.8 %	± 8.1 %
	Total	129	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 1
	Response Percent = 99.2 %

4 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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 = 5

	Maximum = 97

	Mean = 58.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 20.9

	95 Percent Confidence Interval Around The Mean = 54.7 - 62.5

4 Groups

	 1 = 49
	 2 = 60
	 3 = 75

Valid Cases =110
Missing Cases =20
Response Percent = 84.6%

5 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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	54	42.9 %	± 8.8 %
	Regulatory requirements	36	28.6 %	± 8.0 %
	Government policies	36	28.6 %	± 8.0 %
	Weak demand for your products/services	36	28.6 %	± 8.0 %
	Employee morale	29	23.0 %	± 7.5 %
	Currency risk	29	23.0 %	± 7.5 %
	Difficulty attracting / retaining qualified employees	29	23.0 %	± 7.5 %
	Employee productivity	24	19.0 %	± 7.0 %
	Data security	21	16.7 %	± 6.6 %
	Access to capital	18	14.3 %	± 6.2 %
	Geopolitical / health crises	14	11.1 %	± 5.6 %
	Corporate tax code	14	11.1 %	± 5.6 %
	Cost of borrowing	8	6.3 %	± 4.3 %
	Cost of benefits	8	6.3 %	± 4.3 %
	Rising wages and salaries	8	6.3 %	± 4.3 %
	Rising input or commodity costs	6	4.8 %	± 3.8 %
	Deflation	6	4.8 %	± 3.8 %
	Inflation	1	0.8 %	± 1.6 %
	Other	13	10.3 %	± 5.4 %
	Total	390

	Number of Cases = 126
	Number of Responses = 390
	Average Number Of Responses Per Case = 3.1
	Number Of Cases With At Least One Response = 126
	Response Percent = 100.0 %

6 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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	huisvesting statushouders	
Bank/Fin/Insur/Real Est	low interest rates	
Bank/Fin/Insur/Real Est	Manque de visibilitÃ© du management	
Energy	Politique europÃ©enne	
Healthcare/Pharm	InstabilitÃ© politique / lÃ©gislative	
Manufacturing	Competition des autres groupes pharma	
Manufacturing	Specifiek sociale wetgeving (ontslagrecht/ flex werker)	
Other	fondsenwerving	
Retail/Wholesale	Concurrence	
Retail/Wholesale	Cost structure	
Services, Consulting	Automatisering	
Services, Consulting	Competition	
Services, Consulting	Prive competition for hi quality services	
Services, Consulting	The UK referendum on EU membership	

7 

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

Bank/Fin/Insur/Real Est	expanding services to US and other European Western countries	
Bank/Fin/Insur/Real Est	Funding, Vergroten Eigen vermogen	
Bank/Fin/Insur/Real Est	Geen.	
Bank/Fin/Insur/Real Est	Negative interest rates	
Bank/Fin/Insur/Real Est	Personeelkosten	
Bank/Fin/Insur/Real Est	Political uncertainties	
Bank/Fin/Insur/Real Est	Procesverandering en digitalisering	
Bank/Fin/Insur/Real Est	Te veel geld in de markt door Quantitative easing (QE)	
Bank/Fin/Insur/Real Est	Verhoging van de verhuurdersheffing	
Energy	SantÃ© Ã©conomique des autres acteurs de l'Ã©cosystÃ¨me. VariabilitÃ© des	
	prix de l'Ã©nergie. Elections.	
Energy	The question of allowing other countries under the Bilateral Trade agreements to	
	allow DUMPING	
Healthcare/Pharm	Krimpende budgetten door overheidsmaatregelen	
Healthcare/Pharm	Maîtrise des coûts et limitation des investissements	
Healthcare/Pharm	risque de dÃ©remboursement de certains produits phares.procÃ¨s au tribunal des	
	Prud'hommes	
Manufacturing	cost of entry to supply chains of int'l buyers (compliance to higher standards)	
Manufacturing	De maaindustrie verdwijnt uit Nederland, geen competitive edge meer in kennis	
Manufacturing	Explosion de la demande pour des medicaments generiques	
Manufacturing	Greves	
Manufacturing	Reduction in output requirements for industry plus projects being delayed	
Manufacturing	regulation of the specific industry - excise duties	
Manufacturing	Relocation of head office operations	
Manufacturing	Risque pays 'exotiques' (Pakistan, Iran,...)	
Manufacturing	Structuration interne pour assumer une forte croissance. Poids des obligations	
	fiscales et sociales	
Manufacturing	technische problemen oplossen van nieuwe innovaties. En dit verkopen aan	
	klanten.	
Manufacturing	wÃ¤hrungsrisiken, brexit	
Mining/Construction	Global Economic Risk: Brexit, Trump, China, Arab Countries, etc.	
Other	Conserver nos compÃ©tences, et dÃ©ployer les ressources nÃ©cessaires pour	
	augmenter CA niveau 2015	
Other	GREXIT	
Other	Lack of interest in arts and culture sector by the policy makers.	
Other	Less infrastructural investements in the next 2 years	
Other	Rising political situation in Europe due to the Brexit and other terrorism actions	
Other	Volwassenheidsniveau van interne processen en procedures.	
Retail/Wholesale	Concurrence	
Retail/Wholesale	Daling omzet	
Retail/Wholesale	innovation + Competition + Investments In Particiaptions +  Buyers Marketing %	
Retail/Wholesale	market digitalization	
Retail/Wholesale	Verdwijnen van anti-dumping taksen en de impact die dit op onze voorraad zal	
	hebben	
Retail/Wholesale	Weaker demand	
Services, Consulting	Competitive risk from downward pricing pressure.	
Services, Consulting	Government policies	
Services, Consulting	impact, perceived or real, of disruptive technologies	
Services, Consulting	informatie recht	
Services, Consulting	Insufficient global focus on addressing and dealing with corruption.	
Services, Consulting	MitarbeiterproduktivitÃ¤t muss analog mit LÃ¶hnen und GehÃ¤ltern steigen.	
	WÃ¤hrungsrisiken durch Brexit	
Services, Consulting	Oil price	
Services, Consulting	On-shoring / Offshoring	
Services, Consulting	potential upheavals within the EU should Britain Exit	
Services, Consulting	Tekort aan personeel	

8 

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

Tech [Soft/Hard/Bio]	Access to skilled staff and retention of existing skilled staff	
Tech [Soft/Hard/Bio]	government policies	
Transp, Public Util	Ã‰lection on us And france	
Transp, Public Util	Augmenter les investissements de renouvellement des actifs industriels	
Transp, Public Util	Fluctuating prices and huge imbalance in demand and supply causing prices to be	
	compressed further.	
Transp, Public Util	none	

9 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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	8.3	16.7	3.2 - 13.3	4	-28.3	46.7	78

Number of offshore outsourced employees	7.1	15.3	2.2 - 12.0	0	-10	50.7	66

Earnings	6.1	18.8	1.7 - 10.5	2	-34	49.8	14

Revenue	5.6	15.2	2.4 - 8.8	2	-20	48.3	71

Productivity (output per hour worked)	5.5	12.3	2.1 - 8.8	2	-15	48.1	34

Capital spending	5.4	16.0	1.9 - 9.0	1.5	-34.8	47.3	54

Research and development spending	5.3	12.4	1.3 - 9.4	1.5	-10	41	70

Wages/Salaries	3.1	7.7	1.4 - 4.9	2	-19.8	28.9	51

Number of domestic full-time employees	2.9	15.0	-0.6 - 6.5	0	-37.2	48.8	38

Number of domestic temporary employees	2.4	8.4	0.1 - 4.7	0	-24.2	30.7	64

Share repurchases	1.9	5.8	-0.4 - 4.2	0	0	20.9	52

Health care costs	1.8	3.6	0.6 - 3.0	0	-5	11.9	36

Marketing/advertising spending	1.6	9.8	-1.0 - 4.3	0	-19.8	22.3	87

Dividends	1.2	6.0	-1.9 - 4.3	0	-10	16.8	24

Cash on the balance sheet	1.0	12.8	-2.0 - 4.1	0	-30.6	36.8	42

Prices of your products	1.0	5.5	-0.3 - 2.4	1.1	-15	24	74

10 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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=130)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.7	55	13	6
Wages/Salaries	0.6	74.3%	17.6%	8.1%

	0.6	27	12	3
Technology spending	0.6	64.3%	28.6%	7.1%

	0.5	34	9	9
Productivity (output per hour worked)	0.8	65.4%	17.3%	17.3%

	0.4	40	11	13
Prices of your products	0.8	62.5%	17.2%	20.3%

	0.4	21	9	6
Research and development spending	0.8	58.3%	25.0%	16.7%

	0.4	13	20	1
Health care costs	0.5	38.2%	58.8%	2.9%

	0.3	53	9	25
Revenue	0.9	60.9%	10.3%	28.7%

	0.3	41	21	16
Capital spending	0.8	52.6%	26.9%	20.5%

Number of offshore outsourced	0.3	14	21	3
employees	0.6	36.8%	55.3%	7.9%

Number of domestic temporary	0.3	21	23	7
employees	0.7	41.2%	45.1%	13.7%

	0.3	39	11	21
Earnings	0.9	54.9%	15.5%	29.6%

	0.1	23	16	15
Marketing/advertising spending	0.8	42.6%	29.6%	27.8%

	0.1	30	15	21
Cash on the balance sheet	0.9	45.5%	22.7%	31.8%

	0.1	3	21	0
Share repurchases	0.3	12.5%	87.5%	0.0%

	0.1	2	11	1
Dividends	0.5	14.3%	78.6%	7.1%

	0.0	29	15	26
Number of domestic full-time employees	0.9	41.4%	21.4%	37.1%

11 

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

Earnings	8.4	19.6	3.2 - 13.6	3	-34	49.8	58

Research and development spending	7.0	15.9	1.2 - 12.8	2	-10	41	29

Capital spending	6.5	15.1	2.9 - 10.0	0	-34.8	47.3	82

Revenue	5.2	15.2	1.9 - 8.5	2	-20	48.3	69

Share repurchases	3.7	8.0	-0.1 - 7.5	0	0	20.9	34

Technology spending	3.3	13.5	-1.2 - 7.7	3	-28.3	46.7	55

Dividends	3.1	4.9	0.9 - 5.2	0	-10	16.8	45

Cash on the balance sheet	2.9	13.7	-1.1 - 6.9	0	-30.6	36.8	20

Prices of your products	1.8	6.9	0.1 - 3.6	1	-15	24	17

Marketing/advertising spending	0.2	7.2	-2.2 - 2.6	0	-19.8	22.3	36

12 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Second 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	11.3	18.2	5.9 - 16.6	0	-10	50.7	50

Productivity (output per hour worked)	11.2	19.5	5.8 - 16.6	2	-15	48.1	73

Number of domestic full-time employees	5.6	19.8	1.0 - 10.1	0	-37.2	48.8	52

Number of domestic temporary employees	3.1	11.3	0.0 - 6.2	0	-24.2	30.7	45

Wages/Salaries	1.7	9.8	-0.4 - 3.9	2	-19.8	28.9	80

Health care costs	1.5	2.3	0.7 - 2.4	0	-5	11.9	29

13 

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

Earnings	10.4	23.0	-0.7 - 21.5	1.5	-20	49.8

Share repurchases	6.5	10.3	-0.3 - 13.2	0	0	20.9

Revenue	5.8	17.4	-0.4 - 12.1	-1	-20	48.3

Cash on the balance sheet	5.6	17.3	-2.3 - 13.6	2.5	-30	36.8

Dividends	0.2	1.8	-0.8 - 1.1	0	0	16.8

14 

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

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

	Mean	SD	Median	Total

% today	18.4	23.0	10	88

% one year ago	16.3	20.8	9.5	88

% held outside of headquarter country	12.9	29.8	0	75

15 

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

Cash & marketable securities held - Comparison of today to one year ago

	 	Number	Percent	95% CI
	+1=More today	29	33.0 %	± 7.3 %
	0=No difference	42	47.7 %	± 8.2 %
	-1=More last year	17	19.3 %	± 5.9 %
	Total	88	100.0 %

	Mean = 0.1
	SD = 0.7

	Missing Cases = 42
	Response Percent = 67.7 %

16 

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

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

	 	Number	Percent	95% CI
	No	35	28.0 %	± 7.7 %
	Yes	51	40.8 %	± 8.5 %
	Not sure	39	31.2 %	± 8.0 %
	Total	125	100.0 %

	Missing Cases = 5
	Response Percent = 96.2 %

17 

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

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

	 	Number	Percent	95% CI
	No	35	40.7 %	± 10.2 %
	Yes	51	59.3 %	± 10.4 %
	Total	86	100.0 %

	Missing Cases = 5
	Response Percent = 94.5 %

18 

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

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO

	Why not? (Check all that apply)	Number	Percent	95% CI
	Need cash as liquidity buffer (e.g., in case credit markets tighten)	14	40.0 %	± 17.1 %
	Holding cash to save for potential future liabilities	12	34.3 %	± 16.6 %
	Do not need cash reserves as a source of funds	11	31.4 %	± 16.2 %
	Holding cash until economic uncertainty declines	11	31.4 %	± 16.2 %
	Currently have few attractive investment opportunities	10	28.6 %	± 15.8 %
	Lack excess cash to deploy	6	17.1 %	± 13.2 %
	Save cash as dry powder for future investment opportunities	6	17.1 %	± 13.2 %
	We are borrowing instead of using our cash on hand	2	5.7 %	± 8.1 %
	Currently unfavorable tax ramifications	1	2.9 %	± 5.8 %
	Want to avoid repatriation tax on cash held overseas	1	2.9 %	± 5.8 %
	Other	0	0.0 %	± 0.0 %
	Total	74

	Number of Cases = 35
	Number of Responses = 74
	Average Number Of Responses Per Case = 2.1
	Number Of Cases With At Least One Response = 34
	Response Percent = 97.1 %

19 

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

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Other specified

--- No Response ---

20 

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

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES

	On what would accumulated cash reserves be deployed?
	(Check all that apply)	Number	Percent	95% CI
	Capital spending or investment	30	58.8 %	± 14.0 %
	Dividends or share repurchases	21	41.2 %	± 14.0 %
	Cover operating losses	13	25.5 %	± 12.4 %
	Acquisitions	11	21.6 %	± 11.7 %
	Research and development	8	15.7 %	± 10.3 %
	Marketing and advertising	7	13.7 %	± 9.8 %
	Increase hiring	6	11.8 %	± 9.2 %
	Pay down debt/line of credit	4	7.8 %	± 7.6 %
	Increase employee benefits/pay	4	7.8 %	± 7.6 %
	Purchase inventory	4	7.8 %	± 7.6 %
	Lending	3	5.9 %	± 6.7 %
	Allow more lenient payment terms by customers	2	3.9 %	± 5.5 %
	Purchase raw materials	2	3.9 %	± 5.5 %
	Pension plan funding	1	2.0 %	± 3.9 %
	Other	1	2.0 %	± 3.9 %
	Total	117

	Number of Cases = 51
	Number of Responses = 117
	Average Number Of Responses Per Case = 2.3
	Number Of Cases With At Least One Response = 51
	Response Percent = 100.0 %

21 

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

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - Other specified

Other	partners en goede doelen	

22 

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

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

	 	Number	Percent	95% CI
	No target	53	54.1 %	± 9.7 %
	Yes, flexible target/range	27	27.6 %	± 8.5 %
	Yes, somewhat tight target/range	14	14.3 %	± 6.6 %
	Yes, strict target/range	4	4.1 %	± 3.7 %
	Total	98	100.0 %

	Missing Cases = 7
	Response Percent = 93.3 %

23 

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

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range?

(N=45)

			Moderate		
	Mean & SD	Slowly	speed	Fast	Very fast
	  	1	2	3	4	
	2.3	11	12	14	5
... if you fall below your target or range:	1.0	26.2%	28.6%	33.3%	11.9%

	2.3	8	16	10	4
... if you drift above your target or range:	0.9	21.1%	42.1%	26.3%	10.5%

24 

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

5c. What best describes your cash target? (choose best one or two)

	 	Number	Percent	95% CI
	Cash/total assets	11	25.0 %	± 13.3 %
	Cash / operating expenses	11	25.0 %	± 13.3 %
	Cash / short-term liabilities,	10	22.7 %	± 12.9 %
	Cash/sales revenue	8	18.2 %	± 11.9 %
	Cash/current assets	7	15.9 %	± 11.3 %
	Cash to cover a specific number of days/months - Explain:	5	11.4 %	± 9.8 %
	Cash / market value of firm  	3	6.8 %	± 7.8 %
	Specific dollar (or other currency) amount of Cash - Explain:	3	6.8 %	± 7.8 %
	Other target	7	15.9 %	± 11.3 %
	Total	65

	Number of Cases = 44
	Number of Responses = 65
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 44
	Response Percent = 100.0 %

25 

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

5c. Selected cash to cover a specific number of days/months - Explain:

Bank/Fin/Insur/Real Est	5 days payments	
Healthcare/Pharm	45jrs	
Other	En raison d'une activitÃ© saisonniÃ¨re	
Services, Consulting	3 months costs	

26 

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

5c. Selected specific dollar (or other currency) amount of Cash - Explain:

Bank/Fin/Insur/Real Est	hard limit for hard currency	
Healthcare/Pharm	cash ;iquidity at holdco treasury level	

27 

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

5c. Selected other target - Specified:

Bank/Fin/Insur/Real Est	ECB normen	
Healthcare/Pharm	current ratio &gt;1	
Manufacturing	zo laag mogelijk, zo veel mogelijk dividend	
Other	cash / inkomsten	
Other	cash to available borrowing capacity from Banks	

28 

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

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

	Mean	SD	Median	Total

% of cash held in risk-free assets	88.7	24.3	100	99

% in risky assets	11.4	24.4	0	98

29 

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

6a. How would you rate the degree of political uncertainty or political risk in your country?

	 	Number	Percent	95% CI
	1=Small	40	31.3 %	± 8.0 %
	2=Moderate	56	43.8 %	± 8.6 %
	3=Large	32	25.0 %	± 7.5 %
	Total	128	100.0 %

	Mean = 1.9
	SD = 0.8

	Missing Cases = 2
	Response Percent = 98.5 %

30 

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

6b. Has political uncertainty led your firm to be more cautious...

(N=130)

	Yes	No	Total	
	80	49	129
Spending or Hiring	62.0%	38.0%	100.0%

	74	54	128
Spending	57.8%	42.2%	100.0%

	61	64	125
Hiring	48.8%	51.2%	100.0%

	47	76	123
Making acquisitions	38.2%	61.8%	100.0%

31 

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

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

	 	Number	Percent	95% CI
	Proposed regulations	50	38.5 %	± 8.5 %
	Government gridlock or dysfunction	48	36.9 %	± 8.4 %
	The potential for tax reform	45	34.6 %	± 8.3 %
	Upcoming elections	43	33.1 %	± 8.2 %
	Social policies [socioeconomic or racial activism, etc.]	42	32.3 %	± 8.2 %
	Immigration policy	25	19.2 %	± 6.9 %
	Threat of terrorism	23	17.7 %	± 6.7 %
	U.S. involvement in the Middle East	21	16.2 %	± 6.4 %
	Environmental / climate policies	17	13.1 %	± 5.9 %
	Protests against current administration	16	12.3 %	± 5.7 %
	Trade alliances [e.g., Trans-Pacific Partnership]	9	6.9 %	± 4.4 %
	Minimum wage	9	6.9 %	± 4.4 %
	Nuclear deal with Iran	1	0.8 %	± 1.5 %
	Other	14	10.8 %	± 5.4 %
	Total	363

	Number of Cases = 130
	Number of Responses = 363
	Average Number Of Responses Per Case = 2.8
	Number Of Cases With At Least One Response = 117
	Response Percent = 90.0 %

32 

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

6c.Which political uncertainties are the source of your caution? - Other specified:

Bank/Fin/Insur/Real Est	la complexitÃ© sociale et fiscale	
Bank/Fin/Insur/Real Est	war actions with Russia	
Energy	politiques europÃ©ennes	
Manufacturing	Brexit	
Manufacturing	global situation, especially EM slowdown	
Mining/Construction	economic stagnation	
Other	Worldwide energy situation	
Retail/Wholesale	EU referendum	
Services, Consulting	cyber crime	
Services, Consulting	Nationalistischer, EU-feindlicher Einfluss	
Services, Consulting	None	
Services, Consulting	The UK referendum on EU membership	
Tech [Soft/Hard/Bio]	BREXIT plus agreement of Governement	

33 

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

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

	 	Number	Percent	95% CI
	-1=No	88	68.2 %	± 8.2 %
	0=Not sure	23	17.8 %	± 6.7 %
	+1=Yes	18	14.0 %	± 6.0 %
	Total	129	100.0 %

	Mean = -0.5
	SD = 0.7

	Missing Cases = 1
	Response Percent = 99.2 %

34 

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

8a. How do you think trade alliances between countries affect...

(N=130)

	Mean & SD	Negative	No effect	Positive	Total
	  	-1	0	+1	  	
	0.4	28	15	72	115
your country's economy?	0.9	24.3%	13.0%	62.6%	100.0%

	0.4	8	48	52	108
your company overall?	0.6	7.4%	44.4%	48.1%	100.0%

35 

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

8b. How do you think trade alliances between countries affect number of workers your company employs?

	 	Number	Percent	95% CI
	-1=Negative	9	8.9 %	± 4.4 %
	0=No effect	62	61.4 %	± 8.7 %
	+1=Positive	30	29.7 %	± 7.4 %
	Total	101	100.0 %

	Mean = 0.2
	SD = 0.6

	Missing Cases = 29
	Response Percent = 77.7 %

36 

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

9a. In June, the U.K is holding a referendum on the country's future in the EU. The outcome will determine whether the U.K will leave the union ("Brexit"). What do you estimate to be the probability that Brexit will occur?

	 	Number	Percent	95% CI
	0%	4	3.1 %	± 3.0 %
	10%	2	1.6 %	± 2.1 %
	20%	12	9.4 %	± 5.0 %
	30%	16	12.5 %	± 5.7 %
	40%	37	28.9 %	± 7.9 %
	50%	38	29.7 %	± 7.9 %
	60%	11	8.6 %	± 4.9 %
	70%	6	4.7 %	± 3.7 %
	80%	1	0.8 %	± 1.5 %
	90%	0	0.0 %	± 0.0 %
	100%	1	0.8 %	± 1.5 %
	Total	128	100.0 %

	Mean = 42.0
	SD = 16.1

	Missing Cases = 2
	Response Percent = 98.5 %

37 

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

9b. In your opinion...

(N=130)

			Somewhat		Somewhat		
	Mean & SD	Very bad	bad	Neutral	good	Very good	Total
	  	-2	-1	0	+1	+2	  	
In your opinion, is it good for U.K
businesses for the UK to remain in the	1.0	6	10	15	43	55	129
EU?	1.1	4.7%	7.8%	11.6%	33.3%	42.6%	100.0%

In your opinion, is it good for other
European businesses for the UK to	1.1	2	13	13	47	54	129
remain in the EU?	1.0	1.6%	10.1%	10.1%	36.4%	41.9%	100.0%

38 

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

9c. In your opinion, what would be the impact of a Brexit?

(N=130)

			Somewhat		Somewhat		
	Mean & SD	Disagree	disagree	Neutral	agree	Agree	Total
	  	-2	-1	0	+1	+2	  	
A Brexit would threaten the unity of the	0.8	5	19	6	61	39	130
European Union	1.1	3.8%	14.6%	4.6%	46.9%	30.0%	100.0%

A Brexit would lead to similar	0.9	6	12	11	64	37	130
referendums in other EU member states.	1.1	4.6%	9.2%	8.5%	49.2%	28.5%	100.0%

A Brexit would have a negative impact
on the financial performance of your	-0.1	26	14	55	19	15	129
company	1.2	20.2%	10.9%	42.6%	14.7%	11.6%	100.0%

39 

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2015	9.0	11.5	6.6 - 11.4	5.5	-15	60	89

% Expected ROA in 2016	10.9	15.6	7.7 - 14.2	5	-5	100	89

40 

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	76.3	13.5	70.3 - 82.4	75	50	100	19

% of capacity utilization planned for the first half of 2016	78.5	13.5	72.4 - 84.6	80	50	100	19

41 

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	77.2	10.0	72.4 - 81.9	75	50	100	17

% of capacity utilization planned for the first half of 2016	78.5	11.0	73.3 - 83.7	80	50	100	17

42 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	30	23.1 %	± 7.3 %
	Services, Consulting	22	16.9 %	± 6.5 %
	Banking/Finance/Insurance/Real Estate	18	13.8 %	± 6.0 %
	Retail/Wholesale	15	11.5 %	± 5.6 %
	Healthcare/Pharmaceutical	9	6.9 %	± 4.4 %
	Transportation & Public Utilities	7	5.4 %	± 3.9 %
	Mining/Construction	6	4.6 %	± 3.7 %
	Technology [Software/Hardware/Biotech]	5	3.8 %	± 3.4 %
	Energy	5	3.8 %	± 3.4 %
	Communication/Media	3	2.3 %	± 2.6 %
	Agriculture, Forestry, & Fishing	0	0.0 %	± 0.0 %
	Public Administration	0	0.0 %	± 0.0 %
	Other Industry	10	7.7 %	± 4.6 %
	Total	130	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

43 

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

Industry (Other specified)

Brewing industry	
Distribution of marine engines	
Education/Faculty	
environnement	
Pharmaceutique	
steel trade	
Stichting met ANBI status	
surveillance de la qualitÃ© de l'air	
tourisme	
Worldwide heavy transport & lifting	

44 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	38	29.9 %	± 7.9 %
	$25-$99 million	23	18.1 %	± 6.7 %
	$100-$499 million	34	26.8 %	± 7.7 %
	$500-$999 million	11	8.7 %	± 4.9 %
	$1-$4.9 billion	10	7.9 %	± 4.6 %
	$5-$9.9 billion	5	3.9 %	± 3.4 %
	More than $10 billion	6	4.7 %	± 3.7 %
	Total	127	100.0 %

	Missing Cases = 3
	Response Percent = 97.7 %

45 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1215.2

	Median = 300

	Standard Deviation (Unbiased Estimate) = 2700.8

	Standard Error Of The Mean  = 239.7

	95 Percent Confidence Interval Around The Mean = 745.4 - 1684.9

	Skewness = 2.7

Quartiles

	 1 = 25
	 2 = 300
	 3 = 525

Valid Cases =127
Missing Cases =3
Response Percent = 97.7%

46 

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

How much of your revenues are sourced in other EU countries?   (e.g. 0%, 45%)

	Minimum = 0

	Maximum = 70

	Mean = 17.5

	Median = 5

	Standard Deviation (Unbiased Estimate) = 22.8

	Standard Error Of The Mean  = 6.9

	95 Percent Confidence Interval Around The Mean = 4.0 - 30.9

	Skewness = 1.3

Quartiles

	 1 = 0
	 2 = 5
	 3 = 27

Valid Cases =8
Missing Cases =4
Response Percent = 66.7%

47 

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

How much of your revenues are sourced in the UK?  (e.g. 0%, 45%)

	Minimum = 0

	Maximum = 40

	Mean = 4.0

	Median = 0

	Standard Deviation (Unbiased Estimate) = 7.4

	Standard Error Of The Mean  = 0.8

	95 Percent Confidence Interval Around The Mean = 2.4 - 5.6

	Skewness = 2.6

Quartiles

	 1 = 0
	 2 = 0
	 3 = 5

Valid Cases =37
Missing Cases =20
Response Percent = 64.9%

48 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	34	32.7 %	± 7.7 %
	100-499	23	22.1 %	± 6.7 %
	500-999	8	7.7 %	± 4.2 %
	1,000-2,499	14	13.5 %	± 5.4 %
	2,500-4,999	10	9.6 %	± 4.7 %
	5,000-9,999	3	2.9 %	± 2.6 %
	Over 10,000	12	11.5 %	± 5.1 %
	Total	104	100.0 %

	Missing Cases = 26
	Response Percent = 80.0 %

49 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2353.8

	Median = 300

	Standard Deviation (Unbiased Estimate) = 3830.1

	Standard Error Of The Mean  = 375.6

	95 Percent Confidence Interval Around The Mean = 1617.7 - 3090.0

	Skewness = 1.8

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =104
Missing Cases =26
Response Percent = 80.0%

50 

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

In what country are you personally located

	 	Number	Percent	95% CI
	France	34	27.0 %	± 7.7 %
	Netherlands	20	15.9 %	± 6.3 %
	United Kingdom	15	11.9 %	± 5.6 %
	Spain	7	5.6 %	± 3.9 %
	Germany	5	4.0 %	± 3.4 %
	Belgium	5	4.0 %	± 3.4 %
	Other	4	3.2 %	± 3.0 %
	Italy	4	3.2 %	± 3.0 %
	Denmark	4	3.2 %	± 3.0 %
	Norway	4	3.2 %	± 3.0 %
	Switzerland	3	2.4 %	± 2.6 %
	Portugal	3	2.4 %	± 2.6 %
	Russia	3	2.4 %	± 2.6 %
	Ireland	2	1.6 %	± 2.1 %
	Greece	2	1.6 %	± 2.1 %
	Sweden	2	1.6 %	± 2.1 %
	Romania	2	1.6 %	± 2.1 %
	Turkey	2	1.6 %	± 2.1 %
	Finland	1	0.8 %	± 1.5 %
	Lithuania	1	0.8 %	± 1.5 %
	Ukraine	1	0.8 %	± 1.5 %
	Slovenia	1	0.8 %	± 1.5 %
	Austria	1	0.8 %	± 1.5 %
	Cyprus	0	0.0 %	± 0.0 %
	Luxembourg	0	0.0 %	± 0.0 %
	Malta	0	0.0 %	± 0.0 %
	Slovakia	0	0.0 %	± 0.0 %
	Bulgaria	0	0.0 %	± 0.0 %
	Poland	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	126	100.0 %

	Missing Cases = 4
	Response Percent = 96.9 %

51 

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

Headquarters Europe (Other Specified)

Bosnia and Herzegovina	
CROATIA	
FRANCE / EU	
Grenoble	
ile de france	
Luxemburg	
Mexique	
PARIS	
Paris	
Serbia	

52 

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

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

Belgique	
Bermuda	
Etats-Unis	
France	
Frankrijk	
Frankrijk	
Germany	
Greece	
Nee	
nee	
pays-bas	
Sweden	
Sweden	
Taiwan	
U.K.	
USA	
Usa	

53 

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

Ownership

	 	Number	Percent	95% CI
	Private	86	69.9 %	± 8.3 %
	Public	25	20.3 %	± 6.9 %
	Nonprofit	7	5.7 %	± 3.9 %
	Government	5	4.1 %	± 3.4 %
	Total	123	100.0 %

	Missing Cases = 7
	Response Percent = 94.6 %

54 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	35	27.6 %	± 7.7 %
	1-24%	26	20.5 %	± 7.0 %
	25-50%	26	20.5 %	± 7.0 %
	More than 50%	40	31.5 %	± 8.0 %
	Total	127	100.0 %

	Missing Cases = 3
	Response Percent = 97.7 %

55 

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

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

	 	Number	Percent	95% CI
	Europe	63	75.9 %	± 9.7 %
	US/Canada	7	8.4 %	± 5.5 %
	Asia/Pacific Basin	5	6.0 %	± 4.7 %
	Latin America	4	4.8 %	± 4.3 %
	Africa	4	4.8 %	± 4.3 %
	Total	83	100.0 %

	Missing Cases = 9
	Response Percent = 90.2 %

56 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	14	18.2 %	18.2 %
	AA+	10	13.0 %	31.2 %
	AA	4	5.2 %	36.4 %
	AA-	5	6.5 %	42.9 %
	A+	10	13.0 %	55.8 %
	A	4	5.2 %	61.0 %
	A-	3	3.9 %	64.9 %
	BBB+	6	7.8 %	72.7 %
	BBB	3	3.9 %	76.6 %
	BBB-	4	5.2 %	81.8 %
	BB+	2	2.6 %	84.4 %
	BB	4	5.2 %	89.6 %
	BB-	0	0.0 %	89.6 %
	B+	4	5.2 %	94.8 %
	B	1	1.3 %	96.1 %
	B-	1	1.3 %	97.4 %
	CCC	1	1.3 %	98.7 %
	CC	0	0.0 %	98.7 %
	D	1	1.3 %	100.0 %
	Total	77	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

57 

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

What is your company's credit rating? 

N=77		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		77		32	45	
		100.0%		41.6%	58.4%	
						
AAA		14		6	8	
		18.2%		18.8%	17.8%	
						
AA+		10		5	5	
		13.0%		15.6%	11.1%	
						
AA		4		2	2	
		5.2%		6.3%	4.4%	
						
AA-		5		2	3	
		6.5%		6.3%	6.7%	
						
A+		10		5	5	
		13.0%		15.6%	11.1%	
						
A		4		1	3	
		5.2%		3.1%	6.7%	
						
A-		3		0	3	
		3.9%		0.0%	6.7%	
						
BBB+		6		4	2	
		7.8%		12.5%	4.4%	
						
BBB		3		1	2	
		3.9%		3.1%	4.4%	
						
BBB-		4		1	3	
		5.2%		3.1%	6.7%	
						
BB+		2		0	2	
		2.6%		0.0%	4.4%	
						
BB		4		0	4	
		5.2%		0.0%	8.9%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		4		1	3	
		5.2%		3.1%	6.7%	
						
B		1		1	0	
		1.3%		3.1%	0.0%	

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

58 

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

What is your company's credit rating? 

N=77		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		1		1	0	
		1.3%		3.1%	0.0%	
						
CCC		1		1	0	
		1.3%		3.1%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		1		1	0	
		1.3%		3.1%	0.0%	

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

59 

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

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

	 	Number	Percent
	CFO	38	32.5 %
	DAF	12	10.3 %
	CEO	6	5.1 %
	Managing Director	2	1.7 %
	Controller	2	1.7 %
	daf	2	1.7 %
	Daf	2	1.7 %
	Deputy Manager	1	0.9 %
	CHIEF ACCOUNTANT	1	0.9 %
	Master of Sciencia	1	0.9 %
	Financial Analyst	1	0.9 %
	Treasury Director	1	0.9 %
	Pdg	1	0.9 %
	Head of Dep	1	0.9 %
	Kfm. GeschÃ¤ftsfÃ¼hrer	1	0.9 %
	Cotroleur financier	1	0.9 %
	responsable controlling	1	0.9 %
	CFO & IT Director	1	0.9 %
	VP	1	0.9 %
	gerant	1	0.9 %
	Financial Controller	1	0.9 %
	Project Director, Finance & Administration	1	0.9 %
	vp finance	1	0.9 %
	PrÃ©sident	1	0.9 %
	PhD	1	0.9 %
	Directeur du ContrÃ´le de Gestion	1	0.9 %
	Resp. ContrÃ´le de gestion	1	0.9 %
	Auditrice interne	1	0.9 %
	ContrÃ´leur de gestion	1	0.9 %
	Responsable Administratif, Financier et RH	1	0.9 %
	controller	1	0.9 %
	EMEAI FD	1	0.9 %
	kantoordirecteur	1	0.9 %
	Cfo	1	0.9 %
	Credit risk manager	1	0.9 %
	Manager Actuariaat	1	0.9 %
	Responsable CDG	1	0.9 %
	CFO Advanced Materials	1	0.9 %
	director	1	0.9 %
	Executive Consultant to the Board	1	0.9 %
	GÃ©rant	1	0.9 %
	General Manager	1	0.9 %
	Risk manager	1	0.9 %
	Treasury Manager	1	0.9 %
	group Risk & Receivables Manager	1	0.9 %
	Fd	1	0.9 %
	Sennior Analyst	1	0.9 %
	Managing director	1	0.9 %
	Kaufm. Leiter	1	0.9 %
	dga	1	0.9 %
	CFO / Treasurer	1	0.9 %
	Responsable trÃ©sorerie	1	0.9 %
	Directeur Production	1	0.9 %
	Chairman	1	0.9 %
	cho	1	0.9 %
	Responsable commerciale et KAM	1	0.9 %
	CFO/VP of Management Board	1	0.9 %

60 

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

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

	 	Number	Percent
	VP, Business Strategy, Operations & IT	1	0.9 %
	Finance Manager	1	0.9 %
	Partner	1	0.9 %
	Total	117	100.0 %

	Missing Cases = 13
	Response Percent = 90.0 %