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
Q5a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?	14
Q5b.  Increase of: in your borrowing costs from today through the end of 2017?	15
Q5b.  Increase of: in your borrowing costs from today through the end of 2017? (Summary of Descriptives)	16
Q6a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	17
(Excludes Don't Know) Q6a.  Please consider the amount of debt taken on by other firms in your industry over the past three
years:	18
Q6b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have
these firms used the debt proceed:	19
Q6b.  Other uses of debt proceeds:	20
Q6c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	21
(Excludes Don't Know) Q6c.  Will the debt burden of these firms limit their ability to pursue future investment
opportunities?	22
Q6d.  Do these firms have the correct mix between floating and fixed rate debt?	23
Q6e.  Why do these firms have too little floating debt?	24
Q6e.   Why do these firms have too much floating debt?	25
Q7.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to
spend on capital expenditures or R&D?	26

Return on assets (ROA=operating earnings/assets)  (Winsorized)	27
Manufacturing capacity utilized  (Winsorized)	28
Industry	29
Industry (Other specified)	30
Sales Revenue	31
Statistics - Sales Revenue (Millions)	32
Number of Employees	33
Statistics - Number of Employees	34
In what country are you personally located	35
Headquarters Europe (Other Specified)	36
If your company headquarters is in another country, please indicate which country.	37
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
Other job title:	46
What is the probability that you will be a CEO in 5 years?	47
What is the probability that you will be a CEO in 5 years? - Descriptive Summary	48
Do your current job tasks adequately prepare you to be a CEO at some point in the future?	49
Besides current job tasks, what skills must the CFO of your company develop to become a CEO?	50

 1 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	67	40.1 %	± 7.5 %
	0=No change	62	37.1 %	± 7.3 %
	-1=Less optimistic	38	22.8 %	± 6.4 %
	Total	167	100.0 %

	Mean = 0.2
	SD = 0.8

	Missing Cases = 2
	Response Percent = 98.8 %

2 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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 = 56.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 18.7

	95 Percent Confidence Interval Around The Mean = 53.5 - 59.7

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =142
Missing Cases =27
Response Percent = 84.0%

3 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	65	38.7 %	± 7.4 %
	0=No change	61	36.3 %	± 7.3 %
	-1=Less optimistic	42	25.0 %	± 6.6 %
	Total	168	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 1
	Response Percent = 99.4 %

4 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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 = 60.6

	Median = 62.5

	Standard Deviation (Unbiased Estimate) = 21.4

	95 Percent Confidence Interval Around The Mean = 57.0 - 64.1

4 Groups

	 1 = 50
	 2 = 60
	 3 = 80

Valid Cases =138
Missing Cases =31
Response Percent = 81.7%

5 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	88	52.1 %	± 7.6 %
	Government policies	56	33.1 %	± 7.2 %
	Regulatory requirements	48	28.4 %	± 6.9 %
	Weak demand for your products/services	45	26.6 %	± 6.7 %
	Difficulty attracting / retaining qualified employees	44	26.0 %	± 6.7 %
	Currency risk	42	24.9 %	± 6.6 %
	Employee morale	33	19.5 %	± 6.0 %
	Employee productivity	26	15.4 %	± 5.5 %
	Data security	25	14.8 %	± 5.4 %
	Access to capital	24	14.2 %	± 5.3 %
	Cost of benefits	21	12.4 %	± 5.0 %
	Geopolitical / health crises	18	10.7 %	± 4.7 %
	Deflation	13	7.7 %	± 4.1 %
	Rising wages and salaries	13	7.7 %	± 4.1 %
	Corporate tax code	13	7.7 %	± 4.1 %
	Rising input or commodity costs	11	6.5 %	± 3.8 %
	Cost of borrowing	11	6.5 %	± 3.8 %
	Inflation	3	1.8 %	± 2.0 %
	Other	8	4.7 %	± 3.2 %
	Total	542

	Number of Cases = 169
	Number of Responses = 542
	Average Number Of Responses Per Case = 3.2
	Number Of Cases With At Least One Response = 169
	Response Percent = 100.0 %

6 

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

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

Agr, Forestry, Fishing	Brexit	
Energy	LICENCIEMENTS	
Manufacturing	Keeping gross margin,	
	competition	
Services, Consulting	cashflow	
Services, Consulting	Difficulties to deliver	
	target profitability	
Tech [Soft/Hard/Bio]	défiance vis-à-vis des	
	jeunes entreprises	
Tech [Soft/Hard/Bio]	Efficacité globale et	
	management des projet	

7 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	potencial raw material cost increase	
Agr, Forestry, Fishing	Russian production investment	
Agr, Forestry, Fishing	What does President Trump mean for the world?	
Bank/Fin/Insur/Real Est	access to good peoople	
Bank/Fin/Insur/Real Est	Costs	
Bank/Fin/Insur/Real Est	Crack obligataire	
Bank/Fin/Insur/Real Est	Donald Trump als amerikanischer Präsident ist der wichtigste	
	Unischerheitsfaktor	
Bank/Fin/Insur/Real Est	Impact du Digital et de l'emploi	
Bank/Fin/Insur/Real Est	Terrorisme, Cyber Risk	
Communication/Media	concurrence accrue	
Communication/Media	eu gdpr	
Communication/Media	Modification des modes de consommation de mes produits	
Communication/Media	Situation internationale	
Energy	cash crunch	
Energy	Les ressources humaines et incertitudes réglementaires	
Energy	Weak global demand for commodities.	
Healthcare/Pharm	Brexit vote and Trump victory	
Healthcare/Pharm	Geopolitieke/ medische risico'd	
Healthcare/Pharm	Hausse des prix du pétrole, hausse des taux, inflation	
Healthcare/Pharm	Health care reform across the globe. Emergence of Bio similar (Generic	
	for Biological drugs).	
Healthcare/Pharm	insécurité réglementaire	
Healthcare/Pharm	Invloed van het beleid van nationalistisch en protectionistisch beleid	
	van steeds meer regeringen	
Healthcare/Pharm	Sterk afhankelijk van de budgetfinanciering van afnemers	
Manufacturing	Brexit, Election de D.Trump...	
Manufacturing	capacités de production	
Manufacturing	CHina steel exports reducing local production	
Manufacturing	exportations sur de nouveaux territoires	
Manufacturing	Growth	
Manufacturing	New president in USA	
Manufacturing	Onderscheidend vermogen en toegevoegde waarde blijven leveren	
Manufacturing	price decrease	
Manufacturing	rising indirect taxation on consumption	
Mining/Construction	OBSOLETE PUBLIC INFRASTRUCTURES	
Mining/Construction	Price of oil in african exporting countries such as Angola.	
Mining/Construction	Unestability due to Trump would-be policies and  new political risks in	
	Europe	
Other	A.I.	
Other	brexit et politique internacionane de Trump	
Other	instabilité géopolitique	
Other	Mutations technologiques	
Other	None	
Other	Wachstumsfinanzierung	
Retail/Wholesale	Contracts + Policy	
Retail/Wholesale	Désertification des villes de petites tailles / Banques qui ne jouent	
	plus leur rôle de prêteur	
Retail/Wholesale	Geopolitiek	
Retail/Wholesale	Het onvermogen om te versnellen in wat wij doen	
Retail/Wholesale	Stress in the banking system	
Services, Consulting	-	
Services, Consulting	BREXIT	
Services, Consulting	Brexit	

8 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	Brexit	
Services, Consulting	Brexit & Trump	
Services, Consulting	Elections françaises et allemandes + gestion BREXIT	
Services, Consulting	Forte activité et pas assez de ressources pour répondre à l'ensemble	
	des demandes.	
Services, Consulting	Nouveaux entrants sur nos marchés	
Services, Consulting	onbetrouwbare overheid...veranderen van spelregels tijdens de	
	wedstrijd	
Services, Consulting	Restructuring	
Services, Consulting	Risque de protectionnisme américain	
Services, Consulting	Solidité des banques	
Services, Consulting	Technologisce ontwikkelingen	
Services, Consulting	UBERISATION	
Tech [Soft/Hard/Bio]	beschermen van IP	
Tech [Soft/Hard/Bio]	Brexit negotiations may damage the economy further	
Tech [Soft/Hard/Bio]	Complexité lié au droit du travail	
Tech [Soft/Hard/Bio]	Dealing with M&A	
Tech [Soft/Hard/Bio]	Néant	
Tech [Soft/Hard/Bio]	Political uncertainty flowing through into business buying decisions.	
Tech [Soft/Hard/Bio]	Sécurité des système d'information ; Mise en place d'un système	
	qualité ; Augmentation productivité	
Tech [Soft/Hard/Bio]	Sécurité informatique	
Tech [Soft/Hard/Bio]	stagnations et risques geopolitique	
Transp, Public Util	Passer le cap d'insécurité lié aux attentats	

9 

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

Revenue	9.2	18.6	6.0 - 12.4	5	-50.1	77.4	122

Earnings	7.8	17.0	4.8 - 10.8	5	-40.6	60.6	125

Capital spending	6.0	19.5	2.6 - 9.5	3	-53.1	69.4	83

Marketing/advertising spending	5.5	12.7	3.1 - 7.8	1	-27.6	41.8	111

Technology spending	5.3	10.8	3.1 - 7.5	2	-26.4	36.5	116

Research and development spending	2.5	6.3	1.2 - 3.8	0	-24.2	28.4	116

Wages/Salaries	2.4	4.2	1.6 - 3.1	2	-11	17	91

Number of domestic full-time employees	2.1	8.7	0.6 - 3.7	0	-20.4	26.2	129

Health care costs	1.3	3.0	0.6 - 1.9	0	-6.3	8.9	90

Prices of your products	1.1	3.6	0.4 - 1.8	0.8	-7.8	9.9	124

10 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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=169)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.7	98	19	7	124
Wages/Salaries	0.6	79.0%	15.3%	5.6%	100.0%

	0.6	90	20	15	125
Earnings	0.7	72.0%	16.0%	12.0%	100.0%

	0.6	95	13	21	129
Revenue	0.8	73.6%	10.1%	16.3%	100.0%

	0.5	75	31	16	122
Capital spending	0.7	61.5%	25.4%	13.1%	100.0%

	0.5	49	34	7	90
Technology spending	0.6	54.4%	37.8%	7.8%	100.0%

	0.4	58	40	13	111
Marketing/advertising spending	0.7	52.3%	36.0%	11.7%	100.0%

	0.4	60	40	16	116
Prices of your products	0.7	51.7%	34.5%	13.8%	100.0%

	0.3	37	47	7	91
Research and development spending	0.6	40.7%	51.6%	7.7%	100.0%

	0.3	30	50	3	83
Health care costs	0.5	36.1%	60.2%	3.6%	100.0%

	0.2	55	26	35	116
Number of domestic full-time employees	0.9	47.4%	22.4%	30.2%	100.0%

11 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	4.3	8.8	2.7 - 6.0	5	-40.6	60.6	101

Revenue	3.8	9.0	2.1 - 5.5	3	-50.1	77.4	83

Capital spending	2.7	11.4	0.6 - 4.9	1	-53.1	69.4	108

Research and development spending	2.1	3.5	1.4 - 2.9	0	-24.2	28.4	114

Technology spending	2.1	6.0	0.8 - 3.4	0	-26.4	36.5	97

Marketing/advertising spending	1.7	6.5	0.4 - 3.0	0	-27.6	41.8	111

Prices of your products	-0.3	3.1	-0.9 - 0.3	0.5	-7.8	9.9	81

12 

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

Wages/Salaries	1.2	3.8	0.5 - 2.0	2	-11	17	96

Health care costs	0.5	3.0	-0.3 - 1.2	0	-6.3	8.9	97

Number of domestic full-time employees	0.4	8.3	-1.3 - 2.0	0	-20.4	26.2	61

13 

Duke Tias CFO magazine Global Business Outlook survey - Europe - Fourth 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	3.3	6.2	1.3 - 5.3	5	-20	30

Revenue	0.4	5.4	-1.4 - 2.1	-2	-20	32

14 

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

Q5a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?

	 	Number	Percent	95% CI
	Reduction in borrowing costs	20	12.0 %	± 4.9 %
	No change	123	74.1 %	± 6.8 %
	Increase in borrowing costs	23	13.9 %	± 5.2 %
	Total	166	100.0 %

	Missing Cases = 3
	Response Percent = 98.2 %

15 

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

Q5b.  Increase of: in your borrowing costs from today through the end of 2017?

	 	Number	Percent	95% CI
	0.25%	5	21.7 %	± 18.3 %
	0.50%	7	30.4 %	± 20.4 %
	0.75%	3	13.0 %	± 14.9 %
	1%	6	26.1 %	± 19.4 %
	1.25%	0	0.0 %	± 0.0 %
	1.50%	1	4.3 %	± 9.0 %
	2%	0	0.0 %	± 0.0 %
	>2%	1	4.3 %	± 9.0 %
	Total	23	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

16 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Q5B.  Increase of: in your borrowing costs from today
through the end of 2017? - Summary of Descriptives	0.8	0.6	0.5 - 1.0	0.5	0.3	3	23

17 

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

 Q6a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

	Has their borrowing exposed these firms to greater
	financial risk?	Number	Percent	95% CI
	Less financial risk than normal	18	11.0 %	± 4.7 %
	About normal financial risk	62	37.8 %	± 7.3 %
	More financial risk than normal	32	19.5 %	± 6.0 %
	Don't know	52	31.7 %	± 7.0 %
	Total	164	100.0 %

	Missing Cases = 5
	Response Percent = 97.0 %

18 

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

 (Excludes Don't Know) Q6a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  

	Has their borrowing exposed these firms to greater
	financial risk?	Number	Percent	95% CI
	Less financial risk than normal	18	16.1 %	± 4.7 %
	About normal financial risk	62	55.4 %	± 7.4 %
	More financial risk than normal	32	28.6 %	± 6.0 %
	Total	112	100.0 %

	Missing Cases = 57
	Response Percent = 66.3 %

19 

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

 Q6b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

	How have these firms used the debt proceeds?	Number	Percent	95% CI
	For ‘real’ activities like hiring, capital spending, or acquisitions	75	44.4 %	± 7.6 %
	Don't Know	65	38.5 %	± 7.4 %
	To build up a cash reserve	19	11.2 %	± 4.8 %
	For ‘financial’ activities like paying dividends or share repurchases	16	9.5 %	± 4.5 %
	Issued debt to avoid repatriating foreign profits	4	2.4 %	± 2.3 %
	Other	3	1.8 %	± 2.0 %
	Total	182

	Number of Cases = 169
	Number of Responses = 182
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response = 164
	Response Percent = 97.0 %

20 

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

 Q6b.  Other uses of debt proceeds:

Communication/Media	to fund clients via increased credit terms	
Healthcare/Pharm	investeringen	
Retail/Wholesale	étalement de crédits	

21 

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

 Q6c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

	Will the debt burden of these firms limit their ability
	to pursue future investment opportunities?	Number	Percent	95% CI
	No	47	28.5 %	± 6.8 %
	Yes, will limit investment moderately	46	27.9 %	± 6.8 %
	Yes, will limit investment significantly	16	9.7 %	± 4.5 %
	Don't know	56	33.9 %	± 7.2 %
	Total	165	100.0 %

	Missing Cases = 4
	Response Percent = 97.6 %

22 

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

 (Excludes Don't Know) Q6c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

	Will the debt burden of these firms limit their ability
	to pursue future investment opportunities?	Number	Percent	95% CI
	No	47	43.1 %	± 6.9 %
	Yes, will limit investment moderately	46	42.2 %	± 6.8 %
	Yes, will limit investment significantly	16	14.7 %	± 4.5 %
	Total	109	100.0 %

	Missing Cases = 60
	Response Percent = 64.5 %

23 

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

 Q6d.  Do these firms have the correct mix between floating and fixed rate debt?

	Do these firms have the correct mix between floating
	and fixed rate debt?	Number	Percent	95% CI
	Too little floating/too much fixed	6	3.7 %	± 2.8 %
	Correct floating vs. fixed mix.	28	17.1 %	± 5.7 %
	Too much floating/too little fixed (why too much floating?	11	6.7 %	± 3.8 %
	Don't know	119	72.6 %	± 7.0 %
	Total	164	100.0 %

	Missing Cases = 5
	Response Percent = 97.0 %

24 

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

 Q6e.  Why do these firms have too little floating debt?

Bank/Fin/Insur/Real Est	Due à la baisse des Taux durable	
Healthcare/Pharm	Volatilita is too big	
Manufacturing	Peur du risque	

25 

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

 Q6e.   Why do these firms have too much floating debt?

Bank/Fin/Insur/Real Est	Underdeveloped financial market for fixed debt	
Healthcare/Pharm	contrats réalisés à taux variable voici 2 ans	
Mining/Construction	Banks policy for this industry	
Retail/Wholesale	euro interest rates are at low historical levels, no growth and no	
	inflation	
Services, Consulting	because of current low/negative interest rates	
Services, Consulting	market practice	

26 

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

Q7.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?

	 	Number	Percent	95% CI
	No	43	26.2 %	± 6.6 %
	Yes, a little	15	9.1 %	± 4.3 %
	Yes, a lot	6	3.7 %	± 2.8 %
	NA	100	61.0 %	± 7.5 %
	Total	164	100.0 %

	Missing Cases = 5
	Response Percent = 97.0 %

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

Return on assets (ROA=operating earnings/assets)  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	8.8	13.4	6.2 - 11.5	5	-22.4	43.7	100

% Expected ROA in 2017	10.3	11.2	8.1 - 12.5	7	-15	42.7	97

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

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2016	73.4	16.6	66.9 - 79.9	70	40	100	25

% of capacity utilization planned for the second
half of 2016	74.2	13.5	68.9 - 79.5	78	42.8	100	25

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

Industry

	 	Number	Percent	95% CI
	Services, Consulting	41	24.4 %	± 6.5 %
	Manufacturing	31	18.5 %	± 5.9 %
	Retail/Wholesale	16	9.5 %	± 4.5 %
	Banking/Finance/Insurance/Real Estate	16	9.5 %	± 4.5 %
	Technology [Software/Hardware/Biotech]	14	8.3 %	± 4.2 %
	Healthcare/Pharmaceutical	10	6.0 %	± 3.6 %
	Energy	7	4.2 %	± 3.0 %
	Communication/Media	7	4.2 %	± 3.0 %
	Mining/Construction	6	3.6 %	± 2.8 %
	Transportation & Public Utilities	4	2.4 %	± 2.3 %
	Agriculture, Forestry, & Fishing	3	1.8 %	± 2.0 %
	Public Administration	3	1.8 %	± 2.0 %
	Other Industry	10	6.0 %	± 3.6 %
	Total	168	100.0 %

	Missing Cases = 1
	Response Percent = 99.4 %

30 

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

Industry (Other specified)

Bildung	
brewing industry	
Facilities management	
Hotellerie	
Sécurité électronique	
Shipbuilding	
Telecom	
Vente et maintenance	

31 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	70	42.2 %	± 7.5 %
	$25-$99 million	36	21.7 %	± 6.2 %
	$100-$499 million	25	15.1 %	± 5.4 %
	$500-$999 million	10	6.0 %	± 3.6 %
	$1-$4.9 billion	7	4.2 %	± 3.0 %
	$5-$9.9 billion	7	4.2 %	± 3.0 %
	More than $10 billion	11	6.6 %	± 3.8 %
	Total	166	100.0 %

	Missing Cases = 3
	Response Percent = 98.2 %

32 

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

Statistics - Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1286.0

	Median = 62

	Standard Deviation (Unbiased Estimate) = 3036.4

	Standard Error Of The Mean  = 235.7

	95 Percent Confidence Interval Around The Mean = 824.1 - 1748.0

	Skewness = 2.5

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =166
Missing Cases =3
Response Percent = 98.2%

33 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	53	40.2 %	± 7.1 %
	100-499	34	25.8 %	± 6.1 %
	500-999	6	4.5 %	± 2.8 %
	1,000-2,499	14	10.6 %	± 4.2 %
	2,500-4,999	3	2.3 %	± 2.0 %
	5,000-9,999	4	3.0 %	± 2.3 %
	Over 10,000	18	13.6 %	± 4.7 %
	Total	132	100.0 %

	Missing Cases = 37
	Response Percent = 78.1 %

34 

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

Statistics - Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2286.0

	Median = 300

	Standard Deviation (Unbiased Estimate) = 4115.9

	Standard Error Of The Mean  = 358.2

	95 Percent Confidence Interval Around The Mean = 1583.8 - 2988.1

	Skewness = 1.8

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =132
Missing Cases =37
Response Percent = 78.1%

35 

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

In what country are you personally located

	 	Number	Percent	95% CI
	France	67	40.4 %	± 7.5 %
	Netherlands	18	10.8 %	± 4.7 %
	United Kingdom	16	9.6 %	± 4.5 %
	Spain	11	6.6 %	± 3.8 %
	Germany	9	5.4 %	± 3.4 %
	Other	7	4.2 %	± 3.0 %
	Portugal	6	3.6 %	± 2.8 %
	Switzerland	5	3.0 %	± 2.6 %
	Italy	4	2.4 %	± 2.3 %
	Belgium	4	2.4 %	± 2.3 %
	Russia	4	2.4 %	± 2.3 %
	Sweden	3	1.8 %	± 2.0 %
	Greece	3	1.8 %	± 2.0 %
	Ireland	2	1.2 %	± 1.7 %
	Romania	2	1.2 %	± 1.7 %
	Bulgaria	1	0.6 %	± 1.2 %
	United States	1	0.6 %	± 1.2 %
	Finland	1	0.6 %	± 1.2 %
	Ukraine	1	0.6 %	± 1.2 %
	Austria	1	0.6 %	± 1.2 %
	Malta	0	0.0 %	± 0.0 %
	Cyprus	0	0.0 %	± 0.0 %
	Slovenia	0	0.0 %	± 0.0 %
	Norway	0	0.0 %	± 0.0 %
	Denmark	0	0.0 %	± 0.0 %
	Turkey	0	0.0 %	± 0.0 %
	Luxembourg	0	0.0 %	± 0.0 %
	Lithuania	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 %
	Poland	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Total	166	100.0 %

	Missing Cases = 3
	Response Percent = 98.2 %

36 

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

Headquarters Europe (Other Specified)

Bermudes	
Bosnia-Herzegovina	
Implantation mondiale	
Maroc	
R. Macedonia	
République Tchèque	
Serbia	

37 

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

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

Allemagne	
	
Allemagne	
	
Belgique	
	
Duitsland	
	
Duitsland	
	
Etats-Unis	
	
Etats-unis	
	
Finland	
	
France	
	
France	
	
France	
	
France	
	
France	
	
Frankfrijk	
	
Frankrijk	
	
Germany	
	
Grande-Bretagne	
	
Hungary	
	
Israel	
	
Japon	
	
Nee	
	
Nee	
	
Nee	
	
nee	
	
nee	
	
Netherlands	
	
Royaume-Uni	

38 

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

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

South Africa	
	
SUISSE	
	
Suisse	
	
Switzerland	
	
UK	
	
United Kingdom	
	
US	
	
USA	
	
USA	

39 

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

Ownership

	 	Number	Percent	95% CI
	Private	112	68.3 %	± 7.2 %
	Public	36	22.0 %	± 6.2 %
	Nonprofit	11	6.7 %	± 3.8 %
	Government	5	3.0 %	± 2.6 %
	Total	164	100.0 %

	Missing Cases = 5
	Response Percent = 97.0 %

40 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	47	28.7 %	± 6.8 %
	1-24%	37	22.6 %	± 6.3 %
	25-50%	33	20.1 %	± 6.0 %
	More than 50%	47	28.7 %	± 6.8 %
	Total	164	100.0 %

	Missing Cases = 5
	Response Percent = 97.0 %

41 

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

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

	 	Number	Percent	95% CI
	Europe	67	63.2 %	± 9.1 %
	US/Canada	15	14.2 %	± 6.2 %
	Asia/Pacific Basin	11	10.4 %	± 5.4 %
	Africa	9	8.5 %	± 4.9 %
	Latin America	4	3.8 %	± 3.4 %
	Total	106	100.0 %

	Missing Cases = 11
	Response Percent = 90.6 %

42 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	12	11.2 %	11.2 %
	AA+	15	14.0 %	25.2 %
	AA	12	11.2 %	36.4 %
	AA-	5	4.7 %	41.1 %
	A+	13	12.1 %	53.3 %
	A	7	6.5 %	59.8 %
	A-	4	3.7 %	63.6 %
	BBB+	14	13.1 %	76.6 %
	BBB	4	3.7 %	80.4 %
	BBB-	1	0.9 %	81.3 %
	BB+	3	2.8 %	84.1 %
	BB	6	5.6 %	89.7 %
	BB-	3	2.8 %	92.5 %
	B+	0	0.0 %	92.5 %
	B	2	1.9 %	94.4 %
	B-	1	0.9 %	95.3 %
	CCC	3	2.8 %	98.1 %
	CC	0	0.0 %	98.1 %
	D	2	1.9 %	100.0 %
	Total	107	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

43 

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

What is your company's credit rating? 

N=107		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		107		49	58	
		100.0%		45.8%	54.2%	
						
AAA		12		5	7	
		11.2%		10.2%	12.1%	
						
AA+		15		7	8	
		14.0%		14.3%	13.8%	
						
AA		12		10	2	
		11.2%		20.4%	3.4%	
				B	A	
						
AA-		5		1	4	
		4.7%		2.0%	6.9%	
						
A+		13		4	9	
		12.1%		8.2%	15.5%	
						
A		7		1	6	
		6.5%		2.0%	10.3%	
						
A-		4		2	2	
		3.7%		4.1%	3.4%	
						
BBB+		14		5	9	
		13.1%		10.2%	15.5%	
						
BBB		4		2	2	
		3.7%		4.1%	3.4%	
						
BBB-		1		0	1	
		0.9%		0.0%	1.7%	
						
BB+		3		2	1	
		2.8%		4.1%	1.7%	
						
BB		6		4	2	
		5.6%		8.2%	3.4%	
						
BB-		3		1	2	
		2.8%		2.0%	3.4%	
						
B+		0		0	0	
		0.0%		0.0%	0.0%	

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

44 

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

What is your company's credit rating? 

N=107		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		2		1	1	
		1.9%		2.0%	1.7%	
						
B-		1		0	1	
		0.9%		0.0%	1.7%	
						
CCC		3		2	1	
		2.8%		4.1%	1.7%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		2		2	0	
		1.9%		4.1%	0.0%	

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

45 

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

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

	 	Number	Percent
	CFO	68	40.7 %
	CEO	41	24.6 %
	Other	35	21.0 %
	Controller	22	13.2 %
	Treasurer	1	0.6 %
	Total	167	100.0 %

	Missing Cases = 2
	Response Percent = 98.8 %

46 

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

Other job title:

CFO	
Head of GBS	
Financial Manager	
PMO	
Fondateur	
Risk Manager	
deputy ceo	
Président	
CHIEF ACCOUNTANT	
Consultant	
Consultant	
Finance Business Analyst	
responsable CDG	
consultant	
General manager	
Gestion de projet	
Customer support and pre-sales engineer	
Managing Director	
Marketing	
Finance Director	
Consultant	
Directeur Supply Chain	
Chef de projet	
Supervisory Analyste	
Manager Actuarial Department	
Directeur Achats	
Middle Office Officer	
Chairman	
Internal Audit	
Gérant	

47 

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

What is the probability that you will be a CEO in 5 years?

	 	Number	Percent	95% CI
	0%	57	50.9 %	± 8.7 %
	1-20%	31	27.7 %	± 7.5 %
	21-40%	7	6.3 %	± 4.0 %
	41-60%	8	7.1 %	± 4.3 %
	61-80%	6	5.4 %	± 3.7 %
	81-100%	3	2.7 %	± 2.7 %
	Total	112	100.0 %

	Missing Cases = 16
	Response Percent = 87.5 %

 Only asked of those respondents who are not currently a CEO

48 

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

What is the probability that you will be a CEO in 5 years? - Descriptive Summary

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What is the probability that you will be a CEO in 5
years?	14.6	24.7	10.1 - 19.2	0	0	100	112

 Only asked of those respondents who are not currently a CEO

49 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

	 	Number	Percent	95% CI
	No	47	40.9 %	± 8.5 %
	Yes	58	50.4 %	± 8.8 %
	Don't Know	10	8.7 %	± 4.7 %
	Total	115	100.0 %

	Missing Cases = 13
	Response Percent = 89.8 %

Only asked of those respondents who are not currently a CEO

50 

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

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Agr, Forestry, Fishing	commercial side	
Agr, Forestry, Fishing	Stakeholder management and the hide of a rhinoceros.	
Bank/Fin/Insur/Real Est	/	
Bank/Fin/Insur/Real Est	+ de liberté de choix	
Bank/Fin/Insur/Real Est	Customer centric skills, Visibility,	
Bank/Fin/Insur/Real Est	Deep understanding of Sales function, average undestanding of claims	
	handling and Product developementm, active listening skills, coaching,	
	motivation of others...	
Bank/Fin/Insur/Real Est	Geen verdere vaardigheden.	
Bank/Fin/Insur/Real Est	Politics	
Bank/Fin/Insur/Real Est	Vision et marketing	
Communication/Media	Meilleure connaissance de la production	
Communication/Media	n/a IN INDUSTRY	
Energy	Connaissance des clients	
Energy	Etre bon!	
Energy	Rather unlikely in an engineering company.	
Energy	Strategie, leadership, networking	
Healthcare/Pharm	buiten eigen kring denken en handelen; andere denkrichtingen toelaten	
Healthcare/Pharm	Business strategy	
Healthcare/Pharm	Investor relations, Broader net work within and outside the industry	
Healthcare/Pharm	marketing / category management / innovator of products	
Healthcare/Pharm	Vision stratégique, réseau	
Manufacturing	Acquisitions, corporate affairs	
Manufacturing	Business orientated, flexible and results driven, mangement & leadrship	
	skills	
Manufacturing	charisme, compétences managériales, montrer plus d'intérêt au	
	commerce, à la production, aux autres métiers de l'entreprise.	
Manufacturing	commercie	
Manufacturing	Compétence technique produit	
Manufacturing	Geen, is al eens CEO geweest.	
Manufacturing	Generalist worden in plaats van financieel specialist	
Manufacturing	Management, stratégie, Business, Operations	
Manufacturing	people management	
Manufacturing	Strategic. Collaborator. Externally focused. Risk aware.	
Manufacturing	Techniques et ventes	
Manufacturing	Understanding of markets, manufacturing and labour, including	
	development of pesonnel	
Manufacturing	Vision stratégique	
Mining/Construction	global scope / business iniciative	
Mining/Construction	Master the more technical aspects of the industry; Leadership skills;	
	Networking with business partners	
Mining/Construction	Operational and Technical	
Mining/Construction	SOCIAL SKILLS	
Other	Commercial attitude	
Other	Kennis van nieuwe technologiën, operations, talent & culture	
	management	
Other	Strategy	
Other	strategy, operations	
Pub Admin	business et digital	

Only asked of those respondents who are not currently a CEO

51 

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

 Besides current job tasks, what skills must the CFO of your company develop to become a CEO?

Pub Admin	Capacités et connaissances en termes de ressources humaines.	
	Capacité à fédérer les employés et donner des perspectives.	
Pub Admin	COMMERCE MARKETING STRATEGIE	
Retail/Wholesale	comercial, leadership, knowledge of the products	
Retail/Wholesale	Commercial	
Retail/Wholesale	Commercie en aansturing van niet geschoolde medewerkers	
Retail/Wholesale	onmogelijk gezien familie bedrijf + ouderdom CFO +60 jaar	
Retail/Wholesale	RH, administration des ventes, logistique...	
Retail/Wholesale	Strategie	
Retail/Wholesale	Strategies, presentations	
Services, Consulting	Élargir ses champs de compétences et communiquer	
Services, Consulting	Business Development & Vertrieb	
Services, Consulting	Deep knowledge of business products and services	
Services, Consulting	ervaring opdoen bij ander bedrijf als ceo	
Services, Consulting	Il a la double fonction	
Services, Consulting	IT knowledge	
Services, Consulting	leadership, communication, decision making	
Services, Consulting	Nvt, familiebedrijf, naam is niet te wijzigen	
Services, Consulting	Strategic Planning	
Services, Consulting	strategic management, sales, innovation, development of new business	
	lines	
Tech [Soft/Hard/Bio]	Business development	
Tech [Soft/Hard/Bio]	NA	
Tech [Soft/Hard/Bio]	responsabilites operationelles et meilleure presence, visions,	
	strategies	
Tech [Soft/Hard/Bio]	Sales	
Tech [Soft/Hard/Bio]	tecnologische skills	
Transp, Public Util	aspects commerciaux, négociations commerciales	
Transp, Public Util	comercial	
Unspecified Industry	political influence	

Only asked of those respondents who are not currently a CEO