Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own 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
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns your corporation faces? (rank #1, #2, #3)	8
4. What are the top three internal, company-specific concerns your corporation faces? Reverse scale &
weighted by the number of respondents (Higher number = greater weighted importance)	9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	10
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for:   [Unweighted - Sorted]	12
5. 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]	13
5. 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]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?  [Public Companies - Winsorized - Revenue Weighted]	15
6a. During 2009, does your company plan to:	16
6b. During 2009, does your company plan to:	17
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Taken in past 12 months	18
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Past 12 months	19
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Plan to take in next 12 months	20
7. What payroll actions has your company taken or are you planning to take in response to the recession?
- Next 12 months	21
8a. Has your company been affected by the cost or availability of credit?	22
8a. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	23
8a. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	24
8a. In what ways has your company been affected by the credit market turmoil (Only for firms that have
access to lines of credit)	25
8a. Increased cost of credit - How many basis points increase since summer 2007?	26
8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating	27
8a. In what ways has your company been affected by the credit market turmoil - by - Credit Rating	28
8a. Increased cost of credit: How many basis points increase? - by - Credit Rating	29
8b. How concerned are you about the financial health of the financial institutions your firm deals with?	30
9a. & 9b. Assets	31
10a. Does your company have a bank line of credit?	32
10b. & 10c. Bank Lines of Credit	33
Bank Lines of Credit - by - Credit Rating	34
11. Considering your funding over the past six months, how much funding has come from each of the
following sources? (express as a percentage of total assets)	35
11. Considering your funding over the past six months, how much funding has come from each of the
following sources? - Other specified	36
12a. & 12b. Obtaining external funding to finance attractive investment projects	37
12c. If external funding is limited, what is the probability that your company will take the following actions
to manage your corporate investments? (Select 0% to 100% for each category)	38
12c. If external funding is limited, what is the probability that your company will take the following actions
to manage your corporate investments? - Other funding source specified	39
13. When do you expect your national economy to begin recovery?	40
13. Estimated number of months to beginning of recovery	41
14a. After your home government's economic stimulus efforts to this point, is the economy:	42
14b. Do you believe your country's government should bail out struggling industries?	43
15. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100
being excellent growth and investment opportunities.	44
16a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing
with your suppliers?	45
16a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing
with your suppliers? - Other specified	46
16b. What steps are you considering in response?	47
Industry	49
Industry (Other specified)	50
Sales Revenue	51
Weighted Sales Revenue (Millions)	52
Number of Employees	53
Weighted Number of Employees	54
Headquarters Europe	55
Headquarters Europe (Other Specified)	56
If you are located in another country than your headquarters, please indicate which country	57
Location of Respondent	58
Ownership	59
Foreign Sales	60
Over the next few years, what percentage of earnings does  your company plan to pay out as dividends?
(e.g., 0%, 30%, etc)	61
g. Over the next few years, what percentage of earnings does your company plan to pay out as dividends?
(e.g., 0%, 30%, etc)	62
What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	63
What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)	64
What is your company's credit rating? 	65
What is your company's credit rating? 	66
What is your company's credit rating? 	67

1

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

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

	 	Number	Percent	95% CI
	3=More optimistic	17	7.7 %	± 3.5 %
	2=No change	31	14.0 %	± 4.6 %
	1=Less optimistic	173	78.3 %	± 5.5 %
	Total	221	100.0 %

	Mean = 1.3
	SD = 0.6

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

1b. Rate your optimism about 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 = 90

	Mean = 42.8

	Median = 40

	Standard Deviation (Unbiased) = 18.8

	95 Percent Confidence Interval Around The Mean = 40.2 - 45.4

Quartiles

	 1 = 30
	 2 = 40
	 3 = 50

Valid Cases = 201 
Missing Cases = 20 
Response Percent = 91.0%

3

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	23	10.5 %	± 4.1 %
	2=No change	59	26.8 %	± 5.9 %
	1=Less optimistic	138	62.7 %	± 6.4 %
	Total	220	100.0 %

	Mean = 1.5
	SD = 0.7

	Missing Cases = 1 
	Response Percent = 99.5 %

4

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

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 = 3

	Maximum = 100

	Mean = 52.5

	Median = 50

	Standard Deviation (Unbiased) = 20.9

	95 Percent Confidence Interval Around The Mean = 49.5 - 55.4

Quartiles

	 1 = 40
	 2 = 50
	 3 = 70

Valid Cases = 193 
Missing Cases = 28 
Response Percent = 87.3%

5

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=221)

	Mean & SD	1st	2nd	3rd	Total	
	1.4	105	34	11	150
Consumer demand	0.6	47.5%	15.4%	5.0%	67.9%

	1.9	13	8	10	31
Other:	0.9	5.9%	3.6%	4.5%	14.0%

	2.1	25	47	32	104
The financial/banking system	0.7	11.3%	21.3%	14.5%	47.1%

	2.1	4	7	6	17
Financial regulation	0.8	1.8%	3.2%	2.7%	7.7%

	2.2	10	15	17	42
Housing market fallout	0.8	4.5%	6.8%	7.7%	19.0%

	2.2	24	37	42	103
Credit markets/interest rates	0.8	10.9%	16.7%	19.0%	46.6%

	2.2	3	8	6	17
Trade policies and trade agreements	0.7	1.4%	3.6%	2.7%	7.7%

	2.2	11	9	18	38
Government policy	0.9	5.0%	4.1%	8.1%	17.2%

	2.2	1	2	2	5
Environmental regulation	0.8	0.5%	0.9%	0.9%	2.3%

	2.2	14	23	30	67
Volatility of foreign currencies	0.8	6.3%	10.4%	13.6%	30.3%

	2.3	2	2	4	8
Cost of fuel	0.9	0.9%	0.9%	1.8%	3.6%

	2.3	1	11	8	20
Stability of local and central government	0.6	0.5%	5.0%	3.6%	9.0%

	2.4	2	7	9	18
Cost of non-fuel commodities	0.7	0.9%	3.2%	4.1%	8.1%

	2.4	5	7	18	30
Foreign competition	0.8	2.3%	3.2%	8.1%	13.6%

6

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	1.78	1.33	221

The financial/banking system	0.91	1.09	221

Credit markets/interest rates	0.85	1.06	221

Volatility of foreign currencies	0.53	0.92	221

Housing market fallout	0.35	0.80	221

Government policy	0.31	0.77	221

Other:	0.29	0.80	221

Foreign competition	0.21	0.61	221

Stability of local and central government	0.15	0.50	221

Financial regulation	0.14	0.55	221

Trade policies and trade agreements	0.14	0.53	221

Cost of non-fuel commodities	0.13	0.48	221

Cost of fuel	0.06	0.36	221

Environmental regulation	0.04	0.29	221

7

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

3. What are the top three external concerns facing your corporation? - Other specified

Afdankingen in de industrie	
Agrarwirtschaft, - politik	
algehele malaisse	
Automotive Industry	
baisse des investissements	
Corporate demand	
Corporate investment	
Customer reduced spending	
Debt renewal	
Decrease in world trade	
Demand fallout	
Employment Demand	
Equity market demand	
General economic slowdown	
General pricelevel in the market	
Grants policy through Government	
impact of low oil price	
Industrial Investments demand	
Industry regulation	
Lack of business confidence	
liquidity	
Marketing budgets	
mismatch of commondities vs supplier pricing due to material in inventory chain	
Overall business confidence in customer base	
Price pressure from customers	
Rising bad debt	
Situation politique nationale difficile  Ã  faire Ã©voluer	
stabilité sociale	
Unemployment(positively)	
unflexible labour laws	
verfügbare Einkommen	
Wat heeft consument netto te besteden	

8

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

4. What are the top three internal, company-specific concerns your corporation faces? (rank #1, #2, #3)

(N=221)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	24	12	10	46
Balance sheet weakness	0.8	10.9%	5.4%	4.5%	20.8%

	1.7	12	3	6	21
Other:	0.9	5.4%	1.4%	2.7%	9.5%

	1.8	63	33	41	137
Ability to forecast results	0.9	28.5%	14.9%	18.6%	62.0%

	1.9	23	13	19	55
Counterparty risk	0.9	10.4%	5.9%	8.6%	24.9%

	1.9	41	40	34	115
Working capital management	0.8	18.6%	18.1%	15.4%	52.0%

	2.0	1	3	1	5
Cost of health care	0.7	0.5%	1.4%	0.5%	2.3%

	2.0	14	16	16	46
Attracting and retaining qualified employees	0.8	6.3%	7.2%	7.2%	20.8%

Maintaining morale/productivity during economic	2.1	24	47	32	103
downturn	0.7	10.9%	21.3%	14.5%	46.6%

	2.1	3	2	4	9
Protection of intellectual property	0.9	1.4%	0.9%	1.8%	4.1%

	2.2	7	28	17	52
Supply chain risk	0.7	3.2%	12.7%	7.7%	23.5%

	2.4	5	10	16	31
Managing IT systems	0.8	2.3%	4.5%	7.2%	14.0%

	2.4	1	3	5	9
Data security	0.7	0.5%	1.4%	2.3%	4.1%

	2.5	0	4	4	8
Pension obligations	0.5	0.0%	1.8%	1.8%	3.6%

9

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

4. What are the top three internal, company-specific concerns your corporation faces? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to forecast results	1.35	1.25	219

Working capital management	1.08	1.19	219

Maintaining morale/productivity during economic downturn	0.90	1.09	219

Counterparty risk	0.52	1.00	219

Balance sheet weakness	0.48	1.01	219

Supply chain risk	0.43	0.83	219

Attracting and retaining qualified employees	0.41	0.88	219

Managing IT systems	0.23	0.64	219

Other:	0.22	0.73	219

Protection of intellectual property	0.08	0.42	219

Data security	0.06	0.34	219

Pension obligations	0.05	0.30	219

Cost of health care	0.05	0.31	219

10

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

Achieving budget	
BANKING SYSTEM BAD ATTITUDE TOWARDS BUSINESS PEOPLE	
Capacity flexibility	
Capex	
Contrôle des coûts	
Cost reduction	
faiblesse des ventes	
financement des développements	
Keeping customer portfolio	
Kostenanpassung	
Maintaining investment	
Maintaining profitability	
Manage reduction programmes	
managing current workload whilst keeping costs down	
Market volatility	
niveau des produits financiers	
proactivity in responding to changing outlook	
Product development	
Product offering	
reducing cost without reducing employee numbers	
sales vs. costs	
support of unions for restructuring	

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Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Productivity (output per hour worked)	1.46	11.99	-0.57 - 3.49	2	-80	70	134

Health care costs	1.35	5.51	0.22 - 2.48	0	-30	30	91

Wages/Salaries	0.78	5.36	-0.03 - 1.59	2	-30	15	168

Share repurchases	0.56	16.13	-3.56 - 4.68	0	-70	100	59

Prices of your products	-0.17	6.47	-1.17 - 0.82	0	-30	30	163

Number of foreign/off-shore outsourced employees	-2.28	18.97	-6.26 - 1.71	0	-90	65	87

Number of domestic employees in accounting/finance	-4.82	10.04	-6.59 - -3.06	0	-55	20	124

Number of domestic employees overall	-4.90	17.16	-7.65 - -2.14	-5	-65	130	149

Cash on the balance sheet	-5.36	26.05	-10.02 - -0.70	0	-90	120	120

Technology spending	-6.07	18.55	-9.36 - -2.77	0	-95	25	122

Earnings	-8.09	28.21	-12.61 - -3.58	-5	-80	200	150

Dividends	-8.78	17.25	-14.34 - -3.22	0	-50	10	37

Capital spending	-9.85	39.99	-16.42 - -3.27	-5	-90	300	142

Marketing/advertising spending	-10.00	27.98	-14.54 - -5.46	-5	-90	200	146

12

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

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

(N=221)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.6	116	33	19	168
Wages/Salaries	0.7	69.0%	19.6%	11.3%	100.0%

	0.4	79	25	30	134
Productivity (output per hour worked)	0.8	59.0%	18.7%	22.4%	100.0%

	0.3	34	52	5	91
Health care costs	0.6	37.4%	57.1%	5.5%	100.0%

	0.1	77	33	53	163
Prices of your products	0.9	47.2%	20.2%	32.5%	100.0%

	-0.1	3	54	8	65
Share repurchases	0.4	4.6%	83.1%	12.3%	100.0%

	-0.1	19	42	28	89
Number of foreign/off-shore outsourced employees	0.7	21.3%	47.2%	31.5%	100.0%

	-0.1	39	32	52	123
Technology spending	0.9	31.7%	26.0%	42.3%	100.0%

	-0.2	30	40	51	121
Cash on the balance sheet	0.8	24.8%	33.1%	42.1%	100.0%

	-0.3	6	18	16	40
Dividends	0.7	15.0%	45.0%	40.0%	100.0%

	-0.3	44	24	84	152
Earnings	0.9	28.9%	15.8%	55.3%	100.0%

	-0.4	35	21	88	144
Capital spending	0.9	24.3%	14.6%	61.1%	100.0%

Number of domestic employees in accounting/	-0.4	10	55	59	124
finance	0.6	8.1%	44.4%	47.6%	100.0%

	-0.4	31	25	91	147
Marketing/advertising spending	0.8	21.1%	17.0%	61.9%	100.0%

	-0.5	19	31	100	150
Number of domestic employees overall	0.7	12.7%	20.7%	66.7%	100.0%

13

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

5. 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

Prices of your products	-0.14	4.40	-0.28 - 0.00	0	-12.90	12.51

Cash on the balance sheet	-2.40	20.24	-3.09 - -1.70	0	-56.40	45.70

Share repurchases	-2.88	8.28	-3.26 - -2.50	0	-31.10	10

Technology spending	-6.17	11.24	-6.57 - -5.78	-5	-42.40	25

Marketing/advertising spending	-9.11	18.89	-9.74 - -8.48	-5	-64.80	44.84

Earnings	-9.54	18.91	-10.13 - -8.95	-5	-63.40	47.20

Dividends	-12.67	18.20	-13.55 - -11.80	0	-42.60	10

Capital spending	-15.59	24.59	-16.39 - -14.79	-10	-88.20	68.53

14

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

5. 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

Wages/Salaries	1.19	3.18	1.10 - 1.28	2	-9.73	11.29

Health care costs	0.66	3.35	0.53 - 0.78	0	-9.45	12.15

Productivity (output per hour worked)	0.17	7.26	-0.07 - 0.42	1	-22	24.96

Number of foreign/off-shore outsourced employees	-3.98	19.02	-4.69 - -3.26	0	-39.50	34.90

Number of domestic employees in accounting/finance	-6.79	8.44	-7.06 - -6.52	-3	-24.50	14.86

Number of domestic employees overall	-7.59	8.94	-7.86 - -7.33	-5	-38.50	25

15

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

5. 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	-10.48	18.25	-11.22 - -9.74	-10	-63.40	47.20

Cash on the balance sheet	-7.49	17.98	-8.25 - -6.74	-2	-56.40	45.70

Dividends	-12.67	18.20	-13.55 - -11.80	0	-42.60	10

Share repurchases	-0.95	2.93	-1.10 - -0.79	0	-10	0

16

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

6a. During 2009, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	37	17.1 %	± 5.0 %
	Acquire part of another company or companies?	15	6.9 %	± 3.3 %
	Both	37	17.1 %	± 5.0 %
	Neither	128	59.0 %	± 6.6 %
	Total	217	100.0 %

	Missing Cases = 4 
	Response Percent = 98.2 %

17

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

6b. During 2009, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company?	4	1.8 %	± 1.8 %
	Sell part of your company?	40	18.3 %	± 5.1 %
	Neither	174	79.8 %	± 5.4 %
	Total	218	100.0 %

	Missing Cases = 3 
	Response Percent = 98.6 %

18

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Taken in past 12 months

(N=221)

	Yes	No	Total	
	105	96	201
Hiring freeze	52.2%	47.8%	100.0%

	67	137	204
Wage freeze or wage reduction	32.8%	67.2%	100.0%

	61	140	201
Wage freeze	30.3%	69.7%	100.0%

	17	176	193
Wage reduction	8.8%	91.2%	100.0%

	36	156	192
Reduction of employee hours	18.8%	81.3%	100.0%

	106	101	207
Reduction of workforce	51.2%	48.8%	100.0%

19

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Past 12 months

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Percentage of the workforce cut (includes companies with
no cuts)	4.37	6.62	1	0	35	3.46 - 5.27	207

If there was a cut, percentage of the workforce cut	8.53	7.09	5	1	35	7.18 - 9.88	106

20

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Plan to take in next 12 months

(N=221)

	Yes	No	Total	
	131	68	199
Hiring freeze	65.8%	34.2%	100.0%

	118	88	206
Wage freeze or wage reduction	57.3%	42.7%	100.0%

	110	91	201
Wage freeze	54.7%	45.3%	100.0%

	37	153	190
Wage reduction	19.5%	80.5%	100.0%

	60	133	193
Reduction of employee hours	31.1%	68.9%	100.0%

	123	79	202
Reduction of workforce	60.9%	39.1%	100.0%

21

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

7. What payroll actions has your company taken or are you planning to take in response to the recession? - Next 12 months

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Percentage of the workforce that will be cut (includes
companies with no cuts)	5.61	7.76	3.50	0	45	4.54 - 6.68	202

If there will be a cut, percentage of the workforce that will
be cut	9.44	8.07	6	1	45	8.00 - 10.89	120

22

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	114	51.8 %	± 6.6 %
	2=Yes, somewhat	69	31.4 %	± 6.2 %
	3=Yes, very much	37	16.8 %	± 5.0 %
	Total	220	100.0 %

	Mean = 1.6
	SD = 0.8

	Missing Cases = 1 
	Response Percent = 99.5 %

23

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)

	 	Number	Percent	95% CI
	Increased cost of credit	62	58.5 %	± 9.5 %
	Decreased availability of credit	60	56.6 %	± 9.6 %
	Experienced difficulty initiating or renewing a bank credit line	28	26.4 %	± 8.5 %
	Other	19	17.9 %	± 7.4 %
	Total	169

	Number of Cases =106
	Number of Responses =169
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response =102
	Response Percent = 96.2 %

24

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified

affecting our customers, ie our growth	
bank kritischer	
Cusotmers  reducing their spend	
Customers have problem financing projcts	
customers financing	
customers unable to obtain credit	
Erhöhte Bonitätsanforderungen	
Hard to obtain non-recourse financing	
Improved market for us	
Increase in level of Bank information requirements	
Increasingly difficult for customers to get credit	
indirecte gevolgen bij klanten	
investments project by owners	
lack of customer financing aborting projects	
latere ontvangst agv minder krediet klanten	
Ligne de garantie bancaire	
lower interest income	
Moins d'affaires, moins de clients	
verlaagde limieten kredietverzekeraar	

25

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. In what ways has your company been affected by the credit market turmoil (Only for firms that have access to lines of credit)

	 	Number	Percent	95% CI
	Increased cost of credit	46	63.9 %	± 11.4 %
	Decreased availability of credit	43	59.7 %	± 11.6 %
	Experienced difficulty initiating or renewing a bank credit line	23	31.9 %	± 11.0 %
	Other	12	16.7 %	± 8.8 %
	Total	124

	Number of Cases =72
	Number of Responses =124
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response =71
	Response Percent = 98.6 %

26

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. Increased cost of credit - How many basis points increase since summer 2007?

	Minimum = 0.4

	Maximum = 500

	Mean = 106.4

	Median = 95

	Standard Deviation (Unbiased) = 106.8

	95 Percent Confidence Interval Around The Mean = 78.4 - 134.4

Quartiles

	 1 = 25
	 2 = 90
	 3 = 150

Valid Cases = 56 
Missing Cases = 6 
Response Percent = 90.3%

27

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating

N=143		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		143		53	37	40	13	
		100.0%		37.1%	25.9%	28.0%	9.1%	
								
1=No		67		28	20	13	6	
		46.9%		52.8%	54.1%	32.5%	46.2%	
								
2=Yes, somewhat		48		18	9	18	3	
		33.6%		34.0%	24.3%	45.0%	23.1%	
								
3=Yes, very much		28		7	8	9	4	
		19.6%		13.2%	21.6%	22.5%	30.8%	
								
Mean		1.7		1.6	1.7	1.9	1.8	
SD		0.8		0.7	0.8	0.7	0.9	

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

28

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. In what ways has your company been affected by the credit market turmoil - by - Credit Rating

N=76		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		76		25	17	27	7	
		100.0%		32.9%	22.4%	35.5%	9.2%	
								
Decreased availability of credit		46		16	9	14	7	
		60.5%		64.0%	52.9%	51.9%	100.0%	
					d	d	bc	
								
Increased cost of credit		45		15	12	17	1	
		59.2%		60.0%	70.6%	63.0%	14.3%	
				d	d	d	abc	
								
Other		13		5	3	4	1	
		17.1%		20.0%	17.6%	14.8%	14.3%	
								
Experienced difficulty initiating		22		5	6	10	1	
or renewing a bank credit line		28.9%		20.0%	35.3%	37.0%	14.3%	

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

29

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8a. Increased cost of credit: How many basis points increase? - by - Credit Rating

N=45		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		45		15	12	17	1	
Percent		100.0%		33.3%	26.7%	37.8%	2.2%	
								
How many basis points increase since summer 2007?	
								
N		42		14	11	17	0	
Mean		126.4		116.5	133.2	130.1	---	
SD		110.8		151.9	91.4	85.8	---	

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

30

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

8b. How concerned are you about the financial health of the financial institutions your firm deals with?

	 	Number	Percent	95% CI
	1=I have no concerns	48	22.0 %	± 5.5 %
	2=I have moderate concerns	136	62.4 %	± 6.5 %
	3=I have significant concerns	34	15.6 %	± 4.8 %
	Total	218	100.0 %

	Mean = 1.9
	SD = 0.6

	Missing Cases = 3 
	Response Percent = 98.6 %

31

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

9a. & 9b. Assets

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

9a. How much does your firm hold in cash and
marketable securities? (% of total assets) TODAY	16.89	20.23	13.94 - 19.85	10	0	100	180

9b. How much does your firm hold in cash and
marketable securities? (% of total assets) ONE YEAR
AGO	17.22	20.21	14.25 - 20.19	10	0	100	178

32

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

10a. Does your company have a bank line of credit?

	 	Number	Percent	95% CI
	Yes	138	65.1 %	± 6.4 %
	No	74	34.9 %	± 6.3 %
	Total	212	100.0 %

	Missing Cases = 9 
	Response Percent = 95.9 %

33

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

10b. & 10c. Bank Lines of Credit 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

10b. How large are your bank lines of credit? (% of
total assets) TODAY	26.55	24.28	22.22 - 30.88	20	1	100	121

10b. How large are your bank lines of credit? (% of
total assets) ONE YEAR AGO	26.48	23.45	22.27 - 30.69	20	0	100	119

10c. To what extent has your firm drawn on its lines of
credit?	43.66	34.78	36.94 - 50.38	50	0	100	103

34

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Bank Lines of Credit - by - Credit Rating

N=143		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		143		53	37	40	13	
Percent		100.0%		37.1%	25.9%	28.0%	9.1%	
								
10b. How large are your bank lines of credit? (% of total assets) TODAY	
								
N		88		30	22	31	5	
Mean		25.1		22.9	20.6	31.7	17.6	
SD		23.3		18.1	18.0	30.2	17.6	
								
10b. How large are your bank lines of credit? (% of total assets) ONE YEAR AGO	
								
N		88		30	22	31	5	
Mean		25.9		22.2	22.4	32.5	22.6	
SD		23.2		16.6	22.8	28.6	17.3	
								
10c. To what extent has your firm drawn on its lines of credit?	
								
N		78		27	19	28	4	
Mean		41.3		31.1	48.3	47.1	37.5	
SD		34.0		31.8	36.6	34.1	29.9	

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

35

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

11. Considering your funding over the past six months, how much funding has come from each of the following sources? (express as a percentage of total assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Internal profits/retained earnings	45.37	38.85	38.05 - 52.70	31.50	0	100	108

Long-term debt	32.37	29.45	26.60 - 38.15	22.50	0	100	100

Short-term debt	29.64	28.48	24.27 - 35.01	20	0	100	108

Drawing on bank lines of credit	22.22	28.94	15.72 - 28.73	10	0	100	76

Other:	18.71	35.36	4.56 - 32.85	0	0	100	24

Equity infusions or issuances	13.64	26.54	5.62 - 21.67	0	0	100	42

Commercial paper	13.28	29.61	4.10 - 22.45	0	0	100	40

Asset sales	5.68	11.36	2.16 - 9.19	0	0	50	40

36

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

11. Considering your funding over the past six months, how much funding has come from each of the following sources? - Other specified

Accounts payable and other	
advanced monies from customers	
Customer Deposits Funds	
customer deposits	
deposits	
Gov't Funding	
not available	
Other revenue	

37

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

12a. & 12b. Obtaining external funding to finance attractive investment projects

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

12a. When capital markets are operating normally, rate
your company's ability to obtain external funding to
finance attractive investment projects. (Rate on a scale
of 0-100, with 0 being no access and 100 being
unrestricted access to capital)	80.41	24.26	77.06 - 83.75	90	0	100	202

12b. In the current credit market environment, rate your
company's ability to obtain external funding to finance
attractive investment projects.  (Rate on a scale of 0-
100, with 0 being no access and 100 being unrestricted
access to capital)	56.89	27.74	53.09 - 60.70	60	0	100	204

38

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

12c. If external funding is limited, what is the probability that your company will take the following actions to manage your corporate investments? (Select 0% to 100% for each category)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

We would fund with current cash flows/profits	63.90	32.55	59.31 - 68.49	70	0	100	193

We would fund with cash holdings / past profits	58.41	34.17	53.27 - 63.54	60	0	100	170

We would postpone or cancel positive net present
value investment	52.27	32.70	46.99 - 57.56	50	0	100	147

We would fund with other sources	44.68	33.38	37.18 - 52.19	44.50	0	100	76

39

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

12c. If external funding is limited, what is the probability that your company will take the following actions to manage your corporate investments? - Other funding source specified

assets sell	
Augmentation capital	
bank	
BANKS	
banques	
Bonds	
capital increase	
Cash Pool	
compensation	
corporate cash flow	
credit line	
credit lines	
Debt	
deposit payment	
Director	
Disposals	
emprunt	
Equity	
equity	
equity	
Factoring	
Factoring	
Financement public	
groep	
Head office Credit Lines	
IC lening	
inhoudingen op honoraria	
Innerhalb Konzern	
Intercompany loans - parent	
intercompany	
Intragroup funding	
Isuue of bonds	
leasing	
leasing + mtl	
Long-term debt	
Mutter Ges.	
New issue	
operational leases	
overdraft	
owners	
Parent company	
PE Debt	
Private Equity	
Shareholders loans	
Short term	
soft loans	
Stiftungen	
Storting eigen vermogen	
Undrawn line of credit	

40

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

13. When do you expect your national economy to begin recovery?

	 	Number	Percent	Cumulative
	2009, Q1	1	0.5 %	0.5 %
	2009, Q2	5	2.3 %	2.7 %
	2009, Q3	19	8.7 %	11.4 %
	2009, Q4	19	8.7 %	20.1 %
	First half of 2010	81	37.0 %	57.1 %
	Second half of 2010	62	28.3 %	85.4 %
	2011 or later	32	14.6 %	100.0 %
	Total	219	100.0 %	100.0 %

	Missing Cases = 2 
	Response Percent = 99.1 %

41

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

13. Estimated number of months to beginning of recovery

Number of months

	Minimum = 0

	Maximum = 23

	Mean = 15.8

	Median = 14

	Standard Deviation (Unbiased) = 5.3

	95 Percent Confidence Interval Around The Mean = 15.1 - 16.5

Quartiles

	 1 = 14
	 2 = 14
	 3 = 20

Valid Cases = 219 
Missing Cases = 0 
Response Percent = 100.0%

42

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

14a. After your home government's economic stimulus efforts to this point, is the economy: 

	 	Number	Percent	95% CI
	3=Better off than it would have been if the government had not
	   acted	96	43.8 %	± 6.6 %
	2=No better or worse off	93	42.5 %	± 6.6 %
	1=Worse off than it would be if the government had not acted	30	13.7 %	± 4.6 %
	Total	219	100.0 %

	Mean = 2.3
	SD = 0.7

	Missing Cases = 2 
	Response Percent = 99.1 %

43

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

14b. Do you believe your country's government should bail out struggling industries?

	 	Number	Percent	95% CI
	Yes	54	24.7 %	± 5.7 %
	No	93	42.5 %	± 6.6 %
	Not sure	72	32.9 %	± 6.2 %
	Total	219	100.0 %

	Missing Cases = 2 
	Response Percent = 99.1 %

44

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

15. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100 being excellent growth and investment opportunities.

	Minimum = 5

	Maximum = 100

	Mean = 62.6

	Median = 65

	Standard Deviation (Unbiased) = 23.8

	95 Percent Confidence Interval Around The Mean = 59.5 - 65.8

Quartiles

	 1 = 50
	 2 = 65
	 3 = 80

Valid Cases = 216 
Missing Cases = 5 
Response Percent = 97.7%

45

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

16a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing with your suppliers?

	 	Number	Percent	95% CI
	No problems with suppliers	92	41.6 %	± 6.6 %
	Suppliers having trade credit or bank difficulty	87	39.4 %	± 6.5 %
	Suppliers unable to obtain trade credit	66	29.9 %	± 6.1 %
	Suppliers aren't receiving enough order volume to be viable	61	27.6 %	± 5.9 %
	Suppliers unable to obtain other bank financing	58	26.2 %	± 5.9 %
	We have seen at least one of our suppliers go out of business	47	21.3 %	± 5.4 %
	Suppliers unable to obtain counterparty insurance	25	11.3 %	± 4.2 %
	Other	5	2.3 %	± 2.0 %
	Total	441

	Number of Cases =221
	Number of Responses =441
	Average Number Of Responses Per Case = 2.0
	Number Of Cases With At Least One Response =211
	Response Percent = 95.5 %

46

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

16a. The financial crisis is putting many supply chains under strain. What problems, if any, are you seeing with your suppliers? - Other specified

Derzeit gibt es noch keine ernsten Probleme, wir erwarten jedoch, daß diese bald auftreten könnten	
Dollar denominated suppliers are suffering as they are being asked to squeeze their margin following the strengthening of the dollar	
Liquidity cranches	
NO ABILITY TO IMPORT THE RAW MATERIALS DUE TO LAW DEMAND	
so far no problems	

47

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

16b. What steps are you considering in response?

	 	Number	Percent	95% CI
	Consolidate orders with stronger suppliers	73	56.6 %	± 8.7 %
	Diversify supply base	62	48.1 %	± 8.8 %
	Provide better payment terms to suppliers	31	24.0 %	± 7.5 %
	Help suppliers obtain bank financing	22	17.1 %	± 6.6 %
	Provide direct financial assistance to suppliers in the form of
	   loans	9	7.0 %	± 4.5 %
	Make a direct investment in suppliers	8	6.2 %	± 4.2 %
	Other	0	0.0 %	± 0.0 %
	Total	205

	Number of Cases =129
	Number of Responses =205
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response =114
	Response Percent = 88.4 %

48

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

16b. What steps are you considering in response? - Other specified

--- No Response ---

49

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Industry

	 	Number	Percent	95% CI
	Manufacturing	66	30.7 %	± 6.1 %
	Retail/Wholesale	26	12.1 %	± 4.3 %
	Service/Consulting	25	11.6 %	± 4.2 %
	Other	24	11.2 %	± 4.1 %
	Banking/Finance/Insurance	20	9.3 %	± 3.8 %
	Healthcare/Pharmaceutical	18	8.4 %	± 3.6 %
	Communications/Media	11	5.1 %	± 2.9 %
	Mining/Construction	10	4.7 %	± 2.8 %
	Tech [Software/Biotech]	8	3.7 %	± 2.5 %
	Transportation/Energy	7	3.3 %	± 2.3 %
	Total	215	100.0 %

	Missing Cases = 6 
	Response Percent = 97.3 %

50

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Industry (Other specified)

Automotive	
Catering/IFM	
Charity	
Commodity Trading	
Cosmetics	
Entrepreneur electromecanique, electricité, tuyauterie, maintenance	
Environmental services and lab testing	
Food & Facility Management	
Government/Public Sector	
High tech manufacturing	
infrastructure	
leisure dag- en verblijfsrecreatie	
Logistiek	
Professional Learning	
promotion immobilière	
Public	
Recruitment	
Research and education	
Residential/Commercial services	
Security	
Security	
Steel trade	
telecom	
Training and Facilities Management	

51

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	30	13.8 %	± 4.6 %
	$25-$99 million	31	14.3 %	± 4.6 %
	$100-$499 million	59	27.2 %	± 5.9 %
	$500-$999 million	30	13.8 %	± 4.6 %
	$1-$4.9 billion	35	16.1 %	± 4.9 %
	$5-$9.9 billion	6	2.8 %	± 2.2 %
	More than $10 billion	26	12.0 %	± 4.3 %
	Total	217	100.0 %

	Missing Cases = 4 
	Response Percent = 98.2 %

52

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 2206.78

	Median = 300

	Variance (Unbiased) = 12796556.15

	Standard Deviation (Unbiased) = 3577.23

	Standard Error Of The Mean  = 242.84

	95 Percent Confidence Interval Around The Mean = 1730.82 - 2682.75

	99 Percent Confidence Interval Around The Mean = 1581.48 - 2832.09

	Skewness = 1.77

	Kolmogorov-Smirnov Statistic For Normality = 5.17

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 217 
Missing Cases = 4 
Response Percent = 98.2%

53

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	26	13.6 %	± 4.3 %
	100-499	21	11.0 %	± 3.9 %
	500-999	24	12.6 %	± 4.1 %
	1,000-2,499	47	24.6 %	± 5.4 %
	2,500-4,999	22	11.5 %	± 4.0 %
	5,000-9,999	15	7.9 %	± 3.3 %
	Over 10,000	36	18.8 %	± 4.9 %
	Total	191	100.0 %

	Missing Cases = 30 
	Response Percent = 86.4 %

54

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3854.19

	Median = 1750

	Variance (Unbiased) = 19260271.84

	Standard Deviation (Unbiased) = 4388.65

	Standard Error Of The Mean  = 317.55

	95 Percent Confidence Interval Around The Mean = 3231.79 - 4476.59

	99 Percent Confidence Interval Around The Mean = 3036.49 - 4671.88

	Skewness = 1.04

	Kolmogorov-Smirnov Statistic For Normality = 4.20

Quartiles

	 1 = 637.50
	 2 = 1750
	 3 = 7500

Valid Cases = 191 
Missing Cases = 30 
Response Percent = 86.4%

55

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Headquarters Europe

	 	Number	Percent	95% CI
	United States	29	13.4 %	± 4.5 %
	United Kingdom	26	12.0 %	± 4.3 %
	France	23	10.6 %	± 4.1 %
	Sweden	18	8.3 %	± 3.6 %
	Netherlands	14	6.5 %	± 3.2 %
	Other (please specify)	14	6.5 %	± 3.2 %
	Germany	13	6.0 %	± 3.1 %
	Belgium	9	4.1 %	± 2.6 %
	Finland	9	4.1 %	± 2.6 %
	Portugal	9	4.1 %	± 2.6 %
	Denmark	8	3.7 %	± 2.5 %
	Spain	8	3.7 %	± 2.5 %
	Austria	7	3.2 %	± 2.3 %
	Greece	6	2.8 %	± 2.2 %
	Russia	5	2.3 %	± 2.0 %
	Switzerland	5	2.3 %	± 2.0 %
	Italy	5	2.3 %	± 2.0 %
	Luxembourg	3	1.4 %	± 1.5 %
	Asia	2	0.9 %	± 1.3 %
	Norway	1	0.5 %	± 0.9 %
	Ireland	1	0.5 %	± 0.9 %
	Africa	1	0.5 %	± 0.9 %
	Canada	1	0.5 %	± 0.9 %
	Latin America	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Total	217	100.0 %

	Missing Cases = 4 
	Response Percent = 98.2 %

56

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Headquarters Europe (Other Specified)

Bermuda	
Bruxelles	
CIS	
Croatia	
Croatia	
Israel	
Lithuania	
Lyon	
MA	
Malta	
Malta	
Mauritius	
Moscow	
Poland	
Poland	
Poland	
south africa	
tunisia	
Turkey	

57

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

If you are located in another country than your headquarters, please indicate which country

Albania	
België	
België	
België	
Deutschland	
France	
France	
Germany	
Hongrie	
Italie	
Italy	
italy	
Latvia	
Malta	
Nederland	
nederland	
Netherlands	
Poland	
poland, france	
Portugal	
Schweiz	
Slovakei	
Spain	
Spain	
Spain	
spain	
Sweden	
Sweden	
sweden	
Switzerland	
Switzerland	
U.K.	
UK	
UK	
UK	
UK	
UK	
UK	
UK	
UK	
uk	
United Kingdom	
United Kingdom	

58

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Location of Respondent

	 	Number	Percent	95% CI
	United Kingdom	34	15.7 %	± 4.8 %
	France	21	9.7 %	± 3.9 %
	Sweden	19	8.8 %	± 3.7 %
	United States	18	8.3 %	± 3.6 %
	Netherlands	14	6.5 %	± 3.2 %
	Other	13	6.0 %	± 3.1 %
	Germany	12	5.5 %	± 3.0 %
	Belgium	11	5.1 %	± 2.9 %
	Spain	10	4.6 %	± 2.8 %
	Portugal	10	4.6 %	± 2.8 %
	Finland	8	3.7 %	± 2.5 %
	Denmark	8	3.7 %	± 2.5 %
	Austria	7	3.2 %	± 2.3 %
	Switzerland	7	3.2 %	± 2.3 %
	Greece	6	2.8 %	± 2.2 %
	Russia	5	2.3 %	± 2.0 %
	Italy	4	1.8 %	± 1.8 %
	Luxembourg	3	1.4 %	± 1.5 %
	Poland	2	0.9 %	± 1.3 %
	Norway	1	0.5 %	± 0.9 %
	Canada	1	0.5 %	± 0.9 %
	Asia	1	0.5 %	± 0.9 %
	Africa	1	0.5 %	± 0.9 %
	Ireland	1	0.5 %	± 0.9 %
	Total	217	100.0 %

	Missing Cases = 4 
	Response Percent = 98.2 %

59

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Ownership

	 	Number	Percent	95% CI
	Private	117	54.2 %	± 6.6 %
	Public	84	38.9 %	± 6.5 %
	Government	8	3.7 %	± 2.5 %
	Nonprofit	7	3.2 %	± 2.3 %
	Total	216	100.0 %

	Missing Cases = 5 
	Response Percent = 97.7 %

60

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Foreign Sales

	 	Number	Percent	95% CI
	0%	35	16.4 %	± 4.9 %
	1-24%	53	24.9 %	± 5.7 %
	25-50%	30	14.1 %	± 4.6 %
	More than 50%	95	44.6 %	± 6.6 %
	Total	213	100.0 %

	Missing Cases = 8 
	Response Percent = 96.4 %

61

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

Over the next few years, what percentage of earnings does  your company plan to pay out as dividends? (e.g., 0%, 30%, etc)

	 	Number	Percent	95% CI
	We do not pay dividends	87	42.6 %	± 6.5 %
	We do pay dividends	117	57.4 %	± 6.6 %
	Total	204	100.0 %

	Missing Cases = 17 
	Response Percent = 92.3 %

62

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

g. Over the next few years, what percentage of earnings does your company plan to pay out as dividends? (e.g., 0%, 30%, etc)

	Minimum = 0

	Maximum = 100

	Mean = 32.6

	Median = 30

	Standard Deviation (Unbiased) = 30.1

	95 Percent Confidence Interval Around The Mean = 27.1 - 38.0

Quartiles

	 1 = 10
	 2 = 30
	 3 = 40

Valid Cases = 117 
Missing Cases = 17 
Response Percent = 87.3%

63

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)

	Minimum = 0

	Maximum = 100

	Mean = 34.9

	Median = 30

	Standard Deviation (Unbiased) = 25.0

	95 Percent Confidence Interval Around The Mean = 31.3 - 38.4

Quartiles

	 1 = 15
	 2 = 30
	 3 = 50

Valid Cases = 188 
Missing Cases = 33 
Response Percent = 85.1%

64

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)

	Minimum = -50

	Maximum = 80

	Mean = 10.4

	Median = 10

	Standard Deviation (Unbiased) = 15.9

	95 Percent Confidence Interval Around The Mean = 8.0 - 12.7

Quartiles

	 1 = 3
	 2 = 10
	 3 = 16.5

Valid Cases = 177 
Missing Cases = 44 
Response Percent = 80.1%

65

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	21	14.7 %	14.7 %
	AA+	18	12.6 %	27.3 %
	AA	10	7.0 %	34.3 %
	AA-	4	2.8 %	37.1 %
	A+	12	8.4 %	45.5 %
	A	14	9.8 %	55.2 %
	A-	11	7.7 %	62.9 %
	BBB+	14	9.8 %	72.7 %
	BBB	9	6.3 %	79.0 %
	BBB-	6	4.2 %	83.2 %
	BB+	7	4.9 %	88.1 %
	BB	2	1.4 %	89.5 %
	BB-	2	1.4 %	90.9 %
	B+	3	2.1 %	93.0 %
	B	4	2.8 %	95.8 %
	B-	4	2.8 %	98.6 %
	CCC	2	1.4 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	143	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

66

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

What is your company's credit rating? 

N=143		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		143		74	69	
		100.0%		51.7%	48.3%	
						
AAA		21		16	5	
		14.7%		21.6%	7.2%	
				b	a	
						
AA+		18		10	8	
		12.6%		13.5%	11.6%	
						
AA		10		6	4	
		7.0%		8.1%	5.8%	
						
AA-		4		3	1	
		2.8%		4.1%	1.4%	
						
A+		12		4	8	
		8.4%		5.4%	11.6%	
						
A		14		8	6	
		9.8%		10.8%	8.7%	
						
A-		11		6	5	
		7.7%		8.1%	7.2%	
						
BBB+		14		4	10	
		9.8%		5.4%	14.5%	
						
BBB		9		5	4	
		6.3%		6.8%	5.8%	
						
BBB-		6		3	3	
		4.2%		4.1%	4.3%	
						
BB+		7		3	4	
		4.9%		4.1%	5.8%	
						
BB		2		---	2	
		1.4%		---	2.9%	
						
BB-		2		2	---	
		1.4%		2.7%	---	
						
B+		3		2	1	
		2.1%		2.7%	1.4%	
						
B		4		1	3	
		2.8%		1.4%	4.3%	

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

67

Duke Tilburg CFO Global Business Outlook survey - Europe - First Quarter, 2009

What is your company's credit rating? 

N=143		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		4		1	3	
		2.8%		1.4%	4.3%	
						
CCC		2		---	2	
		1.4%		---	2.9%	
						
CC		---		---	---	
		---		---	---	
						
D		---		---	---	
		---		---	---	

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