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. Has your company been affected by the cost or availability of credit?	16
6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	17
6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	18
6b. Increased cost of credit - How many basis points increase since summer 2007?	19
6b. In what ways has your company been affected by the credit market turmoil (Firms that have a bank line of credit)	20
6b. Increased cost of credit (Firms that have a bank line of credit) - How many basis points increase since summer 2007?	21
7. For your company, relative to Q4 of 2008, have credit market conditions changed?	22
8. How much does your firm hold in cash and marketable securities?	23
9. Does your company have a bank line of credit?	24
9b. If yes, how large are your bank lines of credit?	25
9c. To what extent has your firm drawn on its lines of credit?	26
9d. Check if in the last year you have...	27
9e. What costs/fees are associated with your credit line? (bps)	28
9e. Other current costs/fees (up front or otherwise)	29
Is collateral currently required for your credit line?	30
10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company?	31
10b. Are you granting your customers more favorable terms? (Check all that apply)	32
10b. Are you granting your customers more favorable terms? - Other specified	33
10c. If you are granting more favorable terms, is this creating financial stress for your company?	34
11. When do you expect your country's economy to begin recovery?	35
11. Estimated number of months to beginning of recovery	36
12. What is your company's strategic focus for the next 12 months? To answer this question, distribute 100 points 
among the various choices. For example, if half of your strategic focus is revenue growth, enter 50 in the top box and 
distribute the remaining 50 points to reflect the relative importance of the other categories. (should add up to 100)	37
12. What is your company's strategic focus for 2009? - Other specified	38
13a. Compared with last quarter, are you seeing an increase in new orders for your business?	39
13b. If yes, what are the major sources of those orders? (Choose all that apply)	40
13b. If yes, what are the major sources of those orders? - Other specified	41
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.	42
Industry	43
Industry (Other specified)	44
Sales Revenue	45
Weighted Sales Revenue (Millions)	46
Number of Employees	47
Weighted Number of Employees	48
Headquarters Europe	49
Headquarters Europe (Other Specified)	50
If you are located in another country than your headquarters, please indicate which country	51
Location of Respondent	52
Ownership	53
Foreign Sales	54
Does your company pay a dividend?	55
What is your company's ratio of total debt to assets? (e.g., 33% if total debt is one-third of total assets)	56
What was your company's return on assets (ROA) in fiscal 2008? (e.g., +5%, -12%, etc.)	57
What is your company's credit rating? 	58
What is your company's credit rating? 	59
What is your company's credit rating? 	60

1

Duke CFO Global Business Outlook survey - Europe - Second 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	69	30.4 %	± 6.0 %
	2=No change	87	38.3 %	± 6.4 %
	1=Less optimistic	71	31.3 %	± 6.1 %
	Total	227	100.0 %

	Mean = 2.0
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke CFO Global Business Outlook survey - Europe - Second 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 = 4

	Maximum = 90

	Mean = 46.6

	Median = 50

	Standard Deviation (Unbiased) = 16.1

	95 Percent Confidence Interval Around The Mean = 44.4 - 48.8

Quartiles

	 1 = 35
	 2 = 50
	 3 = 60

Valid Cases = 199 
Missing Cases = 28 
Response Percent = 87.7%

3

Duke CFO Global Business Outlook survey - Europe - Second 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	67	29.5 %	± 6.0 %
	2=No change	80	35.2 %	± 6.3 %
	1=Less optimistic	80	35.2 %	± 6.3 %
	Total	227	100.0 %

	Mean = 1.9
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

4

Duke CFO Global Business Outlook survey - Europe - Second 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 = 1

	Maximum = 90

	Mean = 53.2

	Median = 50

	Standard Deviation (Unbiased) = 18.4

	95 Percent Confidence Interval Around The Mean = 50.6 - 55.8

Quartiles

	 1 = 40
	 2 = 50
	 3 = 70

Valid Cases = 196 
Missing Cases = 31 
Response Percent = 86.3%

5

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

(N=227)

	Mean & SD	1st	2nd	3rd	Total	
	1.4	118	27	20	165
Consumer demand	0.7	52.0%	11.9%	8.8%	72.7%

	1.8	10	5	6	21
Other:	0.9	4.4%	2.2%	2.6%	9.3%

	2.0	27	34	24	85
Credit markets/interest rates	0.8	11.9%	15.0%	10.6%	37.4%

	2.0	14	19	13	46
Housing market fallout	0.8	6.2%	8.4%	5.7%	20.3%

	2.1	5	1	6	12
Trade policies and trade agreements	1.0	2.2%	0.4%	2.6%	5.3%

	2.1	4	18	8	30
Cost of non-fuel commodities	0.6	1.8%	7.9%	3.5%	13.2%

	2.1	12	19	19	50
Government policy	0.8	5.3%	8.4%	8.4%	22.0%

	2.2	3	7	7	17
Financial regulation	0.8	1.3%	3.1%	3.1%	7.5%

	2.3	3	6	7	16
Stability of local and central government	0.8	1.3%	2.6%	3.1%	7.0%

	2.3	5	28	22	55
Volatility of foreign currencies	0.6	2.2%	12.3%	9.7%	24.2%

	2.3	17	30	49	96
The financial/banking system	0.8	7.5%	13.2%	21.6%	42.3%

	2.4	5	15	22	42
Foreign competition	0.7	2.2%	6.6%	9.7%	18.5%

	2.4	1	9	9	19
Cost of fuel	0.6	0.4%	4.0%	4.0%	8.4%

	2.6	0	3	5	8
Environmental regulation	0.5	0.0%	1.3%	2.2%	3.5%

6

Duke CFO Global Business Outlook survey - Europe - Second 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	1.90	1.30	225

Credit markets/interest rates	0.77	1.10	225

The financial/banking system	0.71	0.96	225

Volatility of foreign currencies	0.41	0.79	225

Housing market fallout	0.41	0.89	225

Government policy	0.41	0.86	225

Foreign competition	0.30	0.69	225

Cost of non-fuel commodities	0.25	0.68	225

Other:	0.20	0.69	225

Cost of fuel	0.13	0.47	225

Financial regulation	0.13	0.51	225

Stability of local and central government	0.12	0.49	225

Trade policies and trade agreements	0.10	0.48	225

Environmental regulation	0.05	0.27	225

7

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

1. customer pressure to reduce service cost, 2. large customer product spend	
Automotive market fallout	
Bad debt	
business spending tightening	
Competition	
Cost of labour	
Demande des entreprises	
demografische Entwicklung (Langfristtrend)	
Domestic competition	
enterprise confidence	
gevolgen van crisis op mijn markt	
insolvency	
Labor l3aws / rules	
loonkost cao	
lower energy prices	
Manufacturing demand	
Personnel cost increase	
Preisverfall der Absatzmärkte	
prijsdruk	
Probleme in der Autoindustrie und Maschinenbau	
regulierung	
uitstel investeringen	

8

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

(N=227)

	Mean & SD	1st	2nd	3rd	Total	
	1.6	12	4	4	20
Other:	0.8	5.3%	1.8%	1.8%	8.8%

	1.7	76	35	29	140
Ability to forecast results	0.8	33.5%	15.4%	12.8%	61.7%

	1.9	19	12	14	45
Balance sheet weakness	0.9	8.4%	5.3%	6.2%	19.8%

	2.0	32	46	27	105
Working capital management	0.8	14.1%	20.3%	11.9%	46.3%

	2.0	14	20	14	48
Attracting and retaining qualified employees	0.8	6.2%	8.8%	6.2%	21.1%

	2.0	3	3	3	9
Protection of intellectual property	0.9	1.3%	1.3%	1.3%	4.0%

Maintaining morale/productivity during economic	2.1	30	36	46	112
downturn	0.8	13.2%	15.9%	20.3%	49.3%

	2.1	15	18	23	56
Counterparty risk	0.8	6.6%	7.9%	10.1%	24.7%

	2.1	12	23	20	55
Supply chain risk	0.8	5.3%	10.1%	8.8%	24.2%

	2.2	6	12	13	31
Managing IT systems	0.8	2.6%	5.3%	5.7%	13.7%

	2.3	0	2	1	3
Cost of health care	0.6	0.0%	0.9%	0.4%	1.3%

	2.4	1	2	4	7
Data security	0.8	0.4%	0.9%	1.8%	3.1%

	2.5	3	3	12	18
Pension obligations	0.8	1.3%	1.3%	5.3%	7.9%

9

Duke CFO Global Business Outlook survey - Europe - Second 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	1.47	1.30	223

Working capital management	0.96	1.15	223

Maintaining morale/productivity during economic downturn	0.93	1.09	223

Counterparty risk	0.47	0.90	223

Supply chain risk	0.46	0.88	223

Attracting and retaining qualified employees	0.43	0.90	223

Balance sheet weakness	0.43	0.93	223

Managing IT systems	0.25	0.68	223

Other:	0.22	0.73	223

Pension obligations	0.12	0.46	223

Protection of intellectual property	0.08	0.43	223

Data security	0.05	0.30	223

Cost of health care	0.02	0.20	223

10

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

1. cost reduction	
2 margin	
adapt costs to slowdown and fall revenues	
Anpassung der Kosten an den gesunkenen Umsatz	
Bad debt	
cashflow management	
Cost control	
cutting costs (fixed)	
Excces of workers	
Financer le dÃ©veloppement commercial	
Finanzierung der Investitionen	
Gérer la sous activité	
geen	
Keeping key-people	
Managing cost base	
mangelnde ideen	
Personeelskosten	
Reduire les couts	
risk management	
Sales Generation	
Sales/Marketing	
Stabilität Franchise Community	
trésorerie	

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Duke CFO Global Business Outlook survey - Europe - Second 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

Cash on the balance sheet	4.01	29.60	-1.45 - 9.47	0	-70	200	113

Health care costs	0.93	4.73	-0.18 - 2.04	0	-10	25	70

Number of foreign/off-shore outsourced employees	0.92	19.29	-3.02 - 4.87	0	-80	100	92

Productivity (output per hour worked)	0.11	10.83	-1.73 - 1.95	1	-50	60	133

Wages/Salaries	-0.74	6.35	-1.67 - 0.19	1	-35	10	180

Prices of your products	-1.72	8.15	-2.93 - -0.51	0	-50	20	174

Share repurchases	-1.74	12.35	-5.27 - 1.78	0	-80	15	47

Research and development spending	-2.18	12.59	-4.65 - 0.29	0	-70	30	100

Technology spending	-4.56	18.01	-7.90 - -1.23	0	-90	50	112

Number of domestic employees overall	-6.46	11.60	-8.20 - -4.72	-5	-90	20	170

Earnings	-8.92	23.22	-12.88 - -4.96	-2.50	-80	100	132

Marketing/advertising spending	-8.95	18.31	-12.04 - -5.86	-5	-75	50	135

Capital spending	-9.20	26.97	-13.65 - -4.75	-5	-90	100	141

Dividends	-16.91	33.44	-30.88 - -2.94	0	-98	25	22

12

Duke CFO Global Business Outlook survey - Europe - Second 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=227)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.4	100	46	34	180
Wages/Salaries	0.8	55.6%	25.6%	18.9%	100.0%

	0.3	76	21	36	133
Productivity (output per hour worked)	0.9	57.1%	15.8%	27.1%	100.0%

	0.2	22	43	5	70
Health care costs	0.6	31.4%	61.4%	7.1%	100.0%

	0.1	49	28	37	114
Cash on the balance sheet	0.9	43.0%	24.6%	32.5%	100.0%

	0.0	72	31	71	174
Prices of your products	0.9	41.4%	17.8%	40.8%	100.0%

	-0.1	29	37	34	100
Research and development spending	0.8	29.0%	37.0%	34.0%	100.0%

	-0.1	2	41	5	48
Share repurchases	0.4	4.2%	85.4%	10.4%	100.0%

	-0.1	6	8	8	22
Dividends	0.8	27.3%	36.4%	36.4%	100.0%

	-0.1	31	36	45	112
Technology spending	0.8	27.7%	32.1%	40.2%	100.0%

	-0.1	23	34	35	92
Number of foreign/off-shore outsourced employees	0.8	25.0%	37.0%	38.0%	100.0%

	-0.2	45	18	70	133
Earnings	0.9	33.8%	13.5%	52.6%	100.0%

	-0.3	38	27	78	143
Capital spending	0.9	26.6%	18.9%	54.5%	100.0%

	-0.5	20	33	82	135
Marketing/advertising spending	0.7	14.8%	24.4%	60.7%	100.0%

	-0.6	23	28	119	170
Number of domestic employees overall	0.7	13.5%	16.5%	70.0%	100.0%

13

Duke CFO Global Business Outlook survey - Europe - Second 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

Cash on the balance sheet	3.60	22.13	2.72 - 4.48	0	-54	62.03

Prices of your products	-1.03	5.48	-1.20 - -0.86	0	-17.70	14.25

Research and development spending	-1.49	8.65	-1.87 - -1.11	0	-26.90	22.50

Share repurchases	-1.77	5.71	-2.10 - -1.45	0	-25.90	15

Technology spending	-2.85	10.78	-3.29 - -2.41	0	-39.90	30.74

Earnings	-8.61	21.47	-9.41 - -7.81	0	-54.40	36.59

Marketing/advertising spending	-9.53	12.23	-9.97 - -9.08	-5	-44.80	26.94

Capital spending	-11.33	19.47	-12.00 - -10.66	-5	-62.10	43.66

Dividends	-11.71	29.84	-13.60 - -9.82	0	-82.40	25

14

Duke CFO Global Business Outlook survey - Europe - Second 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

Productivity (output per hour worked)	1.67	5.58	1.48 - 1.85	2	-21.10	21.34

Health care costs	0.58	2.57	0.46 - 0.71	0	-8.34	10.20

Wages/Salaries	-0.02	4.01	-0.14 - 0.09	1	-13.20	10

Number of foreign/off-shore outsourced employees	-1.26	11.70	-1.73 - -0.79	0	-36.90	38.73

Number of domestic employees overall	-5.85	7.28	-6.07 - -5.64	-5	-29.20	16.28

15

Duke CFO Global Business Outlook survey - Europe - Second 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	-14.61	22.45	-15.79 - -13.44	-5	-54.40	20

Cash on the balance sheet	5.56	25.46	4.13 - 6.99	0	-50	62.03

Dividends	-12.45	30.63	-14.45 - -10.45	0	-82.40	25

Share repurchases	-2.85	6.98	-3.36 - -2.34	0	-20	15

16

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

6a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	118	52.4 %	± 6.6 %
	2=Yes, somewhat	73	32.4 %	± 6.1 %
	3=Yes, very much	34	15.1 %	± 4.7 %
	Total	225	100.0 %

	Mean = 1.6
	SD = 0.7

	Missing Cases = 2 
	Response Percent = 99.1 %

17

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

6b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)

	 	Number	Percent	95% CI
	Decreased availability of credit	61	57.0 %	± 9.5 %
	Increased cost of credit	55	51.4 %	± 9.6 %
	Experienced difficulty initiating or renewing a bank credit line	33	30.8 %	± 8.9 %
	Other	15	14.0 %	± 6.7 %
	Total	164

	Number of Cases =107
	Number of Responses =164
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response =101
	Response Percent = 94.4 %

18

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

6b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified

ability of our customers to get credit	
AR management	
client cash issues	
Customers Availability	
Customers can't fund buying our equiptment	
Customers decreased availability of credit	
customers have difficulty financing projects	
distributors exposed	
impact on suppliers and consumers	
It has reduced customer spend	
Kovernence problem	
many that customer base impacted	
More pressure on Cash mgt	
Our suppliers wanting paid earlier	
squeeze on our customers	

19

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

6b. Increased cost of credit - How many basis points increase since summer 2007?

	Minimum = 0.5

	Maximum = 500

	Mean = 143.4

	Median = 150

	Standard Deviation (Unbiased) = 111.4

	95 Percent Confidence Interval Around The Mean = 112.8 - 174.0

Quartiles

	 1 = 50
	 2 = 125
	 3 = 200

Valid Cases = 51 
Missing Cases = 4 
Response Percent = 92.7%

20

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

6b. In what ways has your company been affected by the credit market turmoil (Firms that have a bank line of credit)

	 	Number	Percent	95% CI
	Increased cost of credit	43	58.9 %	± 11.6 %
	Decreased availability of credit	40	54.8 %	± 11.7 %
	Experienced difficulty initiating or renewing a bank credit line	26	35.6 %	± 11.3 %
	Other	7	9.6 %	± 6.9 %
	Total	116

	Number of Cases =73
	Number of Responses =116
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response =68
	Response Percent = 93.2 %

21

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

6b. Increased cost of credit (Firms that have a bank line of credit) - How many basis points increase since summer 2007?

	Minimum = 0.5

	Maximum = 500

	Mean = 141.3

	Median = 150

	Standard Deviation (Unbiased) = 117.4

	95 Percent Confidence Interval Around The Mean = 104.9 - 177.7

Quartiles

	 1 = 30
	 2 = 150
	 3 = 200

Valid Cases = 40 
Missing Cases = 3 
Response Percent = 93.0%

22

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

7. For your company, relative to Q4 of 2008, have credit market conditions changed?

	 	Number	Percent	95% CI
	-2=Yes, much worse	13	5.8 %	± 3.0 %
	-1=Yes, somewhat worse	80	35.6 %	± 6.3 %
	0=No change	107	47.6 %	± 6.5 %
	1=Yes, somewhat improved	24	10.7 %	± 4.0 %
	2=Yes, much improved	1	0.4 %	± 0.9 %
	Total	225	100.0 %

	Mean = -0.4
	SD = 0.8

	Missing Cases = 2 
	Response Percent = 99.1 %

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Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

8. How much does your firm hold in cash and marketable securities?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total assets)	16.95	20.83	13.84 - 20.05	10	0	100	173

One Year Ago (% of total assets)	17.21	21.23	13.99 - 20.43	10	0	100	167

24

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

	 	Number	Percent	95% CI
	Yes	141	64.7 %	± 6.4 %
	No	77	35.3 %	± 6.2 %
	Total	218	100.0 %

	Missing Cases = 9 
	Response Percent = 96.0 %

25

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

9b. If yes, how large are your bank lines of credit?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total assets)	27.37	24.91	22.78 - 31.97	20	0	100	113

One Year Ago (% of total assets)	25.64	24.33	21.07 - 30.21	20	0	100	109

26

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

9c. To what extent has your firm drawn on its lines of credit?

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Today (% of total assets)	45.02	37.95	38.05 - 51.98	47.50	0	100	114

One Year Ago (% of total assets)	43.83	37.38	36.94 - 50.72	50	0	100	113

27

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

9d. Check if in the last year you have...

	 	Number	Percent	95% CI
	Arranged a new credit line	38	27.0 %	± 7.5 %
	Renewed an existing credit line	65	46.1 %	± 8.4 %
	Total	103

	Number of Cases =141
	Number of Responses =103
	Average Number Of Responses Per Case = 0.7
	Number Of Cases With At Least One Response =85
	Response Percent = 60.3 %

28

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

9e. What costs/fees are associated with your credit line? (bps)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Basis point commitment fee - Today	52.84	132.93	19.21 - 86.48	20	0	1000	60

Basis point commitment fee - One Year Ago	47.42	133.85	13.26 - 81.57	10	0	1000	59

LIBOR plus - Today	115.79	108.29	86.91 - 144.68	77.50	0	350	54

LIBOR plus - One Year Ago	86.38	93.46	61.45 - 111.31	55	0	450	54

PRIME plus - Today	81.36	90.46	33.97 - 128.74	25	0	225	14

PRIME plus - One Year Ago	75.87	77.92	36.43 - 115.30	50	0	200	15

Fixed rate interest - Today	219.37	314.76	77.83 - 360.90	100	1	1200	19

Fixed rate interest - One Year Ago	288.86	425.46	92.30 - 485.41	150	2	1700	18

Tenor/maturity of credit line (months) - Today	27.61	22.45	22.43 - 32.80	16	0	120	72

Tenor/maturity of credit line (months) - One Year
Ago	31.13	24.72	25.26 - 37.01	24	0	120	68

29

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

9e. Other current costs/fees (up front or otherwise)

0	
£20k fee	
€30000	
10000	
50                                                                   50	
letter of credit 75bps	
EUR 8 miljoen	

30

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Is collateral currently required for your credit line?

	 	Number	Percent	95% CI
	Yes	52	42.3 %	± 8.1 %
	No	71	57.7 %	± 8.4 %
	Total	123	100.0 %

	Missing Cases = 18 
	Response Percent = 87.2 %

31

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

10. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company?

(N=227)

	Yes, successfully			
	renegotiated	Yes, but unsuccessfully	No, we haven't tried	Total	
	117	21	67	205
Suppliers	57.1%	10.2%	32.7%	100.0%

	49	44	105	198
Lenders	24.7%	22.2%	53.0%	100.0%

32

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

10b. Are you granting your customers more favorable terms? (Check all that apply)

	 	Number	Percent	95% CI
	No	125	55.1 %	± 6.5 %
	Yes, lower prices	62	27.3 %	± 5.8 %
	Yes, longer payment terms	50	22.0 %	± 5.4 %
	Yes, lower financing rates	5	2.2 %	± 1.9 %
	Yes, other (please specify)	4	1.8 %	± 1.7 %
	Total	246

	Number of Cases =227
	Number of Responses =246
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =220
	Response Percent = 96.9 %

33

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

10b. Are you granting your customers more favorable terms? - Other specified

FX benefit	
remise arrière supplémentaires	
Nouveau produit	
kortingen	
some discount	

34

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

10c. If you are granting more favorable terms, is this creating financial stress for your company?

	 	Number	Percent	95% CI
	1=No	24	27.0 %	± 8.7 %
	2=Yes, some stress	57	64.0 %	± 10.0 %
	3=Yes, great stress	8	9.0 %	± 5.5 %
	Total	89	100.0 %

	Mean = 1.8
	SD = 0.6

	Missing Cases = 9 
	Response Percent = 90.8 %

35

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

11. When do you expect your country's economy to begin recovery?

	 	Number	Percent	Cumulative
	Already begun	5	2.2 %	2.2 %
	2009, Q3	13	5.8 %	8.0 %
	2009, Q4	34	15.0 %	23.0 %
	2010, Q1	49	21.7 %	44.7 %
	2010, Q2	38	16.8 %	61.5 %
	Second half of 2010	60	26.5 %	88.1 %
	2011 or later	27	11.9 %	100.0 %
	Total	226	100.0 %	100.0 %

	Missing Cases = 1 
	Response Percent = 99.6 %

36

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

11. Estimated number of months to beginning of recovery

Number of months

	Minimum = 0

	Maximum = 21

	Mean = 12.3

	Median = 12

	Standard Deviation (Unbiased) = 5.9

	95 Percent Confidence Interval Around The Mean = 11.6 - 13.1

Quartiles

	 1 = 9
	 2 = 12
	 3 = 18

Valid Cases = 226 
Missing Cases = 0 
Response Percent = 100.0%

37

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

12. What is your company's strategic focus for the next 12 months? To answer this question, distribute 100 points among the various choices. For example, if half of your strategic focus is revenue growth, enter 50 in the top box and distribute the remaining 50 points to reflect the relative importance of the other categories. (should add up to 100) 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue Growth (Pursue new customers, increase business
with existing customers, etc.)	35.7	22.3	32.8 - 38.6	40	0	100	224

Direct Cost Reduction (Improve cost efficiency of sourcing,
manufacturing, distribution, service delivery, etc.)	22.1	14.9	20.2 - 24.1	20	0	100	224

Overhead Cost Reduction (Improve efficiency of shared
services, SG&A, etc.)	18.8	13.8	17.0 - 20.6	20	0	80	224

Asset Efficiency (Improve management of inventory, PP&E,
receivables/payables, etc.)	12.4	12.3	10.8 - 14.0	10	0	50	224

Capability Development (Strengthen managerial and
operational compentencies)	7.2	10.0	5.9 - 8.5	0	0	60	224

Other strategic focus:	3.8	12.8	2.1 - 5.5	0	0	100	224

38

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

12. What is your company's strategic focus for 2009? - Other specified 

1) Image verbessern; 2) Marktanteil erhöhen	
Acquisition opportunities	
business expansion	
contrôle de l'endettement	
Corporate development & portfolio management	
Debt renegotiation	
elimination of subcontractors	
Enter new markets	
Finance of new office and research facilites/buildings	
finding of funds	
Grotere flexibiliteit	
Implement new IT systems to increase effecientcy	
improve service to our customers	
internationalisation	
investeren	
Margeverbetering	
Neue Produkte	
New Technology Generation and Launch	
Push Innovation Power, Strategic Investments (SAP, Facilities)	
Rachat actions	
Recover loans	
verhogen productiviteit	
Working Capital Reduction	

39

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

13a. Compared with last quarter, are you seeing an increase in new orders for your business?

	 	Number	Percent	95% CI
	1=No	145	64.7 %	± 6.3 %
	2=Yes, a small increase	74	33.0 %	± 6.1 %
	3=Yes, a large increase	5	2.2 %	± 1.9 %
	Total	224	100.0 %

	Mean = 1.4
	SD = 0.5

	Missing Cases = 3 
	Response Percent = 98.7 %

40

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

13b. If yes, what are the major sources of those orders? (Choose all that apply)

	 	Number	Percent	95% CI
	Country where we are located	42	53.2 %	± 11.3 %
	Other European countries	19	24.1 %	± 9.7 %
	Asia	12	15.2 %	± 8.1 %
	China	9	11.4 %	± 7.2 %
	North America	9	11.4 %	± 7.2 %
	South America	3	3.8 %	± 4.3 %
	Africa	3	3.8 %	± 4.3 %
	Other (please specify)	3	3.8 %	± 4.3 %
	Total	100

	Number of Cases =79
	Number of Responses =100
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response =69
	Response Percent = 87.3 %

41

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

13b. If yes, what are the major sources of those orders? - Other specified

Central America	
Midle East	
Russia	

42

Duke CFO Global Business Outlook survey - Europe - Second 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 = 0

	Maximum = 100

	Mean = 53.8

	Median = 60

	Standard Deviation (Unbiased) = 24.4

	95 Percent Confidence Interval Around The Mean = 50.5 - 57.1

Quartiles

	 1 = 40
	 2 = 60
	 3 = 70

Valid Cases = 216 
Missing Cases = 11 
Response Percent = 95.2%

43

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Industry

	 	Number	Percent	95% CI
	Manufacturing	63	28.6 %	± 5.9 %
	Other	34	15.5 %	± 4.7 %
	Retail/Wholesale	25	11.4 %	± 4.1 %
	Banking/Finance/Insurance	20	9.1 %	± 3.7 %
	Transportation/Energy	18	8.2 %	± 3.5 %
	Service/Consulting	17	7.7 %	± 3.5 %
	Mining/Construction	12	5.5 %	± 2.9 %
	Healthcare/Pharmaceutical	12	5.5 %	± 2.9 %
	Tech [Software/Biotech]	11	5.0 %	± 2.8 %
	Communications/Media	8	3.6 %	± 2.4 %
	Total	220	100.0 %

	Missing Cases = 7 
	Response Percent = 96.9 %

44

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Industry (Other specified)

Business services	
construction/after sales	
Consumer goods	
Dienstleistung/Catering	
Education	
education	
Electrical engineering	
Engineering	
Entrepreneur général en électromecanique, piping, électricité instrumentation, automatisme et maintenance	
FFM	
FMCG	
Food and beverages	
Forest products	
Gastronomie / Dienstleistung	
Government / Public Sector	
Hotel/Catering	
Leisure	
local government	
logistics	
Logistiek	
NGO	
Optpelektronik	
Packaging	
Personaldienstleistungen	
Production agricole	
Projects d'architecture et amenagement du territoire	
Security	
Steel trade	
Telecom	
telekommunikation	
Temporary Professional Recruitment	
Tobacco / Consumer Goods	
Utility	

45

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	32	14.5 %	± 4.6 %
	$25-$99 million	32	14.5 %	± 4.6 %
	$100-$499 million	75	34.1 %	± 6.2 %
	$500-$999 million	29	13.2 %	± 4.4 %
	$1-$4.9 billion	30	13.6 %	± 4.4 %
	$5-$9.9 billion	9	4.1 %	± 2.6 %
	More than $10 billion	13	5.9 %	± 3.0 %
	Total	220	100.0 %

	Missing Cases = 7 
	Response Percent = 96.9 %

46

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1579.70

	Median = 300

	Variance (Unbiased) = 8326283.33

	Standard Deviation (Unbiased) = 2885.53

	Standard Error Of The Mean  = 194.54

	95 Percent Confidence Interval Around The Mean = 1198.40 - 1961.00

	99 Percent Confidence Interval Around The Mean = 1078.75 - 2080.65

	Skewness = 2.36

	Kolmogorov-Smirnov Statistic For Normality = 5.61

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 220 
Missing Cases = 7 
Response Percent = 96.9%

47

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	25	12.0 %	± 4.1 %
	100-499	38	18.2 %	± 4.9 %
	500-999	41	19.6 %	± 5.0 %
	1,000-2,499	42	20.1 %	± 5.1 %
	2,500-4,999	15	7.2 %	± 3.3 %
	5,000-9,999	20	9.6 %	± 3.7 %
	Over 10,000	28	13.4 %	± 4.3 %
	Total	209	100.0 %

	Missing Cases = 18 
	Response Percent = 92.1 %

48

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3159.81

	Median = 1750

	Variance (Unbiased) = 16521910.54

	Standard Deviation (Unbiased) = 4064.72

	Standard Error Of The Mean  = 281.16

	95 Percent Confidence Interval Around The Mean = 2608.73 - 3710.89

	99 Percent Confidence Interval Around The Mean = 2435.82 - 3883.80

	Skewness = 1.34

	Kolmogorov-Smirnov Statistic For Normality = 4.85

Quartiles

	 1 = 300
	 2 = 1250
	 3 = 3750

Valid Cases = 209 
Missing Cases = 18 
Response Percent = 92.1%

49

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Headquarters Europe

	 	Number	Percent	95% CI
	United Kingdom	29	12.9 %	± 4.4 %
	France	25	11.1 %	± 4.1 %
	United States	22	9.8 %	± 3.9 %
	Netherlands	21	9.3 %	± 3.8 %
	Germany	20	8.9 %	± 3.7 %
	Sweden	15	6.7 %	± 3.3 %
	Portugal	13	5.8 %	± 3.0 %
	Spain	13	5.8 %	± 3.0 %
	Other (please specify)	10	4.4 %	± 2.7 %
	Belgium	9	4.0 %	± 2.6 %
	Finland	9	4.0 %	± 2.6 %
	Denmark	8	3.6 %	± 2.4 %
	Norway	7	3.1 %	± 2.3 %
	Ireland	5	2.2 %	± 1.9 %
	Italy	5	2.2 %	± 1.9 %
	Greece	3	1.3 %	± 1.5 %
	Russia	2	0.9 %	± 1.2 %
	Switzerland	2	0.9 %	± 1.2 %
	Austria	2	0.9 %	± 1.2 %
	Asia	2	0.9 %	± 1.2 %
	Luxembourg	1	0.4 %	± 0.9 %
	Canada	1	0.4 %	± 0.9 %
	Australia	1	0.4 %	± 0.9 %
	Africa	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	Total	225	100.0 %

	Missing Cases = 2 
	Response Percent = 99.1 %

50

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Headquarters Europe (Other Specified)

Brussels	
Bulgaria	
Croatia	
Israel	
Lithuania	
Lithuania	
madrid	
Ndl. Deutschland	
Paris	
Paris	
Poland	
Sweden	
Thaleischweiler-Fröschen, Industriegebiet	
Turkey	
Virtual	

51

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

45 landen	
België	
BELGIE	
Belgique	
belgium	
China, Slovakia, denmark, USA, Germany, UK	
Czech Republic	
Denmark	
Deutschland	
France	
France	
Ireland	
Lithuania	
Nederland	
nederland	
nederland	
neen	
Netherlands	
Pan European	
Portugal	
portugal	
Spain	
Spain	
Spain	
Spain	
Sweden	
Switzerland	
UK	
UK	
UK	
uk	
uk	
UK- N Ireland	
USA	

52

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Location of Respondent

	 	Number	Percent	95% CI
	United Kingdom	32	14.2 %	± 4.6 %
	France	26	11.5 %	± 4.2 %
	Netherlands	20	8.8 %	± 3.7 %
	Germany	20	8.8 %	± 3.7 %
	Spain	17	7.5 %	± 3.5 %
	United States	16	7.1 %	± 3.4 %
	Sweden	15	6.6 %	± 3.3 %
	Portugal	13	5.8 %	± 3.0 %
	Belgium	10	4.4 %	± 2.7 %
	Other	10	4.4 %	± 2.7 %
	Finland	9	4.0 %	± 2.6 %
	Denmark	8	3.5 %	± 2.4 %
	Norway	7	3.1 %	± 2.3 %
	Italy	5	2.2 %	± 1.9 %
	Ireland	4	1.8 %	± 1.7 %
	Greece	3	1.3 %	± 1.5 %
	Switzerland	3	1.3 %	± 1.5 %
	Asia	2	0.9 %	± 1.2 %
	Russia	2	0.9 %	± 1.2 %
	Austria	2	0.9 %	± 1.2 %
	Australia	1	0.4 %	± 0.9 %
	Luxembourg	1	0.4 %	± 0.9 %
	Total	226	100.0 %

	Missing Cases = 1 
	Response Percent = 99.6 %

53

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Ownership

	 	Number	Percent	95% CI
	Private	141	63.2 %	± 6.4 %
	Public	65	29.1 %	± 5.9 %
	Nonprofit	10	4.5 %	± 2.7 %
	Government	7	3.1 %	± 2.3 %
	Total	223	100.0 %

	Missing Cases = 4 
	Response Percent = 98.2 %

54

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Foreign Sales

	 	Number	Percent	95% CI
	0%	46	21.0 %	± 5.3 %
	1-24%	49	22.4 %	± 5.4 %
	25-50%	30	13.7 %	± 4.4 %
	More than 50%	94	42.9 %	± 6.5 %
	Total	219	100.0 %

	Missing Cases = 8 
	Response Percent = 96.5 %

55

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

Does your company pay a dividend?

	 	Number	Percent	95% CI
	Yes	120	54.1 %	± 6.5 %
	No	102	45.9 %	± 6.5 %
	Total	222	100.0 %

	Missing Cases = 5 
	Response Percent = 97.8 %

56

Duke CFO Global Business Outlook survey - Europe - Second 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 = 38.0

	Median = 40

	Standard Deviation (Unbiased) = 27.4

	95 Percent Confidence Interval Around The Mean = 34.0 - 42.0

Quartiles

	 1 = 14
	 2 = 40
	 3 = 57

Valid Cases = 180 
Missing Cases = 47 
Response Percent = 79.3%

57

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

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

	Minimum = -50

	Maximum = 100

	Mean = 8.8

	Median = 6

	Standard Deviation (Unbiased) = 16.5

	95 Percent Confidence Interval Around The Mean = 6.3 - 11.3

Quartiles

	 1 = 1
	 2 = 6
	 3 = 13

Valid Cases = 164 
Missing Cases = 63 
Response Percent = 72.2%

58

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	18	12.6 %	12.6 %
	AA+	23	16.1 %	28.7 %
	AA	16	11.2 %	39.9 %
	AA-	3	2.1 %	42.0 %
	A+	9	6.3 %	48.3 %
	A	7	4.9 %	53.1 %
	A-	9	6.3 %	59.4 %
	BBB+	16	11.2 %	70.6 %
	BBB	9	6.3 %	76.9 %
	BBB-	9	6.3 %	83.2 %
	BB+	7	4.9 %	88.1 %
	BB	5	3.5 %	91.6 %
	BB-	2	1.4 %	93.0 %
	B+	2	1.4 %	94.4 %
	B	1	0.7 %	95.1 %
	B-	3	2.1 %	97.2 %
	CCC	3	2.1 %	99.3 %
	CC	1	0.7 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	143	100.0 %	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

59

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

What is your company's credit rating? 

N=143		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		143		72	71	
		100.0%		50.3%	49.7%	
						
AAA		18		13	5	
		12.6%		18.1%	7.0%	
				b	a	
						
AA+		23		13	10	
		16.1%		18.1%	14.1%	
						
AA		16		5	11	
		11.2%		6.9%	15.5%	
						
AA-		3		1	2	
		2.1%		1.4%	2.8%	
						
A+		9		4	5	
		6.3%		5.6%	7.0%	
						
A		7		2	5	
		4.9%		2.8%	7.0%	
						
A-		9		6	3	
		6.3%		8.3%	4.2%	
						
BBB+		16		7	9	
		11.2%		9.7%	12.7%	
						
BBB		9		6	3	
		6.3%		8.3%	4.2%	
						
BBB-		9		5	4	
		6.3%		6.9%	5.6%	
						
BB+		7		2	5	
		4.9%		2.8%	7.0%	
						
BB		5		2	3	
		3.5%		2.8%	4.2%	
						
BB-		2		2	---	
		1.4%		2.8%	---	
						
B+		2		---	2	
		1.4%		---	2.8%	
						
B		1		---	1	
		0.7%		---	1.4%	

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

60

Duke CFO Global Business Outlook survey - Europe - Second Quarter, 2009

What is your company's credit rating? 

N=143		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		3		2	1	
		2.1%		2.8%	1.4%	
						
CCC		3		1	2	
		2.1%		1.4%	2.8%	
						
CC		1		1	---	
		0.7%		1.4%	---	
						
D		---		---	---	
		---		---	---	

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