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
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)	7
3. What are the top three external concerns facing your corporation? - Other specified	8
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	9
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	10
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	11
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]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - 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 - Revenue Weighted - Sorted]	14
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]	15
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]	16
6. Effect on your company...	17
7a.  By how much would your borrowing costs have to decrease to cause you to initiate, accelerate or increase investment projects in
the next year? [mean is estimate]	18
7a. It's likely we would not change investment plans in response to an interest rate decrease. Why not?	19
7b.  By how much would your borrowing costs have to increase to cause you to delay or stop investment projects in the next year?
[mean is estimate]	21
7b. It's likely we would not change investment plans in response to an interest rate increase. Why not?	22
7a.  By how much would your borrowing costs have to decrease to cause you to initiate, accelerate or increase investment projects in
the next year? [mean is estimate] [Only for those who plan to borrow to fund investment plans]	24
7b.  By how much would your borrowing costs have to increase to cause you to delay or stop investment projects in the next year?
[mean is estimate] [Only for those who plan to borrow to fund investment plans]	25
8.  Do you plan to borrow (issue debt, term loan, credit line, etc.) to fund at least part of your investment plans in the next year?	26
8b. Approximately what do you expect will be your cost of borrowing for the investment funds?	27
7a. By how much would your borrowing costs have to decrease to cause you to initiate, accelerate or increase investment projects in
the next year? [mean is estimate] [Only for those who plan to borrow to fund investment plans]	28
7b.  By how much would your borrowing costs have to increase to cause you to delay or stop investment projects in the next year?
[mean is estimate] [Only for those who plan to borrow to fund investment plans]	29
9. How big a risk factor for your company is the judicial system [e.g., delays, uncertainty about procedures, costs, quality of decisions,
etc.] in the country where you are located?	30
10. Which of these judicial factors are important in terms of their effect on your company?	31
10. Which of these judicial factors are important in terms of their effect on your company? Other specified	32
Manufacturing capacity utilized	33
Manufacturing capacity utilized (Revenue Weighted)	34
Industry	35
Industry (Other specified)	36
Sales Revenue	37
Weighted Sales Revenue (Millions)	38
Number of Employees	39
Weighted Number of Employees	40
In what country are you personally located	41
Headquarters Latin America (Other Specified)	43
If your company headquarters is another country, please indicate which country.	44
Ownership	45
Foreign Sales	46
In what region of the world are most of your foreign sales?	47
What is your company's credit rating? 	48
What is your company's credit rating? 	49
What is your company's credit rating? 	50
Your job title (e.g., CFO, Asst. Treasurer, etc):	51
Language version	53
When writing about the results of this survey, reporters often like to talk with CFOs to add real-world examples to their stories. Would
you be willing to discuss your views and experiences with the press?	54
Would you be willing to discuss your views and experiences with the press? YES	55

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

	 	Number	Percent	95% CI
	1=More optimistic	62	37.8 %	± 7.5 %
	0=No change	44	26.8 %	± 6.9 %
	-1=Less optimistic	58	35.4 %	± 7.4 %
	Total	164	100.0 %

	Mean = 0.0
	SD = 0.9

	Missing Cases = 0
	Response Percent = 100.0 %

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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 = 59.7

	Median = 60

	Standard Deviation (Unbiased) = 19.0

	95 Percent Confidence Interval Around The Mean = 56.7 - 62.8

Quartiles

	 1 = 50
	 2 = 60
	 3 = 71.3

Valid Cases =147
Missing Cases =17
Response Percent = 89.6%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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	89	54.3 %	± 7.7 %
	0=No change	45	27.4 %	± 6.9 %
	-1=Less optimistic	30	18.3 %	± 6.0 %
	Total	164	100.0 %

	Mean = 0.4
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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 = 6

	Maximum = 100

	Mean = 69.5

	Median = 75

	Standard Deviation (Unbiased) = 18.4

	95 Percent Confidence Interval Around The Mean = 66.5 - 72.5

Quartiles

	 1 = 60
	 2 = 75
	 3 = 80

Valid Cases =145
Missing Cases =19
Response Percent = 88.4%

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

(N=164)

	Mean & SD	1st	2nd	3rd	Total	
	1.65	27	15	9	51
Federal government policies	0.77	16.46%	9.15%	5.49%	31.10%

	1.75	28	15	14	57
Consumer demand	0.83	17.07%	9.15%	8.54%	34.76%

	1.92	3	7	2	12
Cost of non-fuel commodities	0.67	1.83%	4.27%	1.22%	7.32%

	1.93	11	7	9	27
Corporate tax rates	0.87	6.71%	4.27%	5.49%	16.46%

	1.96	18	21	16	55
Global financial instability	0.79	10.98%	12.80%	9.76%	33.54%

	1.97	12	8	11	31
Price pressure from competitors	0.87	7.32%	4.88%	6.71%	18.90%

	2.00	3	3	3	9
Global political instability	0.87	1.83%	1.83%	1.83%	5.49%

	2.04	6	14	7	27
Financial regulation	0.71	3.66%	8.54%	4.27%	16.46%

	2.07	5	4	6	15
Cost of fuel	0.88	3.05%	2.44%	3.66%	9.15%

	2.11	12	10	16	38
Credit markets/interest rates	0.86	7.32%	6.10%	9.76%	23.17%

	2.17	3	4	5	12
National employment outlook	0.83	1.83%	2.44%	3.05%	7.32%

	2.18	7	18	14	39
Slowing growth in major emerging markets	0.72	4.27%	10.98%	8.54%	23.78%

	2.26	7	11	16	34
Currency risk	0.79	4.27%	6.71%	9.76%	20.73%

	2.30	2	3	5	10
Environmental regulation	0.82	1.22%	1.83%	3.05%	6.10%

	2.38	2	1	5	8
Federal budget deficit	0.92	1.22%	0.61%	3.05%	4.88%

	2.39	3	13	15	31
Inflation	0.67	1.83%	7.93%	9.15%	18.90%

	2.45	3	5	12	20
Foreign competition	0.76	1.83%	3.05%	7.32%	12.20%

	2.67	0	1	2	3
State or local government budget deficits	0.58	0.00%	0.61%	1.22%	1.83%

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

	Mean & SD	1st	2nd	3rd	Total	
	1.48	17	7	3	27
Other:	0.70	10.37%	4.27%	1.83%	16.46%

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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	0.79	1.18	163

Federal government policies	0.74	1.17	163

Global financial instability	0.69	1.07	163

Slowing growth in major emerging markets	0.44	0.85	163

Credit markets/interest rates	0.44	0.90	163

Price pressure from competitors	0.39	0.88	163

Currency risk	0.36	0.79	163

Corporate tax rates	0.34	0.85	163

Financial regulation	0.33	0.78	163

Inflation	0.31	0.70	163

Foreign competition	0.19	0.57	163

Cost of fuel	0.18	0.62	163

Cost of non-fuel commodities	0.15	0.57	163

National employment outlook	0.13	0.53	163

Global political instability	0.11	0.50	163

Environmental regulation	0.10	0.45	163

Federal budget deficit	0.08	0.40	163

State or local government budget deficits	0.02	0.19	163

Other:	0.42	0.98	163

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

Banking/Finance/Insurance	Expropiaciones	
Banking/Finance/Insurance	Inadimplência	
Banking/Finance/Insurance	Local Political Instability	
Construction	BUROCRACIA	
Healthcare/Pharmaceutical	Cost of doing business in Brazil	
Healthcare/Pharmaceutical	labor relations in government agencies	
Manufacturing	disponibilidad de materias primas agricolas	
Manufacturing	Política Agressiva de preços dos Clientes	
Manufacturing	shortage in labour	
Mining	costo energia	
Mining	Sovereign risk (nationalization)	
Other	Aumento nos Preços de Real Estate	
Other	Capacidade de entrega dos fornecedores	
Other	Permisología Municipal	
Other	Situação econômica na RM do RJ	
Retail/Wholesale	Local competition	
Retail/Wholesale	political outlook within the country	
Retail/Wholesale	situacion politica interna	
Retail/Wholesale	violencia narcotrafico	
Service/Consulting	corruption-at all levels,and in all places	
Service/Consulting	Inadimplência	
Service/Consulting	Regulation	
Tech [Software/Biotech]	Inadimplência do consumidor	
Tech [Software/Biotech]	Labor cost	
Transportation/Energy	Competição no próprio setor	
Transportation/Energy	Demand for exports.	
Transportation/Energy	Increasing labour costs	
Transportation/Energy	Regulação setorial	
Transportation/Energy	Regulação setorial	
Unspecified Industry	cost o utilities in general	

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

(N=164)

	Mean & SD	1st	2nd	3rd	Total	
	2.06	14	20	17	51
Ability to forecast results	0.79	8.54%	12.20%	10.37%	31.10%

	1.50	70	29	14	113
Ability to maintain margins	0.71	42.68%	17.68%	8.54%	68.90%

Attracting and retaining qualified	1.91	26	34	19	79
employees	0.75	15.85%	20.73%	11.59%	48.17%

	2.28	3	7	8	18
Balance sheet weakness	0.75	1.83%	4.27%	4.88%	10.98%

	2.33	2	0	4	6
Cost of health care	1.03	1.22%	0.00%	2.44%	3.66%

	2.18	3	8	6	17
Counterparty risk	0.73	1.83%	4.88%	3.66%	10.37%

	1.90	5	1	4	10
Data security	0.99	3.05%	0.61%	2.44%	6.10%

	2.43	9	19	37	65
Maintaining morale/productivity	0.73	5.49%	11.59%	22.56%	39.63%

	2.48	1	13	15	29
Managing IT systems	0.57	0.61%	7.93%	9.15%	17.68%

	2.57	1	1	5	7
Pension obligations	0.79	0.61%	0.61%	3.05%	4.27%

	2.25	1	1	2	4
Protection of intellectual property	0.96	0.61%	0.61%	1.22%	2.44%

	2.08	7	9	9	25
Supply chain risk	0.81	4.27%	5.49%	5.49%	15.24%

	2.14	13	17	20	50
Working capital management	0.81	7.93%	10.37%	12.20%	30.49%

	2.00	8	5	8	21
Other:	0.89	4.88%	3.05%	4.88%	12.80%

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

	Mean	SD	Total

Ability to maintain margins	1.74	1.29	162

Attracting and retaining qualified employees	1.02	1.17	162

Maintaining morale/productivity	0.63	0.90	162

Ability to forecast results	0.61	1.00	162

Working capital management	0.57	0.97	162

Supply chain risk	0.30	0.76	162

Managing IT systems	0.27	0.63	162

Balance sheet weakness	0.19	0.60	162

Counterparty risk	0.19	0.61	162

Data security	0.13	0.56	162

Cost of health care	0.06	0.36	162

Pension obligations	0.06	0.33	162

Protection of intellectual property	0.04	0.30	162

Other:	0.26	0.74	162

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

Banking/Finance/Insurance	Control de gastos	
Banking/Finance/Insurance	Gestion de cobranzas	
Banking/Finance/Insurance	Maintining growth with such a large existing market share.	
Banking/Finance/Insurance	management	
Banking/Finance/Insurance	regulacion financiera	
Banking/Finance/Insurance	Retener y generar nuevos clientes	
Communications/Media	Demanda por serviços prestados	
Manufacturing	copia de productos por parte de competidores de mayor tamaÃ±o	
Manufacturing	Falta de liderazgo	
Manufacturing	Riscos operacionais	
Mining	manter velocidade de crescimento	
Other	Capacidade de gerir projetos	
Other	Crecimiento y consolidacion regional	
Other	Custos	
Other	Mercados financieros globales	
Other	Obter redução de custos e despesas	
Other	Velocidade na tomada de decisao	
Service/Consulting	Convincing US companies of the benefits LPO 2.0 may provide	
Transportation/Energy	Governança	
Transportation/Energy	Mudança cultural	
Transportation/Energy	Regulatorio	

12 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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]

	Median	Mean	SD	95% CI	Minimum	Maximum	Total

Revenue	12	15.7	21.7	11.3 - 20.0	-40	100	95

Earnings	10	11.5	28.7	5.8 - 17.2	-70	100	97

Capital spending	10	12.9	38.0	4.9 - 21.0	-50	200	85

Technology spending	9	15.1	42.9	4.3 - 25.9	-70	300	61

Wages/Salaries	6	10.8	11.7	8.6 - 13.1	-15	80	104

Cash on the balance sheet	5	13.1	34.2	5.3 - 21.0	-50	100	73

Health care costs	5	7.5	8.9	5.1 - 9.9	-2	37	53

Marketing/advertising spending	5	10.7	23.9	4.9 - 16.5	-50	100	65

Productivity (output per hour worked)	4.5	6.4	9.0	4.2 - 8.5	-10	50	68

Prices of your products	4	5.0	8.8	3.1 - 6.9	-20	30	79

Number of domestic full-time employees	3	7.2	16.7	3.8 - 10.6	-20	110	95

Dividends	2	9.5	21.9	0.5 - 18.4	-16	100	23

Research and development spending	0	13.2	45.5	0.4 - 25.9	-25	300	49

Share repurchases	0	1.1	2.8	-0.1 - 2.3	0	10	20

Number of offshore outsourced employees	0	2.5	9.1	-0.4 - 5.3	-25	30	40

Number of domestic temporary employees	0	3.1	15.0	-1.1 - 7.3	-25	80	49

13 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

(N=164)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	96	6	2	104
Wages/Salaries	0.4	92.3%	5.8%	1.9%	100.0%

	0.7	81	2	12	95
Revenue	0.7	85.3%	2.1%	12.6%	100.0%

	0.7	52	11	5	68
Productivity (output per hour worked)	0.6	76.5%	16.2%	7.4%	100.0%

	0.7	43	15	3	61
Technology spending	0.6	70.5%	24.6%	4.9%	100.0%

	0.6	35	16	2	53
Health care costs	0.6	66.0%	30.2%	3.8%	100.0%

	0.5	43	14	8	65
Marketing/advertising spending	0.7	66.2%	21.5%	12.3%	100.0%

	0.5	60	12	14	86
Capital spending	0.8	69.8%	14.0%	16.3%	100.0%

	0.5	52	13	14	79
Prices of your products	0.8	65.8%	16.5%	17.7%	100.0%

	0.5	24	24	1	49
Research and development spending	0.5	49.0%	49.0%	2.0%	100.0%

	0.5	70	4	25	99
Earnings	0.9	70.7%	4.0%	25.3%	100.0%

	0.5	61	16	18	95
Number of domestic full-time employees	0.8	64.2%	16.8%	18.9%	100.0%

	0.4	13	9	3	25
Dividends	0.7	52.0%	36.0%	12.0%	100.0%

	0.4	44	14	16	74
Cash on the balance sheet	0.8	59.5%	18.9%	21.6%	100.0%

Number of domestic temporary	0.2	17	25	7	49
employees	0.7	34.7%	51.0%	14.3%	100.0%

Number of offshore outsourced	0.2	13	22	6	41
employees	0.7	31.7%	53.7%	14.6%	100.0%

	0.2	3	17	0	20
Share repurchases	0.4	15.0%	85.0%	0.0%	100.0%

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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] 

	Median	Mean	SD	95% CI	Minimum	Maximum

Earnings	10	7.5	22.3	6.3 - 8.7	-70	100

Cash on the balance sheet	10	18.3	31.2	16.4 - 20.2	-50	100

Revenue	10	10.5	14.6	9.7 - 11.3	-26.7	58.1

Capital spending	10	3.5	24.6	2.2 - 4.8	-50	145.3

Technology spending	9	5.6	24.2	4.1 - 7.1	-68.9	99.2

Prices of your products	5	4.4	8.1	4.0 - 4.9	-12.2	22.2

Marketing/advertising spending	5	8.6	18.4	7.5 - 9.8	-36	57.5

Research and development spending	3	6.7	14.7	5.7 - 7.8	-25	102.4

Dividends	2	5.6	13.6	4.5 - 6.7	-16	100

Share repurchases	0	1.1	2.1	0.9 - 1.3	0	6.6

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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]

	Median	Mean	SD	95% CI	Minimum	Maximum

Wages/Salaries	6	7.4	6.3	7.1 - 7.7	-12.2	33.8

Productivity (output per hour worked)	3	5.8	5.5	5.6 - 6.1	-5	24

Health care costs	3	7.2	7.9	6.7 - 7.7	-2	24.9

Number of domestic full-time employees	2	2.9	8.4	2.4 - 3.3	-20	40

Number of offshore outsourced employees	0	0.1	6.9	-0.4 - 0.6	-25	30

Number of domestic temporary employees	0	-0.9	8.3	-1.5 - -0.3	-25	32.5

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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] 

	Median	Mean	SD	95% CI	Minimum	Maximum

Cash on the balance sheet	20	25.6	32.2	23.2 - 28.0	-50	100

Revenue	10	10.5	9.2	9.9 - 11.2	-7	50

Earnings	5	5.4	16.9	4.2 - 6.7	-24	50

Dividends	2	5.6	13.6	4.5 - 6.7	-16	100

Share repurchases	0	1.8	2.4	1.4 - 2.1	0	5

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

6. Effect on your company...

(N=164)

		Very				Very	
	Mean & SD	Negative	Negative	Neutral	Positive	Positive	Total
	  	1	2	3	4	5	  	
6a. What is the effect on your company	2.6	8	57	88	11	0	164
of slowing growth in Asia?	0.7	4.9%	34.8%	53.7%	6.7%	0.0%	100.0%

6b. What is the effect on your company	2.5	12	74	68	10	0	164
of the current economic climate in Europe?	0.7	7.3%	45.1%	41.5%	6.1%	0.0%	100.0%

6c. What would be the effect on your	2.2	37	69	48	10	0	164
company if the Eurozone unravels?	0.9	22.6%	42.1%	29.3%	6.1%	0.0%	100.0%

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7a.  By how much would your borrowing costs have to decrease to cause you to initiate, accelerate or increase investment projects in the next year? [mean is estimate]

	 	Number	Percent	95% CI
	0 percent - it's likely we would not change investment plans in
	   response to an interest rate decrease	78	58.2 %	± 7.7 %
	0.5 percent decrease in borrowing costs	2	1.5 %	± 1.7 %
	1 percent	4	3.0 %	± 2.4 %
	2 percent	14	10.4 %	± 4.3 %
	3 percent	9	6.7 %	± 3.5 %
	More than 3 percent	27	20.1 %	± 5.7 %
	Total	134	100.0 %

	Mean = 1.2
	SD = 1.5

	Missing Cases = 30
	Response Percent = 81.7 %

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7a. It's likely we would not change investment plans in response to an interest rate decrease. Why not?

Banking/Finance/Insurance	Banco, neutro para nivel absoluto de juros	
Banking/Finance/Insurance	Depende de otros factores: estabilidad economica, perspectiva, etc	
Banking/Finance/Insurance	In the financial industry increases in the cost of liabilities can be offseteed by	
	increases in the yield of assets.	
Banking/Finance/Insurance	investment is small and more related to demand opportunities	
Banking/Finance/Insurance	investment plans depend more on other factors - demand from customers and	
	commercial establishments for placing our ATMs - than on the borrowing costs	
Banking/Finance/Insurance	It is small relative to the profit associated.	
Banking/Finance/Insurance	La coyuntura actual del negocio implica una inversión significativa en nuestros	
	negocios, por lo que un incremento o reducción de las tasas de endeudamiento si	
	bien es un factor importante no es decisivo por si mismo para frenar o activar el	
	plan de inversiones de la compañía.	
Banking/Finance/Insurance	No es relevante	
Banking/Finance/Insurance	Not depending on Loans	
Banking/Finance/Insurance	Por que o que direciona os investimentos na minha empresa não é restrição de	
	funding mas sim alocação de recursos em prioridades diferentes e restruturaçõs	
Banking/Finance/Insurance	Porque os investimentos são planejados com base na taxa de LONGO PRAZO	
	(custo de capital). Utilizamos capital proprio e o mais importante é que existe	
	geracao de valor sobre o custo de capital (cerca de 14%).	
Banking/Finance/Insurance	Porque tenemos suficientes márgenes para soportar los actuales costos financieros.	
	El tema relevante de proyectos marginales no es el costo financiero.	
Banking/Finance/Insurance	Rates have kept fairly low for quite some time.  We are near historic lows.	
Banking/Finance/Insurance	Somos una institución Bancaria, los planes de inversión se basan en los resultados	
	de la institución y no tanto en los costos de endeudamiento.	
Banking/Finance/Insurance	We need not borrowing.	
Communications/Media	We dont have debt (tecnologia)	
Construction	Because most of the investments are strategic and those investments will have an	
	impact on future growth and margins.	
Healthcare/Pharmaceutical	N/A	
Healthcare/Pharmaceutical	Our investments are funded within the group	
Healthcare/Pharmaceutical	Porque ya tenemos otorgado un financiamiento para un importante proyecto con	
	tasas subsidiadas por el gobierno, muy inferiores a las tasas de mercado.	
Manufacturing	a restrição de investir no Brasil não se deve aos juros mas sim as incertezas	
	juridicas e estruturais dos custos de transação governamentais. Falta de politica	
	industrial, e decisões exclusivamente voltados para o setor automobilistico	
	excluindo os demais setores industriais	
Manufacturing	corporate cost of capital stable - doesn't drive long term investment decisions.	
Manufacturing	investment decisions are driven more by future market growth or potential cost	
	savings for ongoing business units	
Manufacturing	La rentabilidad de las inversiones que haremos con la deuda a contraer es muy	
	superior a los costos de endeudamiento	
Manufacturing	Porque el endeudamiento en US$ sigue siendo barato en este país	
Manufacturing	Porque tenho a opção de fazer captações externas, especialmente com recursos da	
	minha matriz nos Estados Unidos	
Manufacturing	Returns are already substantially higher than cost of money	
Manufacturing	Sobra flujo de caja a la cia	
Mining	1/ tendência de queda precisa ser equilibrada com investimentos de longo prazo; 2/	
	captação de recursos externos @ taxas baixas para investimento	
Mining	Company self fund its investments and minimize borrowing to preserve balance	
	sheet. Any investment requirements in addition to our cash generatign capacity	
	would be funded by parent company	
Mining	No es la variable mas relevante en la decision de invertir	
Other	A nivel global obviamente el cambio en la tasa impacta en el costo de los	
	proyectos, pero las decisiones de inversiÃ³n estan en mayor parte impulsadas por	
	las necesidades del negocio en cuanto a innovaciÃ³n de productos.	
Other	Costos de financiamiento hoy son ya muy bajos	

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7a. It's likely we would not change investment plans in response to an interest rate decrease. Why not?

Other	Los costos de endeudamiento difÃ­cilmente estaran mÃ¡s bajos, en el nivel en que	
	estÃ¡n ya dificultan muchas desiciones de inversiÃ³n por los riesgos de burbujas	
Other	No estamos considerando apalancar el portfolio financiero que manejamos.	
Other	Nossos investimentos estão diretamente relacionados a introdução de novos	
	produtos para os clientes, bem como a busca continua de produtividade.	
Other	Plano de Investimento da Companhia é baseado em decisões estratégicas de longo	
	prazo. Uma redução na taxa de juros ajuda, porém não determina a decisão.	
Other	porque los estamos autofinanciando	
Other	Pq temos certas obrigações de investimento que tem que ser feitas sob pena de	
	mal maior.	
Other	Somos um fundo com empresas start up financiadas com equity e com empresas	
	geradoras de caixa com rating de cradito 'A' e linhas de credito internacional a	
	preços competitivos.	
Retail/Wholesale	Geração de caixa superior a necessidade de investimentos	
Retail/Wholesale	Nossos projetos de investimento sÃ£o pouco intensivos em capital	
Retail/Wholesale	other factors are more critical; including political risk and regulatory risk; also	
	what matters are long-term borrowing costs and in my country we cannot freeze	
	those, even if short term declines.	
Retail/Wholesale	Our cost of equity is quite constant and we equity finance all proyects	
Retail/Wholesale	Political risk factors. Venezuela's instability.	
Retail/Wholesale	por razones de inestabilidad politica	
Retail/Wholesale	Só investimos se exister mercado maior para os produtos	
Retail/Wholesale	Ya de por sÃ­ son bastante bajas en tÃ©rminos histÃ³ricos	
Service/Consulting	Dado a facilidade de acesso ao mercado aberto de valores.	
Service/Consulting	Trabajamos en base a la demanda del consumidor no sobre la base de los costos de	
	endeudamiento	
Service/Consulting	we do not plan our expansion on borrowing but outside investors.	
Tech [Software/Biotech]	Somos un startup	
Transportation/Energy	Em função da natureza regulada das atividades da empresa.	
Transportation/Energy	Los planes de invesrion estan asociados a demanda y esta depende mas del valor	
	del crudo.	
Transportation/Energy	Main driver in investment decision is client's overall reduction in costs.	
Transportation/Energy	Não há previsão de investimentos na expansão dos negócios	
Transportation/Energy	Our investment plans obey to long term contracts and to maintenance (overhaul	
	or major repairs) of existing assets.	
Transportation/Energy	Tenemos el capital necesario y financiamiento atractivo en este momento.	
Transportation/Energy	Tenho compromissos firmados com o Estado para investir	
Transportation/Energy	Uso de recursos próprios	
Transportation/Energy	We have cash restrictions to next year.	
Unspecified Industry	because the capex program was already defined with a scenario of different	
	interest rates.	
Unspecified Industry	We currently have no debt, and any new project could be financed by borrowing.	
	These funds most probably be used for CAPEX.	

21 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7b.  By how much would your borrowing costs have to increase to cause you to delay or stop investment projects in the next year? [mean is estimate]

	 	Number	Percent	95% CI
	0 percent - it's likely we would not change investment plans in
	   response to an interest rate increase	56	45.2 %	± 7.4 %
	0.5 percent increase in borrowing costs	4	3.2 %	± 2.4 %
	1 percent	9	7.3 %	± 3.5 %
	2 percent	13	10.5 %	± 4.2 %
	3 percent	14	11.3 %	± 4.3 %
	More than 3 percent	28	22.6 %	± 5.8 %
	Total	124	100.0 %

	Mean = 1.4
	SD = 1.5

	Missing Cases = 40
	Response Percent = 75.6 %

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7b. It's likely we would not change investment plans in response to an interest rate increase. Why not?

Banking/Finance/Insurance	Aun tenemos márgenes competitivos.	
Banking/Finance/Insurance	Banco, neutro para nivel absoluto de juros	
Banking/Finance/Insurance	Depende de otros factores: estabilidad economica, perspectiva, etc	
Banking/Finance/Insurance	Idem a resposta de porque não aceleramos investimentos se a taxa cair.	
Banking/Finance/Insurance	In the financial industry increases in the cost of liabilities can be offseteed by	
	increases in the yield of assets.	
Banking/Finance/Insurance	It is small relative to the profit associated.	
Banking/Finance/Insurance	La coyuntura actual del negocio implica una inversión significativa en nuestros	
	negocios, por lo que un incremento o reducción de las tasas de endeudamiento si	
	bien es un factor importante no es decisivo por si mismo para frenar o activar el	
	plan de inversiones de la compañía.	
Banking/Finance/Insurance	No es relevante	
Banking/Finance/Insurance	Not depending on Loans	
Banking/Finance/Insurance	same	
Banking/Finance/Insurance	Somos una institución Bancaria, los planes de inversión se basan en los resultados	
	de la institución y no tanto en los costos de endeudamiento.	
Construction	Because most of the investments are strategic and those investments will have an	
	impact on future growth and margins.	
Healthcare/Pharmaceutical	Interest rates are too high already. No long term borrowing is available to small/	
	medium sized companies.	
Healthcare/Pharmaceutical	Porque ya tenemos otorgado un financiamiento para un importante proyecto con	
	tasas subsidiadas por el gobierno, muy inferiores a las tasas de mercado.	
Healthcare/Pharmaceutical	See previous answer	
Manufacturing	borrowing costs are not a key driver in investment decisions in rapidly growing	
	markets such as the emerging markets	
Manufacturing	La rentabilidad de las inversiones que haremos con la deuda a contraer es muy	
	superior a los costos de endeudamiento	
Manufacturing	sobra flujo de caja	
Manufacturing	Vide resposta ao item 'a'.	
Mining	Company self fund its investments and minimize borrowing to preserve balance	
	sheet. Any investment requirements in addition to our cash generatign capacity	
	would be funded by parent company	
Mining	idem	
Mining	No es la variable mas relevante en la decision de invertir	
Other	Misma razon, inversiÃ³n focalizada en innovacion de productos. Tiene que haber	
	un cambio muy grande en la tasa, para decidir cancelar innovaciones.	
Other	Plano de Investimento da Companhia é baseado em decisões estratégicas de longo	
	prazo.	
Retail/Wholesale	Geração de caixa superior a necessidade de investimentos	
Retail/Wholesale	Nossos projetos de investimento sÃ£o pouco intensivos em capital	
Retail/Wholesale	Our cost of equity is quite constant and we equity finance all proyects	
Retail/Wholesale	por razones de inestabilidad politica	
Retail/Wholesale	Same reason	
Retail/Wholesale	Se exiate mercado e a taxa do retorno do investumento seja menor de 2 anos,	
	investimos.	
Service/Consulting	Idem	
Service/Consulting	Same as my previous response.	
Service/Consulting	Trabajamos en base a la demanda del consumidor no sobre la base de los costos de	
	endeudamiento	
Tech [Software/Biotech]	almost all of our investments are self funded. Local interest rates are way too high.	
Tech [Software/Biotech]	Somos un startup	
Transportation/Energy	Em função da natureza regulada das atividades da empresa.	
Transportation/Energy	Exigencia contratual	
Transportation/Energy	For the same reason given in previous question 7.a). We have a positive net cash	
	position which provides flexibility to respond to needs.	
Transportation/Energy	Idem	
Transportation/Energy	Investment projects for the next year have already been initiated.	

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7b. It's likely we would not change investment plans in response to an interest rate increase. Why not?

Transportation/Energy	Los planes de invesrion estan asociados a demanda y esta depende mas del valor	
	del crudo	
Transportation/Energy	Não há previsão de investimentos na expansão dos negócios	
Transportation/Energy	We have restrictions to expand our projects next year.	
Unspecified Industry	the same	

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7a.  By how much would your borrowing costs have to decrease to cause you to initiate, accelerate or increase investment projects in the next year? [mean is estimate] [Only for those who plan to borrow to fund investment plans]

	 	Number	Percent	95% CI
	0 percent - it's likely we would not change investment plans in
	   response to an interest rate decrease	39	50.6 %	± 10.8 %
	0.5 percent decrease in borrowing costs	0	0.0 %	± 0.0 %
	1 percent	2	2.6 %	± 3.3 %
	2 percent	10	13.0 %	± 6.9 %
	3 percent	8	10.4 %	± 6.3 %
	More than 3 percent	18	23.4 %	± 8.8 %
	Total	77	100.0 %

	Mean = 1.4
	SD = 1.5

	Missing Cases = 9
	Response Percent = 89.5 %

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7b.  By how much would your borrowing costs have to increase to cause you to delay or stop investment projects in the next year? [mean is estimate] [Only for those who plan to borrow to fund investment plans]

	 	Number	Percent	95% CI
	0 percent - it's likely we would not change investment plans in
	   response to an interest rate increase	24	32.4 %	± 9.7 %
	0.5 percent increase in borrowing costs	2	2.7 %	± 3.3 %
	1 percent	5	6.8 %	± 5.1 %
	2 percent	9	12.2 %	± 6.6 %
	3 percent	11	14.9 %	± 7.2 %
	More than 3 percent	23	31.1 %	± 9.6 %
	Total	74	100.0 %

	Mean = 1.9
	SD = 1.5

	Missing Cases = 12
	Response Percent = 86.0 %

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

8.  Do you plan to borrow (issue debt, term loan, credit line, etc.) to fund at least part of your investment plans in the next year?

	 	Number	Percent	95% CI
	No	66	43.4 %	± 8.0 %
	Yes	86	56.6 %	± 8.0 %
	Total	152	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

8b. Approximately what do you expect will be your cost of borrowing for the investment funds?

	Mean	SD	Median	Minimum	Maximum	Total

Cost of borrowing %	8.6	4.0	8	0	20	74

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7a. By how much would your borrowing costs have to decrease to cause you to initiate, accelerate or increase investment projects in the next year? [mean is estimate] [Only for those who plan to borrow to fund investment plans]

N=86		Total		Cost of Borrowing Investment Funds	
		 		<3%	3%-5.9%	6%-8.9%	9%-11.9%	12%-14.9%	15%+	
		 		A	B	C	D	E	F	
										
Total		86		4	11	29	17	5	8	
		100.0%		5.4%	14.9%	39.2%	23.0%	6.8%	10.8%	
										
0 percent - it's likely we
would not change
investment plans in
response to an interest		

39		

3	

7	

14	

7	

2	

1	
rate decrease		50.6%		75.0%	63.6%	56.0%	43.8%	40.0%	16.7%	
										
0.5 percent decrease in		0		0	0	0	0	0	0	
borrowing costs		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
										
1 percent		2		0	1	1	0	0	0	
		2.6%		0.0%	9.1%	4.0%	0.0%	0.0%	0.0%	
										
2 percent		10		0	0	5	3	1	0	
		13.0%		0.0%	0.0%	20.0%	18.8%	20.0%	0.0%	
										
3 percent		8		0	0	2	3	1	1	
		10.4%		0.0%	0.0%	8.0%	18.8%	20.0%	16.7%	
										
More than 3 percent		18		1	3	3	3	1	4	
		23.4%		25.0%	27.3%	12.0%	18.8%	20.0%	66.7%	
						F	f		Cd	
										
Mean		1.4		0.9	1.0	1.1	1.6	1.7	2.8	
SD		1.5		1.8	1.6	1.4	1.5	1.6	1.4	
					f	F			bC	

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

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

7b.  By how much would your borrowing costs have to increase to cause you to delay or stop investment projects in the next year? [mean is estimate] [Only for those who plan to borrow to fund investment plans]

N=86		Total		Cost of Borrowing Investment Funds	
		 		<3%	3%-5.9%	6%-8.9%	9%-11.9%	12%-14.9%	15%+	
		 		A	B	C	D	E	F	
										
Total		86		4	11	29	17	5	8	
		100.0%		5.4%	14.9%	39.2%	23.0%	6.8%	10.8%	
										
0 percent - it's likely we
would not change
investment plans in
response to an interest		

24		

3	

4	

6	

6	

1	

1	
rate increase		32.4%		75.0%	36.4%	26.1%	37.5%	25.0%	16.7%	
										
0.5 percent increase in		2		0	0	0	0	1	1	
borrowing costs		2.7%		0.0%	0.0%	0.0%	0.0%	25.0%	16.7%	
						e		c		
										
1 percent		5		0	1	3	1	0	0	
		6.8%		0.0%	9.1%	13.0%	6.3%	0.0%	0.0%	
										
2 percent		9		0	0	4	3	1	0	
		12.2%		0.0%	0.0%	17.4%	18.8%	25.0%	0.0%	
										
3 percent		11		0	1	3	2	1	1	
		14.9%		0.0%	9.1%	13.0%	12.5%	25.0%	16.7%	
										
More than 3 percent		23		1	5	7	4	0	3	
		31.1%		25.0%	45.5%	30.4%	25.0%	0.0%	50.0%	
										
Mean		1.9		0.9	2.0	1.9	1.7	1.4	2.3	
SD		1.5		1.8	1.7	1.4	1.5	1.4	1.6	

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

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

9. How big a risk factor for your company is the judicial system [e.g., delays, uncertainty about procedures, costs, quality of decisions, etc.] in the country where you are located?

	 	Number	Percent	95% CI
	1=Not a significant factor	14	8.6 %	± 4.3 %
	2=	14	8.6 %	± 4.3 %
	3=	24	14.8 %	± 5.5 %
	4=	55	34.0 %	± 7.3 %
	5=Very significant factor	55	34.0 %	± 7.3 %
	Total	162	100.0 %

	Mean = 3.8
	SD = 1.3

	Missing Cases = 2
	Response Percent = 98.8 %

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

10. Which of these judicial factors are important in terms of their effect on your company?

(N=164)

		Not					
		Important				Very	
	Mean & SD	At All	 	 	 	Important	Total
	  	1	2	3	4	5	  	
	3.8	8	14	33	55	48	158
Quality of decisions	1.1	5.1%	8.9%	20.9%	34.8%	30.4%	100.0%

	3.8	14	12	33	40	60	159
Uncertainty about procedures	1.3	8.8%	7.5%	20.8%	25.2%	37.7%	100.0%

	3.5	13	25	32	47	44	161
Delays	1.3	8.1%	15.5%	19.9%	29.2%	27.3%	100.0%

	3.3	15	28	42	48	25	158
Costs	1.2	9.5%	17.7%	26.6%	30.4%	15.8%	100.0%

	3.9	4	1	0	3	12	20
Other:	1.7	20.0%	5.0%	0.0%	15.0%	60.0%	100.0%

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

10. Which of these judicial factors are important in terms of their effect on your company? Other specified

injusticia justicia laboral	
	
Miedo a la corrucion	
	
Economia Internacional	
	
labor costs but these are not judicial factors until a lawsuit takes place.	
	
Taxa de juros judicial	
	
Political influence	
	
Resultado Elecciones	
	
corruption	
	
burocarcia	
	
Environmental legislation	
	
corrupción	
	
Institutionalization	
	
increasing number of procedures pending on courts every year	
	
Corrupcion	
	
corrupcion	
	
cost of mandated health care	
	
Arbitrariedades da Receita Federal	
	
conflito de esferas federal / estadual e municipal	
	
revenues	

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2012	78.4	15.1	72.1 - 84.7	80	40	100	22

% of capacity utilization planned for the remainder of 2012	78.8	18.5	71.1 - 86.6	80	40	110	22

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2012	89.5	9.6	85.5 - 93.6	85	40	100	22

% of capacity utilization planned for the remainder of 2012	91.6	13.5	86.0 - 97.2	90	40	110	22

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance	38	23.5 %	± 6.5 %
	Manufacturing	22	13.6 %	± 5.3 %
	Other	20	12.3 %	± 5.1 %
	Service/Consulting	18	11.1 %	± 4.8 %
	Retail/Wholesale	17	10.5 %	± 4.7 %
	Transportation/Energy	17	10.5 %	± 4.7 %
	Construction	10	6.2 %	± 3.7 %
	Healthcare/Pharmaceutical	6	3.7 %	± 2.9 %
	Communications/Media	6	3.7 %	± 2.9 %
	Mining	5	3.1 %	± 2.7 %
	Tech [Software/Biotech]	3	1.9 %	± 2.1 %
	Total	162	100.0 %

	Missing Cases = 2
	Response Percent = 98.8 %

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Industry (Other specified)

Ã“leo e GÃ¡s	
consumo masivo	
credit servicing	
Family Office	
Hedge Fund	
holding	
holding de inversiones	
Hotelaria/Turismo	
Industria bens de consumo	
industria	
Mineração, Petroleo, Agro Industria, Infraestrutura	
Ol & Gas	
Quimica/Petroquimica	
Quimico e Petroquimico	
real estate	
Serviço de Utilidade Pública	
Setor Automobilistico	
Setor do Aço	
Transporte Público	
Travel & Recreation	

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	47	29.6 %	± 7.0 %
	$25-$99 million	17	10.7 %	± 4.7 %
	$100-$499 million	32	20.1 %	± 6.1 %
	$500-$999 million	19	11.9 %	± 5.0 %
	$1-$4.9 billion	26	16.4 %	± 5.7 %
	$5-$9.9 billion	7	4.4 %	± 3.1 %
	More than $10 billion	11	6.9 %	± 3.9 %
	Total	159	100.0 %

	Missing Cases = 5
	Response Percent = 97.0 %

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1745.8

	Median = 300

	Standard Deviation (Unbiased) = 3068.6

	95 Percent Confidence Interval Around The Mean = 1268.8 - 2222.8

	99 Percent Confidence Interval Around The Mean = 1119.1 - 2372.4

	Skewness = 2.1

	Kolmogorov-Smirnov Statistic For Normality = 4.4

Quartiles

	 1 = 25
	 2 = 300
	 3 = 3000

Valid Cases =159
Missing Cases =5
Response Percent = 97.0%

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	40	26.5 %	± 6.6 %
	100-499	26	17.2 %	± 5.7 %
	500-999	12	7.9 %	± 4.0 %
	1,000-2,499	26	17.2 %	± 5.7 %
	2,500-4,999	14	9.3 %	± 4.3 %
	5,000-9,999	9	6.0 %	± 3.5 %
	Over 10,000	24	15.9 %	± 5.5 %
	Total	151	100.0 %

	Missing Cases = 13
	Response Percent = 92.1 %

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3141.1

	Median = 750

	Standard Deviation (Unbiased) = 4288.3

	95 Percent Confidence Interval Around The Mean = 2457.1 - 3825.1

	99 Percent Confidence Interval Around The Mean = 2242.4 - 4039.7

	Skewness = 1.3

	Kolmogorov-Smirnov Statistic For Normality = 3.9

Quartiles

	 1 = 100
	 2 = 750
	 3 = 3750

Valid Cases =151
Missing Cases =13
Response Percent = 92.1%

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

In what country are you personally located

	 	Number	Percent	95% CI
	Brazil	65	40.1 %	± 7.6 %
	Argentina	22	13.6 %	± 5.3 %
	Chile	16	9.9 %	± 4.6 %
	Mexico	15	9.3 %	± 4.5 %
	Peru	9	5.6 %	± 3.5 %
	Venezuela	9	5.6 %	± 3.5 %
	Costa Rica	4	2.5 %	± 2.4 %
	Colombia	4	2.5 %	± 2.4 %
	Panama	4	2.5 %	± 2.4 %
	Ecuador	3	1.9 %	± 2.1 %
	El Salvador	2	1.2 %	± 1.7 %
	Guatemala	2	1.2 %	± 1.7 %
	Bahamas	1	0.6 %	± 1.2 %
	Honduras	1	0.6 %	± 1.2 %
	United States	1	0.6 %	± 1.2 %
	Bolivia	1	0.6 %	± 1.2 %
	Dominican Republic	1	0.6 %	± 1.2 %
	Nicaragua	1	0.6 %	± 1.2 %
	Uruguay	1	0.6 %	± 1.2 %
	Caicos Islands	0	0.0 %	± 0.0 %
	Grenada	0	0.0 %	± 0.0 %
	Dominica	0	0.0 %	± 0.0 %
	Guadeloupe	0	0.0 %	± 0.0 %
	Cayman Islands	0	0.0 %	± 0.0 %
	Guyana	0	0.0 %	± 0.0 %
	Belize	0	0.0 %	± 0.0 %
	Antigua	0	0.0 %	± 0.0 %
	Cuba	0	0.0 %	± 0.0 %
	Martinique	0	0.0 %	± 0.0 %
	Aruba	0	0.0 %	± 0.0 %
	Nevis	0	0.0 %	± 0.0 %
	Haiti	0	0.0 %	± 0.0 %
	French Guiana	0	0.0 %	± 0.0 %
	Paraguay	0	0.0 %	± 0.0 %
	Grenadines	0	0.0 %	± 0.0 %
	Puerto Rico	0	0.0 %	± 0.0 %
	Saint Barthélemy	0	0.0 %	± 0.0 %
	St. Kitts	0	0.0 %	± 0.0 %
	St. Lucia	0	0.0 %	± 0.0 %
	St. Vincent	0	0.0 %	± 0.0 %
	Jamaica	0	0.0 %	± 0.0 %
	Tobago	0	0.0 %	± 0.0 %
	Trinidad	0	0.0 %	± 0.0 %
	Turks	0	0.0 %	± 0.0 %
	Barbados	0	0.0 %	± 0.0 %
	Barbuda	0	0.0 %	± 0.0 %
	Virgin Islands	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	Suriname	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	162	100.0 %

42 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

In what country are you personally located

	Missing Cases = 2
	Response Percent = 98.8 %

43 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Headquarters Latin America (Other Specified)

bahia	
DF	
Latam	
maranhão	
SÃ£o Paulo	
SP - RS - BA	

44 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

arabia saudita	
Argentina	
Argentina	
Belgica	
Holanda	
Inglaterra	
japan	
New Zealand	
Norway	
Spain	
Spain	
Taiwan	
UK	
United States	
United States	
United States	
United States	
US	
USA	
USA	
USA	
USA	
usa	

45 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Ownership

	 	Number	Percent	95% CI
	Private	97	59.1 %	± 7.6 %
	Public	67	40.9 %	± 7.6 %
	Government	0	0.0 %	± 0.0 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	164	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

Foreign Sales

	 	Number	Percent	95% CI
	0%	82	50.6 %	± 7.7 %
	1-24%	49	30.2 %	± 7.1 %
	25-50%	15	9.3 %	± 4.5 %
	More than 50%	16	9.9 %	± 4.6 %
	Total	162	100.0 %

	Missing Cases = 2
	Response Percent = 98.8 %

47 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2012

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

	 	Number	Percent	95% CI
	US/Canada	28	51.9 %	± 10.8 %
	Asia/Pacific Basin	12	22.2 %	± 8.1 %
	Europe	12	22.2 %	± 8.1 %
	Africa	2	3.7 %	± 3.5 %
	Latin America (including Mexico)	0	0.0 %	± 0.0 %
	Total	54	100.0 %

	Missing Cases = 26
	Response Percent = 67.5 %