Deloitte CFO Survey - The rocky road to recovery
Q2 2015 Results
In September 2009 Deloitte successfully launched a quarterly survey of Chief Financial Officers and Group Finance Directors of major companies based in Switzerland. The Survey gauges their attitudes towards the outlook for business, financing, risks and strategies and is designed to identify trends and key themes in the Swiss corporate sector. The CFO Survey is the only survey of its kind in Switzerland.
Slight improvement in sentiment, yet prospects for Swiss economy and businesses remain bleak
After a major drop in confidence in Q1, CFOs see somewhat more scope for optimism about the Swiss economy this quarter.
- 41% are pessimistic.
- 16% are optimistic.
- Around a quarter of CFOs expect Switzerland to face a recession over the next two years, compared with the Q1 figure of 36%.
Expectations for revenues and operating margins are still negative, though the former have recovered noticeably since Q1. However, pressure on operating margins remains high, with 73% of CFOs expecting margins to fall.
A majority of CFOs expects cuts in:
- discretionary spending.
- planned capital expenditure.
- number of employees in their company.
CFOs are less pessimistic than in Q1 about virtually all the corporate risks explored in the Survey but still rate these risks as extremely high in some cases. The strength of the Swiss Franc remains the highest risk, cited by 70% of CFOs. As in Q1, this is followed by geopolitical risk and increasing regulation within Switzerland.
82% are planning to take action in the area of personnel in response to the higher costs resulting from the strength of the Swiss Franc. Almost 50% are considering reducing the size of their company’s workforce.
Key findings of the CFO Survey
About the CFO Survey
The survey comprises 20 questions which recur each quarter and around 10 questions unique to the financial conditions of the previous quarter. This allows us to provide you with both specific feedback on the market conditions relevant to the previous quarter, as well as ongoing trend analysis regarding how financial conditions are evolving and how your peers are reacting to them.
The CFO survey brings the views of CFOs to a wide audience in the media and among policy makers and is a valuable benchmark for CFOs.
Explore the data
Download the PDF to access all the historical data series from the Deloitte CFO Survey since Q3 2009. Please feel free to use any of the data series in your documents or presentations.