Central Europe CFO Survey 2016
Looking ahead with confidence and caution
How was the study conducted?
This annual questionnaire tracks the latest thinking and actions of CFOs representing largest and most influential companies in the Central European region. It explores top-tier CFO issues across four areas:
- business environment,
- company priorities and expectations,
- finance priorities,
- personal priorities.
The findings discussed in this report represent the opinions of almost 500 CFOs based in 11 Central European countries: Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Lithuania, Poland, Romania, Serbia, Slovakia and Slovenia. The survey was conducted between August and October 2015.
What are CFOs telling us?
- 35% of Central European CFOs expect GDP growth of 1.6 - 2.5% in 2016.
- Almost half of the CFOs who are both based in Central Europe and members of the monetary union believe that the Greek crisis is having a negative impact on the stability of the eurozone.
- 52% of respondents described the current level of financial and economic uncertainty as normal, a fall of 20 percentage points from the previous year.
- 52% of Central European CFOs predict increased M&A activity in the year to come.
- 51% of respondents stated that the financial health of their companies has improved in the last six months.
- 65% predict that their companies will increase turnover within the next 12 months, while 40% anticipate an increase in margins, capital expenditure and employment.
- 43% of respondents believe that the debt-servicing capabilities of their companies will improve over the next three years.
- 71% of participating CFOs feel that now is not a good time to take large investment risks.
"When looking at this year’s results, there is a clear difference between CFOs’ confidence regarding their own business growth vs. the business environment in which they operate. This leaves us with a couple of questions; will CE companies succeed over a longer period while the economic environment is relatively adverse or, will we see them suffer a delayed adverse impact in the future if the economic environment does not improve?"
Gavin Flook, CE CFO Program Leader, Deloitte Central Europe