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The Deloitte CFO SurveyConfidence dips
2010 Quarter 2 results
July 2010
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Contents
The Deloitte CFO Survey 1
CFOs less confident 2
Fiscal squeeze dampens sentiment 3
Credit conditions improve 4
Credit, cash, risk 5
Financial strategies 6
Market outlook 7
CFO survey: economic and financial context 9
This is the twelfth quarterly survey of Chief Financial Officers and Group Finance
Directors of major companies in the UK. The 2010 second quarter survey took
place between 11th and 25th of June. 125 CFOs participated, including the
CFOs of 32 FTSE 100 and 44 FTSE 250 companies. The rest were CFOs of other
UK listed companies, large private companies and UK subsidiaries of major
companies listed overseas. The combined market value of the 93 UK listed
companies surveyed is 446 billion, or approximately 28% of the UK quoted
equity market. The Deloitte CFO Survey is the only survey of major corporate
users of capital that gauges attitudes to valuations, risk and financing.
For copies of earlier CFO Surveys, see www.deloitte.co.uk/cfosurvey
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The Deloitte CFO Survey 1
The Deloitte CFO SurveyConfidence dips
For additional copies
of this report, please
contact Matt Gentle on
020 7303 0294 or email
The first quarter 2010 CFO Survey concluded with the
words, CFOs sees risks ahead. Our second quarter
2010 survey suggests that at least some of those risks
have started to materialise. Financial optimism has
dipped for the second consecutive quarter, taking it to
the lowest level in a year. Meanwhile CFOs have edged
up the probability they assign to a double dip from
33% in the first quarter to 38% today. Recent volatility in
financial markets and concerns about fiscal tightening at
home and abroad are clearly weighing on CFO sentiment.
One example of this process can be seen in CFOs attitudes
to financing. Recent financial market turbulence has madeCFOs much more cautious about financing their
companies using equity. Enthusiasm for corporate bonds
as a source of finance has also dimmed. These shifts in
preferences underscore the close relationship between
financial market activity and corporate attitudes.
Two of this quarters special questions set out to gauge
the likely effects of fiscal tightening on UK corporates
and reveals that CFOs see more direct risks than
benefits from the coming squeeze. Two thirds of CFOs
expect tighter fiscal policy to have negative effects on
their company in the short term while 69% foresee fewor no direct long term benefits.
There are, however, two caveats to this finding. First, in
answering this question CFOs focussed on direct risks
and benefits.
Contacts
Margaret Ewing
Partner and Vice
Chairman
020 7303 3323
Ian Stewart
Chief Economist
020 7007 9386
Key points
Financial optimism has dropped to a one year
low in the second quarter and CFOs see a
growing risk of a double dip.
Two thirds of CFOs expect tighter fiscal policy
to have negative effects on their company in
the short term. 31% foresee long term benefits
for their companies from the coming fiscal
squeeze.
Credit conditions are improving. CFO sentiment
about credit availability is now at the highestlevel since the CFO survey started in the third
quarter of 2007.
Cost control remains, as it has been in the last
two years, CFOs top priority.
Cash flow has receded as a major priority for
CFOs. Expansionary policies to raise revenue
and capitalise on growth have climbed up
CFOs priority list.
The clearly stated view of CFOs in our previous survey,just before the General Election, is that fiscal
consolidation is essential. In that Survey 85% of
respondents said that deficit reduction should be the
new governments top priority. Second, a substantial
minority of CFOs, about a third, expect few negative
effects from fiscal tightening.
But while the external environment is looking less
positive, the second quarter 2010 CFO Survey shows
that some pressures on corporates balance sheets are
easing. The cash crisis in the corporate sector has
abated significantly and corporates are more bullish
about prospects for their own cash flow than at anytime in the last two years. Financial risk appetite among
CFOs has not, so far, been dented by doubts about the
recovery. Crucially, credit conditions are getting better.
CFO sentiment about credit availability is now at the
highest level since the CFO Survey started in the third
quarter of 2007. In a process that partially unwinds the
effects of the credit crunch, bank borrowing has
regained its pre-recession appeal to CFOs as a source of
funding. CFOs see a more attractive and available
supply of bank credit driving growing demand for bank
borrowing over the next year.
So the latest CFO Survey paints a picture of concernabout growth despite improvements in the corporate
credit and liquidity environment. Examining how CFOs
intend to finance their companies enables us to see how
corporates plan, in practice, to reconcile these pressures.
What is most striking is that cost control remains, as it has
been for the last two years, the top priority for UK CFOs.
With fears of a double dip increasing, CFOs are
maintaining a strong focus on costs. Yet cash flow is no
longer the central pre-occupation that it was, dropping
from second to fourth position in the list of CFOs
priorities. Crucially, expansionary strategies including capital
spending, expanding into new markets and launching newproducts and services, have shifted up the priority list.
A majority of CFOs expect M&A activity to rise over the
next year. 35% of CFOs included growth by acquisition
among their top 3 priorities for the next 12 months.
A recurring theme from the CFO Survey in the last year
has been uncertainty about growth prospects.
Uncertainties have mounted, yet, at the same time
some important factors are looking up. Shortages of
liquidity and credit are much less of a problem.
CFOs are focussing more on how to capitalise on
growth, no matter how unsure and patchy.
The last three years have been a period of exceptional
volatility. CFOs are not convinced the problems are over.
What emerges from this survey is that CFOs are alive to
the risks and looking for opportunities in what lies ahead.
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2
CFOs less confident
The latest CFO Survey shows a decline in financialoptimism with the balance of respondents reporting
greater optimism dropping from 40% to 24%, the
lowest reading in a year and the second consecutive
quarterly decline.
The average CFO now attaches a 38% probability to
there being a double dip, up from 33% in the first
quarter 2010 survey. This decline in confidence is
consistent with a more cautious mood in financial
markets and growing concerns about renewed
economic weakness.
The readings from the CFO Survey often show a close
relationship between financial market conditions and
corporate sentiment. The decline in CFO optimism in
our latest Survey has occurred against a backdrop of
rising stress in the financial markets.
Within financial markets, investors have been movingfrom equities to less risky assets, such as US Treasuries,
in response to the Euro Area debt crisis and concerns
about the regions banks.
Our tracking of UK newspaper stories confirms a more
negative tone to corporate news stories in June. Stories
about the effects of public sector spending cuts have
contributed to the recent decline in our corporate news
flow index.
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
Chart 1. Financial prospects
Net % of CFOs who are more optimistic about financial prospects for their company now than
three months ago
-80%
-60%
-40%
-20%
0%
20%
40%
60%
L
essoptimistic
Moreoptimistic
Jan07
Apr07
Jul07
Oct07
Jan08
Apr08
Jul08
Oct08
Jan09
Apr09
Jul09
Oct09
Jan10
Apr10
Jul10
Chart 2. Deloitte Financial Stress Index
The Deloitte Financial Stress index is an arithmetic average of the ratio of 3 month LIBOR to baserates, the ratio of yield on high yield bonds to yield on government bonds, the VIX index, theratio of total market return to banking stocks return and the ratio of yield on long termgovernment bonds to yield on short term bonds.
80
100
120
140
160
180200
220
240
260
280
300
Lehman bankruptcy
Euro areacrisis
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Chart 3. Deloitte corporate newsflow index
Corporate news flow index tracks major UK broadsheets for positive and negative news storiesfrom the UK corporate sector.
-600
-500
-400
-300
-200
-100
0
100
200
Lessgoodnews
Moregoodnews
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The Deloitte CFO Survey 3
Fiscal squeeze dampens sentiment
One example of the linkage between financial marketperformance and corporate behaviour can be seen in
CFOs changing attitudes to funding.
CFOs have become markedly less enthusiastic about
issuing equity. The balance of CFOs who believe that
this is a good time to issue equity has dropped at the
fastest rate since the Survey started in 2007.
CFOs still think, on balance, that this is a good time to
issue bonds but they have become somewhat more
cautious here too.
CFOs see more risks than benefits to their companies
from the coming squeeze on UK public spending.
Two thirds of CFOs expect tighter fiscal policy to have
negative effects on their companies particularly relating
to concerns about reduced consumer spending and job
losses in the public sector.
However, 31% foresee benefits in the long term for
their companies. Long term benefits cited by a number
of CFOs include a reduction in business red tape and
lower taxes.
Fiscal tightening is likely to slow the pace of the UKs
recovery, although evidence from other countries,
including Sweden and Canada, suggests it is possible
to shrink the public sector and sustain growth.
Such episodes have generally taken place in flexible
economies with governments that seek to bolster the
private sector, often with tax cuts. A weak currency and
strong overseas demand are also important in helping
offset shrinking public expenditure.
The UK scores reasonably well on these criteria and,
perhaps for this reason, the independent Office of
Budget Responsibility (the OBR) sees the Emergency
Budget slowing, not derailing, growth. In the light ofthe Budget, the OBR trimmed its 2010 GDP forecast
from 1.3% to 1.2% and its 2011 forecast from 2.6%
to 2.3%.
Chart 6. Factors supporting growth during fiscal consolidations
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
Chart 4. Is it a good time to tap the capital markets?
Net % of CFOs who think now is a good time to issue equity or corporate bonds
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
Notagoodtime
Goodtime Bonds
Equity
Chart 5. Impact of fiscal squeeze
% of CFOs who anticipate significant/some orno negative effects in the short term on theircompany as a result of the fiscal squeeze.
% of CFOs who think their company will seesignificant/some or no benefits in the longterm from the fiscal squeeze.
34%
10%
56%
Significant negative effects
Some negative effectsLittle or no negative effects
5%
26%
69%
Significant benefits
Some benefitsFew or no benefits
Microeconomicflexibility
Globaldemand
Support forthe private sector
Source: Economics & Markets, Deloitte Research
Weakcurrency
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4
Credit conditions improve
Despite recent uncertainties bank borrowing hascontinued to gain popularity with CFOs. Bank borrowing
is now seen as being as attractive as it was in early
2008, before the financial crisis took grip.
Meanwhile the two other major sources of external
finance for corporates, equity and corporate bonds,
have dipped in popularity with CFOs.
The growing attractiveness of bank borrowing to
corporates partly reflects an improvement in credit
conditions. CFOs now perceive credit as being more
available and the cost of new credit lower than at any
time since the third quarter of 2007.
The CFO Survey covers larger UK corporates and the
experience of smaller companies may be different.Nonetheless, our results suggest that the process of
balance sheet repair in banks has generated a
significant improvement in corporate credit conditions.
CFOs think the degree of excess leverage in thecorporate sector has declined markedly in the last
18 months. This fits with the idea that corporates have
focussed on strengthening balance sheets during the
downturn, partly by cutting leverage. This process
probably has further to run. Far more CFOs say they
plan to reduce leverage in the next 12 months than
to raise it.
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
Chart 7. Favoured source of corporate funding
Net % of CFOs reporting the following sources of funding as attractive
-60%
-40%
-20%
0%
20%
40%
60%
Unatractive
Attractive
Bondissuance
Bankborrowing
Equityissuance
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2010Q1
2010Q2
2009Q4
2009Q3
2009Q2
2009Q1
2008Q4
2008Q3
2008Q2
2008Q1
2007Q4
2007Q3
Chart 8. Cost and availability of credit
Net % of CFOs reporting credit is costly and credit is easily available
Creditischeap
Creditiscostly
Creditishardtoget
Credit
isavailable
Availability ofcredit (rhs)
Cost of credit (lhs)
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
Chart 9. Leverage
Net % of CFOs who think UK corporate balance sheets are overleveraged
-40%
-20%
0%
20%
40%
60%
Underleveraged
Overleveraged
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The Deloitte CFO Survey 5
Credit, cash, risk
This quarters CFO Survey includes two new questionson the demand for credit.
A balance of CFOs say that their demand for credit has
fallen in the last 12 months, a finding which fits with
the sharp decline seen in the official credit data.
But looking ahead CFOs are more positive. Over the
next 12 months CFOs think their demand for credit is
going to increase
Despite a dip in optimism CFOs are increasingly positive
about the outlook for their own companys operating
cash flow. Expectations for an increase in cash flow are
now at the highest level in two years.
Most CFOs remain cautious about taking risk.
Nonetheless, renewed concerns about the economic
outlook have not, so far, affected CFOs risk appetite.
Chart 10. Corporate demand for credit
-5%
0%
5%
10%
15%
20%
25%
-2%
23%
Net % of CFOs who said their
companys demand fornew credit has increased
in the last 12 months
Net % of CFOs who said
their companys demandfor new credit is likely to
increase in the next 12 months
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
Chart 11. Operating cash flow
Net % of CFOs who expect their companys operating cash flow to increase over the next12 months
0%
10%
20%
30%
40%
50%
60%
Increase
2007
Q3
2007
Q4
2008
Q1
2008
Q2
2008
Q3
2008
Q4
2009
Q1
2009
Q2
2009
Q3
2009
Q4
2010
Q1
2010
Q2
Chart 12. Is it a good time to take greater risk?
Net % of CFOs who think now is a good time to take greater risk onto their balance sheets
-100%
-90%
-80%
-70%
-60%
-50%
-40%
Notagoodtimetotakegreaterrisk
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6
Financial strategies
This quarters Survey sheds light on the strategies CFOs are adopting for their business in what is generally expected to be an uncertain and
challenging environment.
Cost control, remains, as it was six months ago, the top priority for CFOs. This strategy has served CFOs well during the downturn and they
continue to see it as being vital for their companies over the next year.
But we can also detect a shift to more expansionary policies. CFOs responded to the credit crunch and the ensuing recession with a strong focus
on building cash flow. That was CFOs top priority in December 2008, at the low point of the cycle, and a year later, in December 2009, with the
recovery underway, increasing cash flow was still the number one priority. But in the second quarter 2010 boosting cash flow has dropped to
fourth position, below expanding into new markets and introducing new products or services. A reduced emphasis on cash is consistent with the
strengthening of cash flow expectations and improving credit conditions seen elsewhere in the Survey.
Increasing capital expenditure has also jumped up the league table, with the proportion of CFOs rating this as a priority almost doubling since the
start of the year.
This changed set of rankings paints a mixed picture. On the one hand doubts about the recovery mean that cost control is still king for most
CFOs. Yet cash flow is no longer the central preoccupation it was. Crucially, corporates are increasingly focused on growth strategies, such as
expanding into new markets, bringing in new products or services, growing by acquisition and raising capital spending.
Chart 13. Priorities for the next 12 months
% of CFOs who have selected the following factors among their top 3 priorities
0% 10% 20% 30% 40% 50% 60%
Raising new capital
Raising dividends or share buy backs
Disposing of assets
Reducing debt levels
Renegotiating current financing facilities
Increasing capital expenditure
Growing by acquisition
Increasing cashflow
Introducing new products or services
Expanding into new markets
Reducing costs 47%
45%
45%
37%
35%
26%
18%
17%
11%
8%
3%
2010 Q2 survey 2009 Q4 survey
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The Deloitte CFO Survey 7
Market outlook
CFOs have become more optimistic about the outlookfor UK equities even as the market has fallen.
Expectations for a strengthening of the FTSE100 index
are now at the highest level in a year.
CFOs views on asset valuations have shifted
significantly this year.
Government bonds are seen as being less overvalued,
a change which perhaps reflects the greater confidence
in UK fiscal policy and doubts about the outlook forgrowth. In the last 3 months equities have gone from
being seen as overvalued to undervalued. Commercial
real estate is now seen as modestly overvalued, a
change which may be due to the rise in values seen
so far this year.
CFOs remain positive on the outlook for corporate
activity. Most expect activity in the M&A and private
equity sectors to rise over the next year. As chart 13 on
the previous page shows, 35% of CFOs included
growth by acquisition among their top 3 priorities.
2007Q3
2007Q4
2008Q1
2008Q2
2008Q3
2008Q4
2009Q1
2009Q2
2009Q3
2009Q4
2010Q1
2010Q2
Chart 14. Outlook for UK equities
Net % of CFOs who expect FTSE 100 to be higher in a years time
0%
10%
20%
30%
40%
50%
60%
70%
Chart 15. Valuations
Net % of CFOs who think the following asset classes are overvalued
Undervalued
Overvalued
Government
bonds
UK equities
UK commercialreal estate
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2010Q2
2010Q1
2009Q4
2009Q3
2009Q2
2009Q1
2008Q4
2008Q3
2008Q2
2008Q1
2007Q4
2007Q3
Chart 16. M&A and PE outlook
Net % of CFOs who expect M&A and PE activity to increase in the next 12 months
Activitywilldecrease
Activitywillincrease
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2010
Q2
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
M&A activity PE activity
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8
CFO Survey: Economic and financialcontext
1990-1991
1993-1994
1996-1997
1999-2000
2000-2003
2005-2006
2008-2009
2011-2012
2014-2015
UK public expenditure/receipts as a % of GDP
35%
37%
39%
41%
43%
45%
47%
49%
Source: Emergency Budget forecasts, HM Treasury
The comingfiscal squeeze
UK governmenttotal managed
expenditure Treasuryforecasts
UK governmenttotal receipts
Financial market rankings of major UK risks
1. Sovereign risk and/or public debt
2. Economic downturn
3. Regulation, taxes on banks
4. Funding and liquidity problems
5. Financial market disruption
6. Property price falls
7. Tight credit conditions
8. Household and corporate defaults
9. Election uncertainty
10. Financial institution failure/distress
Key risks to the UK financial system as ranked by financial market participants
in the Bank of Englands Systemic Risk survey, May 2010
UK corporate capital gearing
Debt net of liquid assets relative to the market value of capital
Source: Bank of England Financial Stability Report, June 2010
15
20
25
30
35
40
20102008200620042002200019981996199419921990
UK corporate gearing declines
Evolution of 2010 consensus GDP growth forecasts
Source: The Economist poll and Deloitte calculations
United States
Japan
UK
PeripheralEurope
NorthernEurope
Optimism on US, Japan:pessimism on Europe
-2
-1
0
1
2
3
4
Jun 10Mar 10Dec 09Sep 09Jun 09Mar 09
Spanish and German 10 year bond yields
German bond yields
Spanish bond yields
2
3
4
5
Flight from peripheral to coreEuropean bonds
Jun2010
May2010
Apr2010
Mar2010
Feb2010
Jan2010
Dec2009
Nov2009
Oct2009
Sep2009
Aug2009
Jul2009
UK year on year GDP growth
Source: ONS, Office for Budget Responsibility and Deloitte calculations
-3.0
-2.5
-2.0
-1.5
-1.0
-0.5
0
0.5
1.0
1.5
2011Q3
2011Q1
2010Q3
2010Q1
2009Q3
2009Q1
2008Q3
2008Q1
2007Q3
2007Q1
2006Q3
2006Q1
OBR forecasts continuingUK recovery
Forecasts
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Net Balance -53
Q4 2008%
-59
66
27
7
-27
47
33
20
16
24
36
40
58
8
26
66
-24
49
26
25
35
3
59
38
-45
66
13
21
-46
66
14
20
-33
62
9
29
94
1
495
-98
99
0
1
Less optimistic
Unchanged
More optimistic
Compared with three months ago how do you feel about the financial prospects for your company?
Net Balance
Decline
No change
Increase
Volume of acquisitions by private equity in the quoted equity market will
Net Balance
Decline
No change
Increase
Levels of M&A in the UK will
Net Balance
Lower
Broadly unchanged
Higher
In a years time, FTSE 100 will beNet Balance
Low
Normal
High
Cash return to shareholder ratios (including share buybacks) are
Net Balance
Underleveraged
Appropriately leveraged
Overleveraged
UK corporate balance sheets are
Net Balance
Unattractive
Neither attractive nor unattractive
Attractive
Equity raising, as a source of funding, is
Net Balance
Unattractive
Neither attractive nor unattractive
Attractive
Corporate debt raising, as a source of funding, is
Net Balance
Unattractive
Neither attractive nor unattractive
Attractive
Bank borrowing, as a source of funding, is
Net Balance
Cheap
NeutralCostly
How would you rate the overall cost of new credit for corporates?
Net Balance
Hard to get
Neutral
Available
How would you rate the overall availability of new credit for corporates?
-19-9-24
56363140
41474743
3172217
-8-13-50-72
39457284
302365
31322212
221-22-44
26375365
27261614
48383121
3312250
16282530
35332540
49405030
-30-101630
4527165
39565260
15173235
27246-17
67622
61618173
3332135
-41-22-53-29
58517248
2420933
17291919
-548-250
68315333
17291933
14402833
-1673416
51402528
14131628
35475944
96886955
11310
210252697897264
-84-61-29
897755
6719
51626
Q3 2008%
Q2 2008%
Q1 2008%
Q4 2007%
-30
45
40
15
-5
34
37
29
41
15
29
56
53
12
23
65
-57
72
13
15
60
3
34
63
-18
45
28
27
-33
55
23
22
-34
61
12
27
83
3
1186
-92
94
4
2
Q1 2009%
22
15
49
37
19
21
40
40
81
2
15
83
58
4
34
61
-59
68
22
9
45
5
44
50
14
30
26
44
1
34
32
35
-23
50
22
27
79
3
1582
-59
72
15
13
Q2 2009%
38
8
46
46
44
6
45
50
92
0
8
92
26
13
49
38
-62
68
26
6
34
4
57
39
26
24
26
50
28
19
33
48
-22
48
27
26
69
7
1876
-63
73
16
11
Q3 2009%
44
2
52
46
52
6
36
58
91
0
9
91
31
13
42
45
-61
66
29
5
35
5
56
40
25
23
28
48
44
13
29
58
-12
43
26
31
62
11
1673
-50
69
13
19
Q4 2009%
23
12
52
35
49
7
36
56
78
1
20
79
45
10
35
55
-48
58
32
10
16
10
64
26
-7
37
34
30
26
20
35
46
23
20
36
44
40
15
3155
-20
50
19
31
Q2 2010%
40
8
44
48
48
7
38
55
83
1
16
84
36
12
40
48
-61
68
26
7
22
7
64
29
11
27
36
38
46
10
34
56
5
31
32
36
54
11
2465
-32
56
21
24
Q1 2010%
-31
63
6
31
The Deloitte CFO Survey 9
A note on methodologyMany of the charts in the Deloitte CFO survey show the results in the form of a net balance. This is the percentage of respondents reporting, for
instance, that bank credit is attractive less the percentage saying bank credit is unattractive. This is a standard way of presenting survey data used
by, amongst others, the CBI and the European Commission. To aid interpretation of the results, this table contains a full breakdown of responses
to the questions covered in this report. Net balances have been rounded to the nearest whole number.
Data archive
8/9/2019 Deloitte CFO Survey 2010Q2
12/12
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Below are Thomson Reuters Datastream mnemonics for the net balances for all the regular questions from the Deloitte CFO survey.
For a full breakdown of all the regular data from the Deloitte CFO survey, please search on Datastream under Deloitte and CFO. A pdf with
the data from the survey is also available each quarter at www.deloitte.co.uk/cfosurvey
Deloitte CFO survey question Datastream Mnemonic
How do you currently rate bank borrowing as a source of external funding for UK corporates? UKCFOFBBR
How do you currently rate corporate bonds as a source of external funding for UK corporates? UKCFOFCBR
How do you currently rate equity as a source of external funding for UK corporates? UKCFOFEQR
How do you currently rate UK commercial real estate asset valuations? UKCFOVRER
How do you currently rate UK equity valuations? UKCFOVEQR
In a years time do you expect the FTSE 100 to be: UKCFOFTYR
How do you currently rate UK Government bond (Gilt) valuations? UKCFOVGBR
How would you characterise the current level of short term market interest rates in the UK? UKCFOIRSR
How would you rate the overall cost of new credit for corporates? UKCFOCCCR
How would you rate the overall availability of new credit for corporates? UKCFOACCR
Is now a good time for UK corporates to issue equity? UKCFOIEQR
Is now a good time for UK corporates to issue bonds? UKCFOICBR
Generally speaking do you think UK corporate balance sheets are: UKCFOLEVR
Do you think cash return to shareholder ratios (including share buybacks) are, relative to normal levels: UKCFOCRRR
Over the next 12 months how do you expect levels of M&A in the UK to change? UKCFOMAYR
How do you expect the volume of acquisitions by private equity in the quoted equity market to change in the next 12 months? UKCFOPEYR
Compared with three months ago how do you feel about the financial prospects for your company? UKCFOOVQR
What is your aim for your level of gearing over the next 12 months? UKCFOGEYR
How has the level of financial risk on your balance sheet changed over the last 12 months? (Financial risk could include, for
instance, levels of gearing, uncertainty about the valuation of assets and interest rate and exchange rate sensitivity)
UKCFORVYR
Is this a good time to be taking greater risk onto your balance sheets? UKCFORTGR
Are you likely to issue bonds or arrange new credit facilities over the next 12 months? UKCFODCYR
Are you likely to issue equity over the next 12 months? UKCFOICYR
Deloitte CFO Survey now on Datastream