deloitte cfo survey 2010q1
TRANSCRIPT
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The Deloitte CFO SurveyFinancial repair, economicuncertainty
2010 Q1 results
12 April 2010
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Contents
The Deloitte CFO Survey 1
Economic uncertainty 2
Political uncertainty 3
Improving financial conditions 4
Financing the corporate sector 5
Leverage and M&A 6
What should be the next UK governments top economic priority? 7
Data archive 9
This is the eleventh quarterly survey of Chief Financial Officers and Group
Finance Directors of major companies in the UK. The 2010 first quarter survey
took place between 11th and 25th of March. A record 141 CFOs participated
including the CFOs of 40 FTSE 100 and 45 FTSE 250 companies. The rest were
CFOs of other FTSE companies, large private companies and UK subsidiaries of
major companies listed overseas. The combined market value of the 101 UK
listed companies surveyed is 602 billion, or approximately 33% 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 and full data series, see
www.deloitte.co.uk/cfosurvey
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The Deloitte CFO Survey 1
The Deloitte CFO SurveyFinancial repair, economic uncertainty
For additional copies of this report, please
contact Matt Gentle on 020 7303 0294 or
email [email protected]
The first quarter 2010 CFO Survey suggests that UK
CFOs remain cautious about the recovery. 82% of
respondents say they expect a sluggish recovery and
the average CFO sees a one third chance of the UK
economy suffering a double dip, what we define as a
renewed period of several months of contracting
economic activity. Against a backdrop of economicuncertainty the first quarter survey witnessed a modest
decline in financial optimism, the first such fall in
18 months. Optimism has eased back even though
CFOs say their companys revenues have, on balance,
come in stronger than expected so far this year.
This quarters special questions look at the political
scene. The answers suggest that CFOs believe UK
corporates face political as well as economic risks. Most
CFOs think that a hung parliament would be negative
for their business and for the economy. We found a
clear consensus among CFOs about what the next
government needs to do. 85% said deficit reduction
should be the new governments top economic priority.
One CFO summed up the general tenor of the advice,
Cut public spending and stimulate activity by reducing
taxation, both corporate and personal.
Contacts
Margaret Ewing
Partner and Vice Chairman
020 7303 3323
Ian Stewart
Chief Economist
020 7007 9386
Key points
Most CFOs expect to see a sluggish, but
sustained UK recovery. Indeed, the average
CFO sees a one third chance of a double dip
in the economy.
CFOs think the economy faces political risks.
93% of CFOs believe a hung parliament
would be negative for the UK economy.
85% of CFOs believe that reducing public
debt should be the next governments topeconomic priority.
Credit and financial conditions for corporates
are improving. Bank borrowing is regaining
popularity as a source of funding and our
index of corporate credit availability is back to
2007 levels.
For the first time since the Survey started in
2007 all three forms of external finance
bank borrowing, corporate bonds and equity
are rated as being attractive by CFOs.
Appetite for financial risk is reviving and is
running at levels last seen in early 2008.
The good news from this quarters survey is that thefinancial environment for larger corporates is continuing to
improve. Credit availability, perhaps the broadest measure
of credit conditions, has returned to pre-recessionary
levels. This fits with the Bank of Englands latest Credit
Conditions Survey which reported that banks increased
credit availability to the corporate sector in the first
quarter 2010. With credit supply improving bank
borrowing is starting to regain popularity as a source of
funding. The CFO Survey shows the largest improvement
in the attractiveness of bank borrowing since the Survey
started in 2007. Again, this cross checks against the Credit
Conditions Survey which reported a recovery in corporate
demand for bank borrowing in the first quarter. Crucially,
for the first time all three forms of external finance bank
borrowing, equity and bond issuance are rated as being
attractive by a balance of CFOs.
One aim of the CFO Survey is to track corporate attitudes
to risk. CFOs have significantly reduced financial risk on
their balance sheet over the last year, but this process
seems to be drawing to a close. In the first quarter
2010 the willingness of CFOs to take risk on to their
balance sheets rose to levels last seen in late 2007. This
recovery in risk appetite mirrors the behaviour of
financial markets where risky assets, such as equities,have outperformed safe assets such as gilts and cash.
None of this is to argue that financing conditions for
corporates are back to normal. Even among the large,
quoted corporates who form the core of our survey panel,
most continue to rate credit as hard to get and costly.
But as we have observed in the past, much of the value
of survey data lie in flagging changes in direction and
momentum. What emerges from this quarters CFO
Survey is that financing conditions for larger companies
are getting better. That still leaves corporates with
plenty to worry about in terms of the pace of the
recovery and the election. CFOs see risks ahead.
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2
Economic uncertainty
After a strong recovery in the last year CFO optimismsaw a slight setback in the first quarter 2010, with
optimism registering the first decline in 18 months.
The deterioration is modest but is consistent with the
current, general mood of uncertainty about the pace
of the UK recovery.
82% of CFOs expect a sluggish but sustained recovery
in the economy.
However, the distribution of views is towards a weaker
outcome with 16% of CFOs looking for a double dip
a renewed period of several months of contracting
activity and just 2% expecting a V shaped recovery.
Another of this quarters special questions shows that
the average CFO attaches a 33% probability to there
being a double dip.
This mood of caution appears to be at odds with the
improvement in companies own revenues.
26% of CFOs say that revenues have come in stronger
than expected since the start of the year and only 8%
report they have been below expectations.
Corporate revenues are growing, but lingering
uncertainties about the financial sector and the real
economy mean that most CFOs are expecting a weak
recovery.
Chart 1. Financial prospects
Net % of CFOs who are more optimistic about financial prospects for their company now than
three months ago
Le
ssoptimistic
Moreoptimistic
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
40%44%
38%
22%
-30%
-59%-53%
-19%
-9%
-24%
-4%
Chart 2. Expectations for UK recovery
% of CFOs who expect UK economy to have a double dip, slow or a V shaped recovery
0%
20%
40%
60%
80%
100%
16%
82%
2%
Double dip: a renewedperiod of several
months of contracting
economic activity
Slow recovery:a sustained, if possibly
erratic and sluggish
recovery in growth
V shaped recovery:a strong and sustained
recovery in growth
Chart 3. Company revenues since the start of 2010
% of CFOs who said their companys revenues have been better/worse than expected
0%
10%
20%
30%
40%
50%
60%
70%
80%
8%
66%
26%
Worse than expected As expected Better than expected
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The Deloitte CFO Survey 3
Political uncertainty
The CFO Survey took place between 11 and 25 March.This period saw a further narrowing in the Conservative
poll lead over Labour and growing speculation that the
General Election may deliver a hung parliament.
In recent weeks political uncertainty has joined
economic uncertainty as a source of concern for CFOs.
56% of CFOs think a hung parliament would be
negative for their business and 93% think it would be
negative for the economy, with 37% believing a hung
parliament would be significantly negative for the
economy.
There is a strong consensus among CFOs that the next
governments economic priority should be reducing the
public sector deficit, with 85% of CFOs taking this view.
Chart 6. What should be the next UK governments top priority?
Selected responses from CFOs
For a more extensive list of quotes, see page 8.
Cut public spending through headcount reduction, pay freezes and cancellation of
superfluous programs.
Issue a credible plan to reduce deficit in a reasonably tight timescale.
Make decisive steps to cut the budget deficit by thoughtful public sector cost reduction.
Fix the appalling level of UK government debt and get the cost of government down to
sustainable levels.
Support recovery.
Cut public spending and stimulate activity by reducing taxation, both corporate and
personal.
Improve international budget credibility without too much impact to the overall economic
confidence.
Improve UK competitiveness as a place to do business and retain businesses and talent.
Reduce the state as a proportion of UK economy reduce tax and other barriers to
entrepreneurship.
Reducing expenditure on public services, i.e. stop wasting billions!
Chart 4. UK voting intentions, up to 31 March 2010*
Labour
* Monthly data, average of all opinion polls published in the month
Source: UKpollingreport.co.uk
Jun05
Sep05
Dec05
Mar06
Jun06
Sep06
Dec06
Mar07
Jun07
Sep07
Dec07
Mar08
Jun08
Sep08
Dec08
Mar09
Jun09
Sep09
Dec09
Mar10
10
20
30
40
50 Conservative
Liberal Democrat
Chart 5. Effect of a hung parliament
% of CFOs who think a hung parliament would have a positive/negative effect on their business
and the UK economy
0%
10%
20%
30%
40%
50%
60%
The UK economyYour business
1%
Neutral
6%
56%
37%
4%
Neutral
39%43%
13%
Somewhat positiveSignificantly positive Little or no effect
Somewhat negative Significantly negative
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4
Improving financial conditions
CFOs have responded to the recession by reducingthe level of financial risk on their balance sheets.
The chart shows how risk on corporate balance sheets
has changed over the last 12 months. The process of
risk reduction has included cutting corporate debt
levels, increasing liquidity and cutting capital
expenditure.
The decline in risk on corporate balance sheets has
occurred against the backdrop of a significant fall in
stress in financial markets.
The Deloitte Financial Stress Index is now running at
levels last seen in mid 2008, well before the failure
of Lehman.
The process of repair in financial markets has generatedan improvement in the cost and availability of credit for
corporates over the last 18 months.
Nonetheless, most CFOs continue to rate credit as hard
to get and costly.
-60%
-40%
-20%
0%
20%
40%
60%
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
Chart 7. Financial risk: Change over the last 12 months
Net % of CFOs who think financial risk on their balance sheet has increased over the last 12 months
Decreased
Increased
-51%
-42%
-21%
13%
34%
51%44%
26%25%
10%
25%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 20091998 2010
Chart 8. Deloitte Financial Stress Index
The Deloitte Financial Stress index is an arithmetic average of the ratio of 3 month LIBOR to base
rates, the ratio of yield on high yield bonds to yield on government bonds ,the VIX index, the
ratio of total market return to banking stocks return , the ratio of yield on long term governmentbonds to yield on short term bonds and VIX Index
80
100
120
140
160
180
200
220
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
Chart 9. Cost and availability of credit
Net % of CFOs reporting credit is costly and credit is easily available
Creditischeap
Creditiscostly
Creditis
hardtoget
Creditisavailable
Availability of credit (rhs)
Cost of credit (lhs)
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The Deloitte CFO Survey 5
Financing the corporate sector
One gauge of credit conditions is the extent to whichbanks ease lending practices, through, for instance,
restructuring loans or lowering price terms.
In the last six months more CFOs have reported an
easing than a tightening of these lending practices.
A balance of CFOs expects these conditions will
continue to improve over the next six months.
Bank borrowing is starting to regain popularity as a
source of corporate funding with CFOs.
The first quarter 2010 saw the largest improvement in
the attractiveness of bank borrowing since the Survey
started in 2007. And for the first time all three formsof external finance bank borrowing, equity and
bond issuance are rated as being attractive by a
balance of CFOs.
Larger companies are getting better access to a wider
range of external sources of finance.
While most CFOs remain cautious about taking risk the
balance of opinion among CFOs is shifted towards risk
taking.
In the first quarter 2010 74% of CFOs thought now
was a not a good time to be taking greater risk but
27% took a contrary view. The resulting net balance,
shown in the chart, at -47%, is the highest since the
survey started.
The willingness of UK CFOs to take financial risk is rising
and is back to levels prevailing before the recession.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Chart 10. Bank borrowing lending terms
% of CFOs who said banks pricing for
credit (spreads, fees etc) and lendingterms (collateral requirements etc) have
increased/decreased and/or have
become easier/harder
% of CFOs who said banks have become
more/less willing to forbear/restructureloans over the last six months
Higher price terms
and/or easierlending terms
No
change
Lower price terms
and/or harderlending terms
More willing to
forbear/restructure loans
No
change
Less willing
to forbear/restructure loans
Diamonds
show CFOsexpectations
for the nextsix months
Chart 11. Favoured source of corporate funding
Net % of CFOs reporting the following sources of funding as attractive
Unattractive
Attractive
Bank borrowing
-60%
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
Bond issuance
Equity issuance
Chart 12. Attitude to greater risk
Net % of CFOs who think it is a good time to take greater risk onto their balance sheets
Notag
oodtimeto
take
greaterrisk
Goodtimetotake
greaterrisk
-100%
-90%-80%
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
2010Q1
2009Q4
2009Q3
2009Q2
2009Q1
2008Q4
2008Q3
2008Q2
2008Q1
2007Q4
2007Q3
-47%-52%
-58%
-81%
-90%
-98%
-88%
-65%
-50%-49%
-60%
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6
While most CFOs continue to believe that corporate
leverage is too high, the net balance of respondents to
the Survey who take this view has fallen to the lowest
levels since early 2008.
Attitudes to leverage have returned to pre-recessionary
levels.
CFOs remain positive on the prospects for corporate
activity. The great majority of CFOs expect M&A activity
to rise over the next year and a clear majority also see
private equity activity increasing.
Chart 15. M&A and PE outlook
Net % of CFOs who expect M&A and PE activity to increase in the next 12 months
Willdecrease
Willincrease
M&A activity
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
PE activity
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
Leverage and M&A
Chart 14. Leverage
Net % of CFOs who think UK corporate balance sheets are overleveraged
Underleveraged
Ove
rleveraged
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
22%
35%34%
45%
60%
35%
27%24%
6%
-17%
-27%
2010
Q1
2009
Q4
2009
Q3
2009
Q2
2009
Q1
2008
Q4
2008
Q3
2008
Q2
2008
Q1
2007
Q4
2007
Q3
CFOs attitudes to risk often mirror trends in thefinancial markets.
Over the last year riskier assets, such as equities, have
outperformed safe assets, such as bonds.
Increases in risk appetite are generally associated with
a stronger economic growth.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Chart 13. Return on UK equities vs UK government bonds
Return index of UK equities over return index of UK government bonds
30
35
40
45
50
55
60
65
70
75
Equitiesoutperform
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The Deloitte CFO Survey 7
What should be the next UKgovernments top economic priority?
Spending cuts/reducing the size of the public sector.
Building momentum in the economy; dont do
anything to snuff out the very fragile recovery.
Reduce indebtedness.
Stimulating growth.
Reduce debt levels through controlled public
spending and higher indirect taxation, but not
through direct taxation.
Sort out the deficit.
Reduce debt.
Support recovery.
Maintaining the UK as an attractive business location
while actively reducing the public sector deficit.
Setting out a defined and credible deficit reduction
plan, with specific actions and a specific timetable.
Resolving the public deficit.
Discipline in public finances to avoid further negative
consequences on the private sector via tax increases
and crowding out effect in terms of access to funding.
Reduce debt whilst not switching off economic
recovery.
Stability.
Cut spending.
De-gear the country and the financial institutions.
Getting to grips with public sector spending includingexcessive management layers in the NHS.
Reducing public sector spending and addressing the
public sector liabilities, most notably the pension deficit.
Cut public spending including vastly inflated civil
services pensions and cut the number of civil servants.
Reduce public debt and bring certainty.
Cutting government wasted spending.
Investment in major infrastructure.
Reduce systemic budget deficit.
Tackle the debt mountain and set out new fiscal
policy.
Tackling deficit through public spending and tax system.
Maintenance of low interest rates.
Control public sector pay and spending.
Maintain liquidity and manage the public deficit down
over an extended period (rather than over the very
short term).
Cut public spending and stimulate activity by reducing
taxation, both corporate and personal.
Reducing public spending to limit tax rises.
Reposition the UK as a business friendly environment.
Eliminate residual uncertainty re taxation of
corporates and incentivise global corporates to retain
their headquarters in the UK.
Cut public sector costs and embark on a public sector
efficiency drive.
Return to a free market and de-regulate.
Encourage investment.
Promoting policies for growth.
Creating a clear path to a proper level of debt for the
government.
Continue to spend on infrastructure. Tackle revenuecosts.
Avoiding a return to recession.
Addressing the burden of the public sector by cutting
current expenditure and taking action to reduce the
future cost of pensions of those employed by the
public sector.
Reduce spending selectively to eliminate wastage
Extended list of responses from CFOs
Continued on next page
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8
Reducing waste to allow infrastructure spend, reduce
debt and keep tax levels around current levels.
To cut government spending by cutting waste and
making efficiency gains in the public sector.
Reduce spending and the deficit. Plan to return
budget to balance over a period.
Avoid damaging tax rises. For example, pension tax
on high earners.
Encourage consumer confidence, so as to help drive
recovery.
Reducing fiscal deficit.
Making the UK attractive from a tax perspective both
to businesses and individuals.
Repayment of debt.
Long-term economic growth.
Education and debt reduction.
Clear plan to reduce the level of borrowing to
sustainable levels over the medium term without
producing any recovery.
Clear and measured policies for reducing the budget
deficit.
Address public spending and uncompetitive UK tax
environment.
Reduce government spending though removing the
excessive layers of management and governance in
public services that have evolved during the labour
tenure.
Support for economic recovery.
Clear plan to reduce budget deficit.
Public sector reform, public sector wages and
pensions.
Reducing public sector spending through efficiency
savings and removing waste.
Responsible fiscal tightening without squeezing the
prospects for a sustained recovery.
Issue a credible plan to reduce deficit in a reasonably
tight timescale.
Improve regulatory framework to improve investor
confidence.
Avoiding double-dip!
Continued economic stimulus and fair and progressive
taxation policies (both corporate and personal).
Cut public spending; reduce debt; rebalance UK GDP
in favour of private business rather than government
and public service.
What should be the next UKgovernments top economic priority?
Extended list of responses from CFOs
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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%
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. Due to rounding answers may not sum to 100.
Data archive
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which is a legally separate and independent entity. Please see www.deloitte.co.uk/about for a detailed description of the legal
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We are pleased to announce that from this quarter Thomson Reuters Datastream will be making available to its users all current and historic datafrom the Deloitte CFO Survey. Datastream is the worlds largest financial and economic database and is widely used by analysts and economists in
financial institutions, research houses and central banks around the world. Datastream already carries data from virtually all of the worlds leading
business surveys, including the Japanese Tankan, the US ISM and the German Ifo. It will now be possible using Datastream to track and compare
the results of the Deloitte CFO Survey with millions of other economic and financial data series.
For information on Datastream see: http://thomsonreuters.com/products_services/financial/contactus?bu=financial&product_name=Datastream
Below are the 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 navigator under Deloitte and CFO.
A spreadsheet 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? UKCFOFCBRHow 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