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CFO survey Q1 2010 – Navigating the challenges

Third quarterly Deloitte survey of Chief Financial Officers (CFOs) of major Irish-based companies, conducted among CFOs of listed companies, large private companies and Irish subsidiaries of overseas multinationals in March 2010.

Continued optimism

  1. Compared to Q4 2009, CFOs are slightly more optimistic about the overall financial outlook for their companies, with an 8% increase on last quarter
  2. When questioned on the performance of the ISEQ in 12 months time, the majority of respondents expressed the view that it would be higher than today

Banking and capital markets

  1. 60% of CFOs believe that NAMA will ultimately have some positive impact on the availability of credit; 52% indicated that it will have a positive impact in restoring the credibility of the banking sector
  2. For businesses seeking capital, Irish banks are the least preferred method of external funding
  3. CFOs do not see the supply of credit improving in 2010 but there is optimism among a majority that 2011 and beyond will see increased availability

Profitability and competitiveness

  1. Key priorities for CFOs are still revenue and profit growth/maintenance and cost reduction
  2. 58% of respondents indicated that exchange rate risk has increased this quarter signalling expectations of higher euro volatility related to the Greek financial crisis, with 60% also expecting the dollar to strengthen against the euro in the next 6 months
  3. There is consensus on the outlook for Irish interest rate movements with 92% expecting Irish lending rates to rise in the next 6 months

The Deloitte CFO Survey is the only survey that seeks to establish the views of CFOs on financial markets, the economic outlook and business trends.

Read the full report here
Read the executive summary here
Read the full Deloitte CFO survey press release here

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