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The best is yet to come Central Europe CFO Survey 2015 · The best is yet to come Central Europe...
Transcript of The best is yet to come Central Europe CFO Survey 2015 · The best is yet to come Central Europe...
The best is yet to comeCentral Europe CFO Survey 2015
2015 results | 6th editionBulgaria
© 2015 Deloitte Central Europe2
Undoubtedly 2014 was a year of uncertainty – a sentiment, having its roots in the political disequilibrium and reinforced by the fall of Corporate Commercial Bank.
Despite the unfavourable events on the political arena and in the finance sector, supplemented by the external uncertainty (still perceived abnormal), CFOs have not lowered their expectations about business prospects compared to the previous year.
© 2015 Deloitte Central Europe3
Dear Reader,For the fourth consecutive time I have the privilege to introduce the report, which we produce as a result of the Deloitte CFO Survey. The reading presents the expectations of CFOs from the Bulgarian market compared to those of their peers from 13 Central European economies (Albania, Croatia, the Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Poland, Romania, Serbia, Slovakia and Slovenia). Coming exactly one year after the last report was released, this edition is again illustrating how CFOs’ attitudes have changed over the past 12 months.
Undoubtedly 2014 was a year of uncertainty – a sentiment, having its roots in the political disequilibrium and reinforced by the collapse of Corporate Commercial Bank. Despite the unfavourable events on the political arena and in the finance sector, supplemented by the external uncertainty (still perceived abnormal), CFOs have not lowered their expectations compared to the previous year. Generally, the survey respondents’ optimism stays flat, however I am sure you will be impatient to see some of the graphs on these pages. It may imply, even though shy, but still an increasing confidence.
I am pleased by the growing number of CFOs, who participated in this survey and I would like to take the opportunity to thank all of them for the responsivness to contribute for a meaningful report and for their interest in the key findings provided here. I believe that this survey edition will be a reading, which you will go through with curiosity from the first cover to the end.
Introduction
Introduction
1 Macroeconomic Insight
2 Key findings
3 Growth
4 Risk
5 Debt
6 Financing
7 Talent
8 Local context
Contents
Vasko RaichevChairmanDeloitte Bulgaria
Macroeconomic Insight
© 2015 Deloitte Central Europe4
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Macroeconomic Insight
2014 was rich in events, but while the snap poll on October 5th was expected given the instable government and parliament, very few would predict turbulence in the financial sector with the collapse of the fourth largest lender Corporate Commercial Bank in the middle of the year.
Heavy rainfall in June, August and early September caused extensive damages to the infrastructure and agricultural sectors. Furthermore, the floods affected the tourist arrivals resulting in cancelled reservations.
Despite the unpredictable environment, Bulgaria’s economy registered a gradual recovery, with a growth rate of 1,5% at the year-end (compared to 1,1% in 2013), supported by the regained consumer and business confidence, the labor market on improving trend, the solid ground of the long-standing currency board (peg to EUR), fiscal conservatism and low public debt.
The first signals of lowered expectations came from EBRD in January*, with a downsized 2015 GDP growth forecast from 2,0% (September, 2015) to 0,8%. The downward revision takes into consideration the decline in oil prices and the weakness in oil-driven Russia, which affects the economies in the region.
*Regional Economic Prospects in EBRD Countries of
Operations: January 2015
© 2015 Deloitte Central Europe6
Key Findings
© 2015 Deloitte Central Europe7
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• Similar to the results from previous years, Bulgarian CFOs persistently remain cautious to take on additional risk on their companies’ balance sheets. This signals that the planned investments would be financed to a large extent with own funds.
• The widely held view of the CFOs who took part in the survey is that the level of external financial and economic uncertainty is very high, high, and above normal. This perception cannot be analysed in isolation to the problems the local financial sector found itself into last summer.
Key findings
• CFOs expect a modest economic growth in the range of 0-3%, reflecting both the situation in Europe and the effect of the inconclusive parliamentary election that took place last October.
• The majority of the respondents consider revenue growth as a top priority for their companies this year.
• CFOs are increasingly acknowledging that credit is easily available to their companies, compared to their responses a year ago.
• Nearly all of the participants in this edition of the survey expect the companies’ capacity to service debt to increase, or to remain as is over the next three years.
GrowthModerate development prospects
© 2015 Deloitte Central Europe8
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Growth
More than a third of the CFOs that took part in the survey are at the opinion that the country will overcome stagnation, expecting modest GDP growth in 2015.
This expectation reflects the economic performance in the Euro Zone as a whole, impacting exports and at the same time is somewhat offset by continuing domestic political uncertainty, as the October 5th election proved inconclusive, almost inevitably impacting investor confidence.
The CFO’s consensus on economic growth remains somewhat unchanged compared to our previous survey from February, 2014 with GDP in the range of 0-3% for 2015.
Graph 1CFOs’ expectations for the country economic GDP growth for the year 2015
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In line with the modest expectation of GDP growth, half of our respondents remain neutral, not necessarily anticipating improvement in the levels of unemployment, compared to a year ago. Just less than one in every four CFOs believes unemployment will decrease in 2015. We note that labour costs remain significantly low compared to the rest of the EU member states, despite slowly converging to EU averages. The weak outlook for employment is likely to restrain real-wage growth.
Graph 2How CFOs expect levels of unemployment to change in Bulgaria over the next 12 months
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Fewer than 3% of the respondents are feeling very optimistic about the financial prospects of the company they represent. Yet, when previously asked, every one in six were less optimistic and now only one in nine shares the concern. CFOs are clearly more confident about their companies’ financial prospects, than they are about macro economic growth - a position shared by the majority of their colleagues across Central Europe.
Graph 3CFOs’ views on their companies’ financial prospects compared with six months ago
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Focus on revenue growth on both existing and new markets remains quintessential for CFOs. 65% of the respondents list them as the two most important focus areas in the coming year.
Over 41% of the respondents place investments in the top half of their priority list, which reflects the need to support growth in the long-term. This is actually a decrease of 14% compared to what our last survey showed in February 2014.
The percentage of respondents who are at the opinion that their organisations should put emphasis on improving their liquidity
positions have gone down by half compared to H2 2013 when it stood at 72%.
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Graph 4Companies’ business focus over the next 12 months ( 1 - lowest priority; 6 - highest priority)
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The expected increase in M&A activities goes in line with the CFOs’ goal of increasing revenues, especially in a market, where this can be difficult to achieve organically. Close to 64% of our respondents anticipate a rise in M&A activity in the country, which is an 18 percentage points increase from last year’s answers. It is noted that the group with no particular view on the issue has shrunk to 28% compared to 36% in H2 2013.
In 2014 the Bulgarian M&A market is down from its 2013 levels with only a handful of deals, with local businesses acquiring established international brands (FMCG sector) and new international players entering (TMT industry).
Graph 5How CFOs expect levels of M&A activity to change in Bulgaria over the next 12 months
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At the end of a year of uncertainty - both internal & external by nature - CFO optimism and priorities stay within the ranges observed in the previous survey. Supporting revenue growth remains paramount.
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Key findings summary Growth
•Similar to the last edition of the survey,
CFO level of optimism remains unchanged.
•Respondents are not expecting improvement
in the levels of unemployment.
•CFOs are determined to support growth of
their companies, albeit through using own
funds for planned investments.
•M&A activity in 2014 was lower in both
value and volume compared to 2013, yet a
few landmark transactions and attempted
deals give promise for increased activity in
the months ahead.
RiskAdapting to the environment
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Risk
The level of external financial and economic uncertainty for 72% of the CFOs is high or above normal and further 8% believe it is very high. This increase reflects the affected stability of the financial sector which was shaken last summer by a run on two Bulgarian-owned banks. Corporate Commercial Bank closed and several months later had its license revoked, and First Investment Bank received state support to be repaid in 2016.
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Graph 6CFOs’ opinions on the general level of external financial and economic uncertainty facing their businesses
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CFOs persist in their cautiousness to take on additional risk on their companies’ balance sheets with 89% of the poll responding negatively to this question. In the context of responses to revenue growth and new investments, it may be inferred that such investments would be financed primarily with own funds.
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Graph 7CFO views on whether this is a good time to take greater risk on to company balance sheets
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Staying focused on revenue growth, CFOs still prefer less risk.
© 2015 Deloitte Central Europe20
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Key findings summary Risk
•CFOs believe that it is still not the right time
to take more risk on to their companies’
balance sheets
•Arguably, CFOs have grown accustomed to
operating in a less predictable financial and
economic environment
DebtSustained confidence
© 2015 Deloitte Central Europe21
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10%
20%
30%
40%
50%
60%
Decreasea lot
Decreasea little
Remainthe same
Increasea little
Increasea lot
0%
10%
20%
30%
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50%
60%
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Remainthe same
IncreaseSomewhat
IncreaseSignificantly
0%
10%
20%
30%
40%
50%
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70%
80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
10%
20%
30%
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UnattractiveNeither attractivenor unattractive
Attractive
0%
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Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
40%
50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
20%
30%
40%
50%
60%
70%
80%
ReduceNo changeRaise
Graph 8How CFOs rate the overall availability of new credit for companies
2013 H2
2012 H2
2014
2013 H1
111114
28
5660 62
56
3329
24
14
© 2015 Deloitte Central Europe22
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Debt
The influx of deposits in the banking system as a result of Corporate Commercial Bank’s collapse should put pressure on yields of savings products and consequently is expected to lead to a decrease in the interest charged on loans, including investment ones. Therefore, we may expect to see change in CFOs’ attitude towards leveraging their companies’ accounts, reflected in our next survey.
The number of CFOs today, who realise that credit is easily available has more than doubled, compared to a year ago. Respectively, those who believe that credit is difficult to obtain have fallen in number from one in four in the second half of 2013 to one in seven in 2014.
© 2015 Deloitte Central Europe23
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The majority of CFOs (94%) expect the companies’ ability to service debt over the next three years to increase, or to remain the same. We note that almost one in three sees little change in companies’ repayment capacity. Simultaneously, for the first time in our survey there are respondents (albeit less than 3%) who anticipate risk in the coming three years with respect to their companies’ debt servicing ability.
0%
10%
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30%
40%
50%
60%
70%
80%
90%
Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
10%
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70%
LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
0%
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NormalAbove normalHighVery high
0%
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NoYes
0%
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0%
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IncreaseSomewhat
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0%
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80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
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UnattractiveNeither attractivenor unattractive
Attractive
0%
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Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
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50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
20%
30%
40%
50%
60%
70%
80%
ReduceNo changeRaise
Graph 9How CFOs expect their ability to service debt to change over the next three years
2013 H2
2012 H2
2014
2013 H1
9
22
7 8
39
57
4547
3329
45
39
6 63 3 3
000
© 2015 Deloitte Central Europe24
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In this edition we note a trend of slight turn in attitudes on gearing - the sharp drop in the number of respondents who expected a reduction of the level of debt in H2 2013 is now paired by a three percentage point increase.
Again, similar to the results from H2 2013, clear majority (over 61%) anticipate no change in gearing levels.
0%
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Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
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LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
0%
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NeutralIncreaseSomewhat
IncreaseSignificatly
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NormalAbove normalHighVery high
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NoYes
0%
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0%
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IncreaseSomewhat
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0%
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80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
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30%
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60%
UnattractiveNeither attractivenor unattractive
Attractive
0%
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30%
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Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
40%
50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
20%
30%
40%
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60%
70%
80%
ReduceNo changeRaise
Graph 10How CFOs expect their levels of gearing to change over the next 12 months
2013 H2
2012 H2
2014
2013 H1
292824 22
56
40
62 61
17
31
1417
© 2015 Deloitte Central Europe25
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Credits are easier to get; no problem with debt-servicing in the long-term.
© 2015 Deloitte Central Europe26
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Key findings summary Debt
•The majority of CFOs expect no change in
the gearing levels of their companies despite
an obvious change in the expectations that
credits are easily available presently
•Almost every respondent expect their ability
to service debt over the next three years to
increase, or to remain the same
FinancingFinancing costs - up or down?
© 2015 Deloitte Central Europe27
© 2015 Deloitte Central Europe28
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Financing
While CFOs’ opinion of the degree of credit availability straight-forwardly suggests it would be easier to obtain a loan, the interviewed are split in their perception as to whether the overall financing costs would increase or decrease in 2015.
As much as 53% of the respondents expect the financing costs to increase and only one in four anticipate a slight decrease.
Taking under consideration the expected decrease of interest charges in the banking system as a whole from the injection of nearly €1.84bn of guaranteed deposits in fewer banks (after the collapse of Corporate Commercial Bank), this expectation of increased financing costs can be explained by an anticipation of a raise in fees and commissions (i.e. changes to the revenue structure of the financing institutions).
0%
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Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
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LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
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NormalAbove normalHighVery high
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NoYes
0%
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0%
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IncreaseSomewhat
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0%
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80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
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UnattractiveNeither attractivenor unattractive
Attractive
0%
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Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
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50%
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70%
Difficult to obtainNormally availableEasily available
0%
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80%
ReduceNo changeRaise
Graph 11How CFOs expect the costs of finance for companies in Bulgaria to change over the next 12 months
6
0
73
394038
50
28
40
45
22 22
17
7
25
63 3
0
2012 H2
2013 H1
2013 H2
2014
© 2015 Deloitte Central Europe29
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The somewhat neutral position that 72% of CFOs previously had on the attractiveness of bank loans is now replaced. In line with the responses we obtained to the previous question regarding the anticipated changes in financing costs, we observe a split between those who think that bank borrowing is becoming more attractive (27%, or a 7% increase from our last survey) and those who are under the contrary view that it is in fact an unattractive source of funding (19%, or a 12% increase from H2 2013 responses).
0%
10%
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30%
40%
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60%
70%
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90%
Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
10%
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70%
LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
0%
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NormalAbove normalHighVery high
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NoYes
0%
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0%
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0%
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80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
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UnattractiveNeither attractivenor unattractive
Attractive
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Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
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50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
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80%
ReduceNo changeRaise
Graph 12Currently, CFOs believe bank borrowing as a source of funding is:
33
20 21
28
56
6972
53
11 117
19
2012 H2
2013 H1
2013 H2
2014
© 2015 Deloitte Central Europe30
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When analysing CFOs responses to funding through raising equity, we see that the trend speaks of perception that this is less and less an attractive source with the level of negative responses almost reaching the levels of our first survey in the second half of 2012 (currently 39% of respondents). Correspondingly, we observe a fall in CFO numbers who view equity as an attractive source of funding and those who lack strong preference for it.
This observation further strengthens the point that any potential new investments that CFOs are planning in the coming year would most likely be financed with companies’ existing funds.
0%
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Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
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LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
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NormalAbove normalHighVery high
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NoYes
0%
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0%
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0%
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80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
10%
20%
30%
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UnattractiveNeither attractivenor unattractive
Attractive
0%
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Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
40%
50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
20%
30%
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60%
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80%
ReduceNo changeRaise
Graph 13Currently, CFOs believe raising equity as a source of funding is:
22
27
2119
39
5046
4239
24
32
39
2012 H2
2013 H1
2013 H2
2014
© 2015 Deloitte Central Europe31
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While the proportion of respondents, who believe credit is easily and normally available increases, CFOs hold different opinions on the attractiveness of borrowing and the cost of finance.
© 2015 Deloitte Central Europe32
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Key findings summary Financing
•Credits are easier to get according to our
respondents, but CFOs disagree on whether
the overall costs of financing would increase
or decrease
•CFOs are likely to avoid raising equity
•Similarly, we observe a split between those
who think that bank borrowing is more
attractive and those who are of the contrary
understanding
TalentNo talent shortages on the screen
© 2015 Deloitte Central Europe33
© 2015 Deloitte Central Europe34
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Talent
Similar to the majority of CFOs in the region, our respondents anticipate no specific shortages in talent in the next 12 months.Bulgaria ranks fourth (just after Hungary) with slightly over 20% of the CFOs foreseeing particular talent deficit. The only significant gap is expected in the middle and senior level in finance jobs, where the past professional experience plays a great role in determining the success of hiring, as well as moving up the hierarchical ladder.
0%
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90%
Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
10%
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LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
0%
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NormalAbove normalHighVery high
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NoYes
0%
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0%
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0%
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50%
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70%
80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
10%
20%
30%
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60%
UnattractiveNeither attractivenor unattractive
Attractive
0%
10%
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30%
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50%
Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
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50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
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30%
40%
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60%
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80%
ReduceNo changeRaise
Graph 14Expected talent shortages in finance over the next 12 months
7 7
43
27
16
© 2015 Deloitte Central Europe35
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Finance professionals on senior and mid-level are most on demand, however CFOs in Bulgaria do not expect significant talent shortages in the finance area in the short term.
© 2015 Deloitte Central Europe36
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Key findings summary Talent
•Lack of talent is not among the concerns
of the CFOs - 78% of them do not expect
talent shortages in finance for the year
ahead
•Highest demand of finance professionals is
anticipated on the middle (43%) and senior
(27%) levels, whereas CFOs are comfortable
with the availability of young people making
their first steps on the labour market.
1
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5
6
7
8
Local contextUrgent reforms to support growth
© 2015 Deloitte Central Europe37
© 2015 Deloitte Central Europe38
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8
Local context
Even though external uncertainty is perceived high and influencing the domestic environment, CFOs agree that the economic growth in Bulgaria is mostly dependent on internal factors and needs to be supported by urgent reforms, grounded on political consensus. While the European Commission still finds corruption a serious issue which hinders economic stability and growth in Bulgaria (along with the reform of the judiciary), only 6% of the respondents believe anti-corruption measures could be a significant growth influencer. Finance stability on macro-level and further recovery in the Eurozone are considered more important, with respectively 14% and 17% supporters.
Technology development is less critical according to the respondents.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
10%
20%
30%
40%
50%
60%
70%
LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
0%
10%
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30%
40%
50%
60%
70%
DecreaseSomewhat
NeutralIncreaseSomewhat
IncreaseSignificatly
0%
10%
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30%
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50%
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DecreaseSomewhat
NeutralIncreaseSomewhat
IncreaseSignificantly
0%
10%
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50%
60%
NormalAbove normalHighVery high
0%
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80%
90%
100%
NoYes
0%
10%
20%
30%
40%
50%
60%
Decreasea lot
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Increasea lot
0%
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60%
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Remainthe same
IncreaseSomewhat
IncreaseSignificantly
0%
10%
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50%
60%
70%
80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
10%
20%
30%
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50%
60%
UnattractiveNeither attractivenor unattractive
Attractive
0%
10%
20%
30%
40%
50%
Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
40%
50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
20%
30%
40%
50%
60%
70%
80%
ReduceNo changeRaise
Graph 14According the CFOs the most important growth factors of the Bulgarian economy for the upcoming 12 months are:
61
6
0
14
17
3
© 2015 Deloitte Central Europe39
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8
There is no consensus view among CFOs on where should the government focus on in order to diminish the cost of doing business. Reduction of licensing and approval regime (36%) and improvement in civil judicial process (33%) find almost equal support, closely followed by making the labour legislation effective and flexible (25%). Social assurance cost and taxes do not seem to be a burden for the respondents.
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Growth(>3)
Moderategrowth(1,5-3)
Stagnation(0-1,5)
Recession
0%
10%
20%
30%
40%
50%
60%
70%
LessOptimistic
UnchangedSomewhatOptimistic
VeryOptimistic
0%
10%
20%
30%
40%
50%
60%
70%
DecreaseSomewhat
NeutralIncreaseSomewhat
IncreaseSignificatly
0%
10%
20%
30%
40%
50%
60%
DecreaseSignificantly
DecreaseSomewhat
NeutralIncreaseSomewhat
IncreaseSignificantly
0%
10%
20%
30%
40%
50%
60%
NormalAbove normalHighVery high
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
NoYes
0%
10%
20%
30%
40%
50%
60%
Decreasea lot
Decreasea little
Remainthe same
Increasea little
Increasea lot
0%
10%
20%
30%
40%
50%
60%
Decreasea lot
Decreasea little
Remainthe same
IncreaseSomewhat
IncreaseSignificantly
0%
10%
20%
30%
40%
50%
60%
70%
80%
UnattractiveNeitherattractivenor unattractive
Attractive
0%
10%
20%
30%
40%
50%
60%
UnattractiveNeither attractivenor unattractive
Attractive
0%
10%
20%
30%
40%
50%
Toplevel
Seniorlevel
Middlelevel
Juniorlevel
Graduatelevel
0% 10% 20% 30% 40%
Other
Improvement of civil judicial process
Reduction of licensing and approval regime
Reduction of social assurance cost
Effective and flexible labor legislation
Tax reduction
0% 10% 20% 30% 40% 50% 60% 70%
Other
Effective anti-corruption measures
Political consensus on agreed urgent reforms
Technology development
Macro finance stability
Further recovery of EU economy
0%
10%
20%
30%
40%
50%
60%
70%
Difficult to obtainNormally availableEasily available
0%
10%
20%
30%
40%
50%
60%
70%
80%
ReduceNo changeRaise
Graph 15In CFOs’ opinion to reduce the cost of doing business, the government should focus on:
36
33
3
0
25
3
© 2015 Deloitte Central Europe40
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Key findings summary Local context
•Political consensus is seen as a major factor for
the government to deliver reforms needed for boosting
the economy of the country. Macro-finance stability is
perceived second important factor (17%), followed by
further recovery in EU (14%).
•In CFOs’ views growth is less related to technological
development (3%) and anti-corruption measures (6%).
•CFOs have different opinions on what should
the government focus on to reduce costs of doing
business – they are split between reduction of licensing
and approval regime (36%), improvement in civil
judicial process (33%) and optimization of the labour
legislation (25%).
© 2015 Deloitte Central Europe41
For more information on the Deloitte CFO Survey please contact:
Vasko [email protected]+359 (2) 8023 123
Todor TodorovDirector, Financial [email protected]+359 (2) 8023 172
About the survey
The 6th CE CFO survey took place in October & November 2014. A total of 550 CFOs across 14 countries completed our survey. The Deloitte CFO Survey is the only survey that seeks to establish the views of CFOs in relation to the financial markets, economic outlook and business trends on an anual basis.
Deloitte CE CFO survey is a “pulse survey” that provides CFOs with information regarding their peers’ thinking across a variety of topics. It is not, nor is it intended to be, scientific in its number of respondents, selection of respondents, or response rate —especially within individual industries.
We would like to thank all participating CFOs for their efforts in completing our survey. We hope the report makes an interesting read, clearly highlighting the challenges facing CFOs, and providing an important benchmark to understand how your organization rates among peers.
Dessislava KirkovaManager, Clients&[email protected]+359 (2) 8023 172
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© 2015 Deloitte Central Europe