Global Capital Confidence Barometer Korea

Size: px
Start display at page:

Download "Global Capital Confidence Barometer Korea"

Transcription

1 8th issue Outlook April-October 2013 Global Capital Confidence Barometer Korea A more cautious local outlook The Korea story About this survey The Global Capital Confidence Barometer is a regular survey of senior executives from large companies around the world, conducted by the Economist Intelligence Unit (EIU). Our panel comprises select Ernst & Young clients and contacts, and regular EIU contributors. This snapshot of our findings gauges corporate confidence in the economic outlook, and it identifies boardroom trends and practices in the way companies manage their capital agenda. Profile of respondents Panel of almost 1,600 executives surveyed in February and March 2013 Companies from 50 countries Respondents from more than 20 sectors CEO, CFO and other C-level respondents 912 companies would qualify for the Fortune 1000 based on revenues The Capital Agenda Based around four dimensions, it helps companies consider their issues and challenges, understand their options and make more informed capital decisions. 1. Preserving capital: reshaping the operational and capital base 2. Optimizing capital: driving cash and working capital and managing the portfolio of assets 3. Raising capital: assessing future capital requirements and funding sources 4. Investing capital: strengthening investment appraisal and transaction execution Pip McCrostie Global Vice Chair Transaction Advisory Services Hong-Yeol Yoo Korea Leader Transaction Advisory Services Our eighth bi-annual Global Capital Confidence Barometer finds Korean companies more uncertain about the global economic climate and more pessimistic about prospects at home, despite the rosier sentiment prevailing among executives in other regions. At the same time, Korean companies appear to be much more willing to pursue acquisitions than they were in October; many appear to find M&A an attractive way to increase management efficiency and synergies and achieve the broader optimization of businesses, which is their main focus at the moment. These conflicting attitudes are most evident in the macroeconomic sphere. The number of Korean executives who see the global economy as improving has increased dramatically over the past six months to 35%, although this is still below the more than half of global executives who see an improvement in global economic conditions. More disquieting, perhaps, nearly a third of Korean respondents () believe the global economy is declining, a dramatic rise from the who thought so in October. This apparent paradox reflects two different trends: on the one hand, quantitative easing in both the U.S. and Japan is seen as supporting the global economy; on the other hand, the lagging recovery of the Eurozone, particularly in the shipping and manufacturing industries, and generally lower growth expectations in major economies suggest rocky times ahead. At the same time, confidence in the local economy has deteriorated significantly, weighed down by the depreciation of the Japanese yen, which is making Japanese companies more competitive globally against their Korean rivals. Korean companies are also facing pressures from the continuing Eurozone crisis, which has left major shipping and resources companies and their suppliers with net losses. Finally, heightened tensions with North Korea are creating a more negative environment for foreign investment, although their most direct impact is on companies in Kaesong city. As a result of these factors, a third of respondents are now reporting the Korean economy is declining, up from just six months earlier. Korean respondents also diverge sharply from their global counterparts with respect to their view of credit availability, with just now saying they have a positive view of the global availability of credit, down from 5 in October, compared with 49% of global executives who have a positive view of credit access. Similarly, just 2 say they are confident in their ability to get credit in their home market, compared with 56% who said so in October. This development reflects the fact that global credit cycles no longer synchronize with Korea s credit cycle currently in a declining stage. A more difficult funding environment has dramatically decreased the number of Korean companies listing growth a main boardroom focus, with many more emphasizing cost cutting and efficiency than was the case six months ago. The desire to improve cash balances may be driving the new impetus towards asset sales, which have tripled compared with October. Hong-Yeol Yoo, Korea Leader, Transaction Advisory Services

2 Economic outlook Koreans hold mixed views on global economy The number of Koreans who believe the global economy is improving has risen sharply to 35% from just in October, although this is well below the 51% of global respondents who see improvement. More significantly, nearly a third () of Koreans think the global economic situation is deteriorating, more than three times the number who said so six months ago, and well above the 13% of global executives who are negative about the global economy. What is your perspective on the state of the global economy today? Local sentiment slides precipitously Koreans are even more pessimistic about the state of their local economy amid regional economic and political pressures and the continuing impact of the Eurozone crisis on corporate earnings for shipping and heavy manufacturing companies. While see the local economy as improving, up from 27% in October, a striking 33% see deterioration, compared with who thought the local economy was declining six months earlier. What is your perspective on the state of your local economy today? 35% Improving Stable Declining 27% Improving Stable Declining 8 36% 86% 3 69% 33% While a higher proportion of Korean executives see improvement in equity valuations, economic and employment growth, and short-term market stability compared to October, the proportion seeing improvement in both corporate earnings and credit availability has plummeted. What is your level of confidence in the following at the global level? Equity valuations/stock mkt outlook Economic growth Employment growth % respondents positive % 2 8% Apr-13 Oct-12 Apr-12 Oct-12 Apr-13 On a local level, the number of Koreans expressing a positive view of corporate earnings has been more than halved to from 67% six months ago, while less than a quarter of respondents (2) are confident about the availability of credit, less than half of the 56% who said so in October. While nearly three-quarters of respondents expect the local economy to grow modestly in the next year, 2 predict zero growth, and negative growth. By how much do you expect your local economy to grow in the next 12 months? More than 5% 3-5% 1-3% Zero growth Negative growth 2 68% Corporate earnings Credit availability % of Korean respondents view local economic conditions as declining compared to only in October 2012 Short-term market stability 2 Global Capital Confidence Barometer

3 Access to capital Koreans far less confident about credit availability The number of Korean executives saying they are confident about the availability of credit has fallen dramatically, with just saying credit availability is improving, down from 5 in October. Korean respondents confidence was also below that of their global peers standing at 49%, an increase from 26% in October. In addition, the proportion of Korean respondents who believe global credit access is declining has skyrocketed to 41% from just 9% six months ago, and compared with 1 among global respondents. The decline in sentiment is due to the decoupling of global credit markets, which has left the credit cycle in other developed markets such as the U.S. and Japan in the recovery stage, while Korea s credit cycle is in a declining phase. Level of confidence in credit availability at the global level More Korean companies looking to refinance The number of Korean companies planning to refinance loans or other debt obligations over the next 12 months has increased significantly to 41%, up from 8% in October, as companies take advantage of declining interest rates that make it advantageous and convenient to refinance than look for other funding sources. Just over a third of Korean respondents say their main motivation for refinancing would be to reduce interest costs. By contrast, just 29% of global companies say they will refinance in the next 12 months, similar to the 26% who said so in October. Does your company plan to refinance loans or other debt obligations in the next 12 months? 8% Yes 41% No Improving Stable Declining % 5 39% 9 37% 41% 6% 9% Global respondents Given the tighter credit environment and tendency for companies to concentrate on optimization of their businesses, it is hardly surprising that more than two-thirds of Korean companies (67%) say cash will be their primary source of deal financing in the next 12 months, up from 15% six months ago. What is the primary source of your company s deal financing in the next 12 months? Cash Debt Equity 3 26% 49% 15% 45% 4 57% 75% 67% 37% 25% % 1 Global Capital Confidence Barometer 3

4 Growth Strategies Appetite for growth wanes Korean executives are far less likely to report an appetite for growth than six months ago, with the majority focusing on cost reduction and operational efficiency as they continue to face the increased competition driven by the depreciation of the Japanese yen and the pressure on corporate profits from the extended Eurozone recession. % Focused on Growth Global South Korea Just 2 of respondents say their company s main focus will be growth over the next 12 months, down from 46% in October, and less than half of the 5 of global respondents who say their firms will concentrate on growth. Which statement best describes your organization s focus over the next 12 months? % 65% 5 46% 41% % 13% 5 19% 35% 1 3% Oct-12 Apr-13 Growth Cost reduction and operational efficiency Maintain Stability Survival 2 Apr-11 Oct-11 Global respondents 41% 5 25% 15% 3% Oct-12 Apr-13 5 of Korean respondents say they will focus on cost reduction and operational efficiency over the next 12 months 4 Global Capital Confidence Barometer

5 Mergers and acquisitions outlook Koreans more bullish about M&A, but still cautious compared to global peers Just under a third of Korean executives (29%) say their company plans to pursue acquisitions during the next year, up sharply from just 6% in October and roughly equivalent to the of global companies that plan to do deals. Korean companies increasingly find M&A an attractive way of improving management efficiency and synergies and restructuring overlapping businesses. Expectations for improved valuations, as outlined on the next page, may also be driving the increased appetite for acquisitions from Korean respondents. Do you expect your company to pursue acquisitions in the next 12 months? Small deals likely to dominate next 12 months Korean companies, like their global counterparts, expect to focus on smaller deals over the next 12 months, with nearly half (49%) saying they expect deal sizes to be US$50 million or less, up from 33% in October and just 35% of global respondents who gave the same answer. This finding suggests both the cautious sentiment of Korean companies in the wake of a weak global economic recovery and the effect of proposed government support for small and medium-sized businesses. On the other end of the scale, the number of Korean executives predicting deal sizes of more than US$1 billion in the next year has risen to 1 from zero in October. What is your expected deal size? Expectations to pursue an acquisition Global China China Korea % 41% % 38% 38% 35% 35% % 25% 25% 29% % 29% 29% 29% 29% 1 13% 26% 49% Over US$1bn US$501m-US$1bn US$51m-US$500m US$50m or less 6% 11% 11% Apr-11 Oct-11 Apr-11 Oct-11 33% Oct-12 Apr-13 Although 57% of Korean respondents expect a modest or strong improvement in global M&A deal volumes over the next 12 months, this is lower than the 69% of global respondents who said the same. On the contrary, the proportion of Korean respondents expecting the volumes to remain the same was higher than that of global respondents with the same view. Korean views on local deal volumes showed a similar trend. What is your expectation for global M&A/deal volumes in the next 12 months? Return to historic highs Strongly improve 3% 17% Global Korea The top destinations for Korean outbound investment are China, India, the U.S., Brazil and Vietnam, with the first three notable for the size of their consumer market and the last two attractive in part due to their high growth rates. Which are the top 5 countries in which your company is most likely to invest? = 3= China India US Brazil Vietnam Modestly improve 5 55% Remain the same Modestly decline 6% 23% 37% 57% of Korean respondents expect global deal volumes to improve over the next 12 months, compared to 69% of global respondents Strongly decline 1% Global Capital Confidence Barometer 5

6 Mergers and acquisitions outlook Valuations concerns subside somewhat Korean respondents outlook for asset prices has improved, which may be one of the factors supporting the increase in their appetite for acquisitions. Some 49% of Korean respondents now say they expect asset valuations to increase over the next 12 months, compared with 15% six months earlier. 43% expect valuations to remain at current levels, up from 17% in October, and just 8% of Korean respondents expect prices to fall, compared with the 68% who expected a devaluation of prices six months ago. What do you expect the price/valuation of M&A assets to do over the next 12 months? Koreans more willing to sell assets The number of Korean companies considering divestments over the next 12 months has risen to from 6% in October, in line with the intentions of global companies. A key driver of this may be Korean corporates desire to increase their cash balances due to uncertainties about the economic outlook. In addition, the Korean government s potential sale of its stakes in corporates may be a contributing factor. Of those planning a divestment, the majority (67%) say that enhanced shareholder value is the main driver. Is your company likely to make an asset sale/divestment in the next 12 months Increase 16% 15% 6 17% 68% Remain at current levels 49% 43% Decrease Meanwhile, for those opting out of the M&A market in the next year, the bulk of respondents (4) say a lack of access to funding is the main reason for not pursuing acquisitions, in line with wider concerns about credit availability. In line with the improved sentiment on valuations discussed above, those citing the valuation gap as the primary reason for not pursuing acquisitions reduced to 17%, compared to 41% in the October 2012 survey. 8% Apr - 12 Oct - 12 Apr % 38% 26% 12 month outlook 41% 41% 35% 35% Global 19% 2 2 China China Korea 25% 25% Apr-11 Oct-11 29% 29% 29% 29% 1 11% 11% 6% Apr-11 Oct-11 of Korean respondents are likely to make an asset sale/divestment in the next 12 months Global Capital Confidence Barometer 6

7 Survey demographics (Korea) What are your company s annual global revenues in US$? What is your position in the organization? C-level executive 61% 37% 1 Head of BU/dept. 33% Less than $500m $500m to $999.9m $1b to $4.9b $5b or more SVP/VP/director 6% What best describes your company ownership? Publicly listed 8 Privately owned 6% Participants were representatives from the financial services, power and utilities, automotive, technology, mining and metals, consumer products, diversified industrial products, media and entertainment, and life sciences industries. Family-owned Government/stateowned enterprise Private equity portfolio company 8% 7 Global Capital Confidence Barometer

8 Contacts If you would like to discuss your company s capital agenda please contact your Ernst & Young advisor, or any of the contacts listed below. Transaction Advisory Services Name Telephone Pip McCrostie Global Vice Chair John Hope Asia-Pacific Leader Hong-Yeol Yoo Korea Leader +44 (0) pip.mccrostie@uk.ey.com john.hope@hk.ey.com hong-yeol.yoo@kr.ey.com Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit About Ernst & Young's Transaction Advisory Services How organizations manage their capital agenda today will define their competitive position tomorrow. We work with our clients to help them make better and more informed decisions about how they strategically manage capital and transactions in a changing world. Whether you're preserving, optimizing, raising or investing capital, Ernst & Young's Transaction Advisory Services bring together a unique combination of skills, insight and experience to deliver tailored advice attuned to your needs helping you drive competitive advantage and increased shareholder returns through improved decision making across all aspects of your capital agenda. About this survey Ernst & Young s Capital Confidence Barometer is part of Growing Beyond, our flagship program exploring how companies are finding new opportunities in challenging economic times. Acknowledgements Our special thanks go to the Global Capital Confidence Barometer panel* for their contribution to this survey. * The panel is comprised of EIU senior executives and selected Ernst & Young clients and contacts who participate in the Capital Confidence Barometer on a biannual basis. The surveys are conducted on an independent basis by the EIU Ernst & Young Had Young 2013 Ernst & Young Advisory Inc. All Rights Reserved. FEA no This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither the Ernst & Young Korea practice nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor. ED None.

Capital Confidence Barometer

Capital Confidence Barometer 4th Issue Outlook April October 2011 Capital Confidence Barometer Fit for the future? About this survey Ernst & Young s Capital Confidence Barometer is a regular survey of senior executives from large

More information

Growing forward. Automotive industry. About this survey. Automotive survey highlights: Pip McCrostie Global Vice Chair, Transaction Advisory Services

Growing forward. Automotive industry. About this survey. Automotive survey highlights: Pip McCrostie Global Vice Chair, Transaction Advisory Services 7th issue Outlook April 2013 October 2013 Automotive industry Growing forward About this survey Ernst & Young s is a regular survey of senior executives from large companies around the world, conducted

More information

Global Capital Confidence Barometer

Global Capital Confidence Barometer 7th issue Outlook October 2012 April 2013 Global Capital Confidence Barometer Focused on fundamentals With a recovery taking longer than expected to arrive, companies are focusing on bottom-line improvements

More information

Barometer. 10th. Pursuing value in growth. Middle East and North Africa Capital Confidence M&A

Barometer. 10th. Pursuing value in growth. Middle East and North Africa Capital Confidence M&A Middle East and North Africa Capital Confidence April 2014 ey.com/ccb 10th edition Barometer Pursuing value in growth M&A Transaction outlook improves as valuation gap narrows Economic outlook Economic

More information

Global Capital Confidence Barometer

Global Capital Confidence Barometer 8th issue Outlook April October 2013 Global Capital Confidence Barometer About this survey The is a regular survey of senior executives from large companies around the world, conducted by the Economist

More information

Capital Confidence Barometer Automotive industry. Growing forward. An imperative to act: seizing first-mover advantage as confidence returns

Capital Confidence Barometer Automotive industry. Growing forward. An imperative to act: seizing first-mover advantage as confidence returns 7th issue Outlook April 2013 October 2013 Capital Confidence Barometer Automotive industry Growing forward An imperative to act: seizing first-mover advantage as confidence returns About this survey Ernst

More information

Capital Confidence Barometer

Capital Confidence Barometer Financial Services Capital Confidence Barometer April 2014 ey.com/ccb Measured approach to growth M&A Focus on quality over quantity Economic outlook Moving beyond a recovery mindset, anticipating future

More information

Capital Confidence Barometer

Capital Confidence Barometer May 2016 ey.com/ccb 14th edition highlights Capital Confidence Barometer Mexican companies maintain healthy pipelines and increase their focus on alliances to spur growth Key findings 36+64+M 50+50+M 36%

More information

Capital Confidence Barometer

Capital Confidence Barometer April 2015 12th edition Capital Confidence Barometer Mining and metals 63 respondents Page 1 About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies

More information

About this survey. less optimistic than other major economies. Marcoeconomic pressure in the Eurozone,

About this survey. less optimistic than other major economies. Marcoeconomic pressure in the Eurozone, Outlook April October 2013 About this survey is a regular survey of senior executives from large companies around the world, conducted by the Economist Intelligence Ernst & Young clients and contacts and

More information

October th edition. Global Capital Confidence Barometer Chile

October th edition. Global Capital Confidence Barometer Chile October 2016 15th edition Capital Confidence Barometer Chile About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies around the world, conducted

More information

Global Capital Confidence Barometer

Global Capital Confidence Barometer Issue 4 November 2012 Real Estate, Hospitality and Construction Global Capital Confidence Barometer About this survey The Global Capital Confidence Barometer is a regular survey of senior executives from

More information

May th edition Capital Confidence Barometer. Hospitality and leisure. 86 respondents

May th edition Capital Confidence Barometer. Hospitality and leisure. 86 respondents May 2015 12th edition Capital Confidence Barometer Hospitality and leisure 86 respondents About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies

More information

11 th Global Capital Confidence Barometer

11 th Global Capital Confidence Barometer 11 th Global Capital Confidence Barometer Chile October 2014 39 respondents About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies around the

More information

Confidence. stakeholders. In so doing, we play a critical role in building a Daniel Serventi

Confidence. stakeholders. In so doing, we play a critical role in building a Daniel Serventi Brazil EY Assurance Tax Transactions Advisory Capital For a conversation about your About EY capital strategy, please contact us EY is a global leader in assurance, tax, transaction and advisory services.

More information

Global Capital Confidence Barometer

Global Capital Confidence Barometer 8th issue Outlook April October 2013 Global Capital Confidence Barometer Mining and Metals About this survey The Global Capital Confidence Barometer is a regular survey of senior executives from large

More information

Confidence Barometer. Getting it right. Appetite for dealmaking at two-year high. Economic outlook. Confidence continues to rise

Confidence Barometer. Getting it right. Appetite for dealmaking at two-year high. Economic outlook. Confidence continues to rise US October 2013 ey.com/ccb Capital Confidence Barometer Getting it right M&A Appetite for dealmaking at two-year high Economic outlook Confidence continues to rise Access to capital Credit is widely available

More information

Con dence Barometer. Economic outlook. Con dence rises to two-year high. Deal volume expected to increase. Growth strategies

Con dence Barometer. Economic outlook. Con dence rises to two-year high. Deal volume expected to increase. Growth strategies Automotive Capital Con dence Barometer ey.com/automotive 8th edition Continued focus on growth Economic outlook Con dence rises to two-year high M&A Deal volume expected to increase Access to capital Credit

More information

Capital Confidence Barometer

Capital Confidence Barometer May 2015 12th edition Capital Confidence Barometer Real estate 64 respondents globally About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies

More information

October 2014 ey.com/automotive 10th edition. Automotive Capital Confidence Barometer. Middle-market deals to drive M&A activities

October 2014 ey.com/automotive 10th edition. Automotive Capital Confidence Barometer. Middle-market deals to drive M&A activities October 2014 ey.com/automotive 10th edition Automotive Capital Confidence Barometer Middle-market deals to drive M&A activities Automotive Capital Confidence Barometer October 2014 51% of automotive companies

More information

Hunting growth: Japanese outbound M&A on the rise

Hunting growth: Japanese outbound M&A on the rise August 2012 Capital Agenda Insights Boardroom issues Are you considering a divestment in the short to medium term? Do you have Japanese suppliers or customers where a sale to them could make strategic

More information

Capital Confidence. Barometer Confidence in balancing risk and returns

Capital Confidence. Barometer Confidence in balancing risk and returns Oil and gas Capital Confidence April 2014 ey.com/ccb 10th edition Barometer Confidence in balancing risk and returns M&A outlook A willingness to transact at the right price Economic outlook Cautious optimism

More information

Mergers, acquisitions and capital-raising in mining and metals trends, 2014 outlook: changing gear. The CFO perspective at a glance

Mergers, acquisitions and capital-raising in mining and metals trends, 2014 outlook: changing gear. The CFO perspective at a glance Mergers, acquisitions and capital-raising in mining and metals 2013 trends, 2014 outlook: changing gear The CFO perspective at a glance The CFO perspective at a glance We want to help you get to the insight

More information

Can complex geopolitical uncertainty and record M&A coexist? Global Capital Confidence Barometer June 2017 ey.com/ccb/industrials 16th edition

Can complex geopolitical uncertainty and record M&A coexist? Global Capital Confidence Barometer June 2017 ey.com/ccb/industrials 16th edition Industrials Global Capital Confidence Barometer June 2017 ey.com/ccb/industrials 16th edition Can complex geopolitical uncertainty and record M&A coexist? Despite policy uncertainties, companies are giving

More information

Global mining and metals tax survey. From backroom to boardroom. The CFO perspective at a glance

Global mining and metals tax survey. From backroom to boardroom. The CFO perspective at a glance Global mining and metals tax survey From backroom to boardroom The CFO perspective at a glance The CFO perspective at a glance We want to help you get to the insight you need as quickly as possible. This

More information

Can complex geopolitical uncertainty and record M&A coexist? Capital Confidence Barometer July 2017 ey.com/ccb 16th edition Japan Highlights

Can complex geopolitical uncertainty and record M&A coexist? Capital Confidence Barometer July 2017 ey.com/ccb 16th edition Japan Highlights Capital Confidence Barometer July 2017 ey.com/ccb 16th edition Japan Highlights Can complex geopolitical uncertainty and record M&A coexist? Despite policy uncertainties, companies are giving the green

More information

Global Capital Confidence Barometer

Global Capital Confidence Barometer 5th issue. Outlook October 2011 April 2012 Oil & Gas Global Capital Confidence Barometer A new paradigm? About this survey Ernst & Young s Global Capital Confidence Barometer is a regular survey of senior

More information

Fgn]eZ]j *()- t ooo&]q&[ge'[[z'amtg t )*t` ]\itigf 9mtgegtin] Capital CgfÔ\]f[] :ajge]t]j Jatigfal af\ kmktaifazl] E 9 eajc]t

Fgn]eZ]j *()- t ooo&]q&[ge'[[z'amtg t )*t` ]\itigf 9mtgegtin] Capital CgfÔ\]f[] :ajge]t]j Jatigfal af\ kmktaifazl] E 9 eajc]t a tt iti tti Capital C a t ati al atai a l at a atiat apital t at pl ata t l al ipcti Global Vice Chair pip.mccrostie@uk.ey.com + 44 20 7980 0500 Follow me on Twitter: @PipMcCrostie t Deputy Global Vice

More information

Automotive transactions and trends 1H16

Automotive transactions and trends 1H16 Automotive transactions and trends 1H16 Global automotive mergers and acquisitions review Produced by Global Markets EY Knowledge Contents Executive summary 01 Analysis by deal sizes Cross-border deals

More information

Media & Entertainment Capital Confidence Barometer. Seeking measured growth in a more stable economic environment

Media & Entertainment Capital Confidence Barometer. Seeking measured growth in a more stable economic environment November 2014 ey.com/ccb 11th edition Media & Entertainment Capital Confidence Barometer Seeking measured growth in a more stable economic environment M&E Capital Confidence Barometer November 2014 40%

More information

Is your portfolio fit for the future or fashioned on the past?

Is your portfolio fit for the future or fashioned on the past? Global Capital Confidence Barometer June 2018 18th edition Health highlights ey.com/ccb Is your portfolio fit for the future or fashioned on the past? Businesses are reshaping for a better tomorrow through

More information

October th edition. Global Capital Confidence Barometer Chile

October th edition. Global Capital Confidence Barometer Chile October 2015 13th edition Global Capital Confidence Barometer Chile About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives from large companies around the world

More information

11 th Global Capital Confidence Barometer

11 th Global Capital Confidence Barometer 11 th Global Capital Confidence Barometer Consumer products companies display renewed optimism to grow October 2014 About the Barometer EY s Capital Confidence Barometer is a regular survey of senior executives

More information

Jefferies Healthcare Temperature Check

Jefferies Healthcare Temperature Check Jefferies Healthcare Temperature Check Diagnostics Biotechnology Consumer Health Pharmaceutical Services Medical Technology Pharmaceuticals Healthcare Services Healthcare IT Genetics This research was

More information

Capital Confidence Barometer

Capital Confidence Barometer April 2016 ey.com/ccb/technology 14th edition Technology Capital Confidence Barometer Tech dealmaking drive continues, and takes new shape, in 2016 Key findings Technology 84% 52% 57% 40% of executives

More information

European Automotive Survey Survey results

European Automotive Survey Survey results European Automotive Survey 2013 Survey results Structure of the study Survey of 300 companies active in the European automotive industry (15% OEMs, 85% suppliers) Phone interviews conducted by an independent

More information

Capital Confidence Barometer

Capital Confidence Barometer November 2015 ey.com/au/ccb 13th edition Australasia Capital Confidence Barometer M&A pipeline gains momentum M&A pipeline gains momentum EY s Capital Confidence Barometer is a regular survey of 1,600+

More information

Automotive transactions and trends

Automotive transactions and trends Automotive transactions and trends Global automotive mergers and acquisitions review CY2014 Enter Executive summary Automotive sector witnessed record deal activity in 2014, with continued growth in the

More information

The global economy in Grant Thornton International Business Report

The global economy in Grant Thornton International Business Report Grant Thornton International Business Report 2014 in numbers Drawing on data and insight from the Grant Thornton International Business Report (IBR), the Economist Intelligence Unit (EIU) and the International

More information

Can complex geopolitical uncertainty and record M&A coexist?

Can complex geopolitical uncertainty and record M&A coexist? Can complex geopolitical uncertainty and record M&A coexist? Despite policy uncertainties, companies are giving the green light to deals in the search for growth. Global Capital Confidence Barometer June

More information

Eurozone Ernst & Young Eurozone Forecast June 2013

Eurozone Ernst & Young Eurozone Forecast June 2013 Eurozone Ernst & Young Eurozone Forecast June 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Ernst & Young

More information

Global Capital Confidence Barometer

Global Capital Confidence Barometer May 2015 ey.com/automotive 11th edition Automotive Global Capital Confidence Barometer Innovation, complexity and disruption define the new M&A market Key global M&A findings 56% of companies expect to

More information

Is your portfolio fit for the future or fashioned on the past? Businesses are reshaping for a better tomorrow through portfolio transformation.

Is your portfolio fit for the future or fashioned on the past? Businesses are reshaping for a better tomorrow through portfolio transformation. Is your portfolio fit for the future or fashioned on the past? Businesses are reshaping for a better tomorrow through portfolio transformation. Global Capital Confidence Barometer May 2018 18th edition

More information

European Automotive Survey Survey results

European Automotive Survey Survey results European Automotive Survey 2013 Survey results Structure of the study Survey of 300 companies active in the European automotive industry (15% OEMs, 85% suppliers) Phone interviews conducted by an independent

More information

Inward investment after Brexit

Inward investment after Brexit EY s UK Attractiveness Survey Inward investment after Brexit March 2018 Contents Executive summary 1 Investor perspectives on FDI 2 Methodology 11 About EY s Attractiveness Program 12 Executive summary

More information

Atoms for the Future New Build

Atoms for the Future New Build Atoms for the Future 2014 - New Build Tony Ward 13 October 2014, Paris EU approves Hinkley Point C State Aid case 2 8 October 2014 - A hugely significant step.2 years after Generic Design Assessment approval

More information

Eurozone Ernst & Young Eurozone Forecast Winter edition December 2012

Eurozone Ernst & Young Eurozone Forecast Winter edition December 2012 Eurozone Ernst & Young Eurozone Forecast Winter edition December 2012 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia

More information

Eurozone Ernst & Young Eurozone Forecast Spring edition March 2012

Eurozone Ernst & Young Eurozone Forecast Spring edition March 2012 Eurozone Ernst & Young Eurozone Forecast Spring edition March 2012 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain

More information

European Banking Barometer 2H13

European Banking Barometer 2H13 A brighter outlook? Autumn/Winter 2013 Belgium Focus Introduction As part of EY s commitment to building a better working world, we have developed the European Banking Barometer to provide our clients

More information

Greece. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands

Greece. Eurozone rebalancing. EY Eurozone Forecast June Portugal Slovakia Slovenia Spain. Latvia Lithuania Luxembourg Malta Netherlands EY Forecast June 215 rebalancing recovery Outlook for Delay in agreeing reform agenda has undermined the recovery Published in collaboration with Highlights The immediate economic outlook for continues

More information

How can M&A deal with today s demands while activating your digital tomorrow?

How can M&A deal with today s demands while activating your digital tomorrow? Capital Confidence Barometer November 2017 ey.com/ccb 17th edition Australasia How can M&A deal with today s demands while activating your digital tomorrow? Actively managing the present and anticipating

More information

Mergers, acquisitions and capital raising in the mining and metals sector 1H 2011

Mergers, acquisitions and capital raising in the mining and metals sector 1H 2011 Mergers, acquisitions and capital raising in the mining and metals sector 1H 2011 BHP Billiton quarterly briefing 1 Mergers, acquisitions and capital raising in the mining and metals sector 1H 2011 M&A

More information

Financial Reporting Developments. Singapore Healthcare Management Congress 2012

Financial Reporting Developments. Singapore Healthcare Management Congress 2012 Financial Reporting Developments New control definition Page 2 Consolidated financial statements Consolidated financial statements Holding company Controlled entities Other strategic investments Page 3

More information

M&A Market in Romania

M&A Market in Romania Small but steady steps to recovery 11 May 2011 Contents Page Worldwide M&A scene 3 Worldwide M&A outlook 5 M&A outlook in Romania 10 Appendices 11 Page 2 Worldwide M&A scene (1/2) The recovery in global

More information

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE

GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE GLOBAL ENTERPRISE SURVEY REPORT 2009 PROVIDING A UNIQUE PICTURE OF THE OPPORTUNITIES AND CHALLENGES FACING BUSINESSES ACROSS THE GLOBE WELCOME TO THE 2009 GLOBAL ENTERPRISE SURVEY REPORT The ICAEW annual

More information

Manufacturing Barometer Business outlook report October 2012

Manufacturing Barometer Business outlook report October 2012 www.pwc.com Manufacturing Barometer Business outlook report October 2012 Contents 1 Quarterly highlights Page 1.1 Key indicators for the business outlook 5 1.1 Manufacturing current assessment and outlook

More information

Australasia Capital Confidence Barometer June 2017 ey.com/au/ccb 16th edition. M&A well above trend as corporates fast track growth

Australasia Capital Confidence Barometer June 2017 ey.com/au/ccb 16th edition. M&A well above trend as corporates fast track growth Australasia Capital Confidence Barometer June 2017 ey.com/au/ccb 16th edition M&A well above trend as corporates fast track growth In a time of geopolitical uncertainty and disruption, our 16th Capital

More information

Finding growth in an uncertain world. The growth outlook from PwC s 21st CEO Survey

Finding growth in an uncertain world. The growth outlook from PwC s 21st CEO Survey Finding growth in an uncertain world The growth outlook from PwC s 21st CEO Survey pwc.co.nz/ceosurvey2018 2 PwC s 21st CEO Survey Executive summary It s been an eventful start to 2018. Many of us are

More information

Business outlook report January PwC

Business outlook report January PwC Business outlook report January 2009 PwC Contents 1 Quarterly highlights Page 1.1 Key indicators for the business outlook 4 2 Economic views 2.1 View of US economy, this quarter 6 2.2 View of US economy,

More information

Eurozone Ernst & Young Eurozone Forecast Spring edition March 2013

Eurozone Ernst & Young Eurozone Forecast Spring edition March 2013 Eurozone Ernst & Young Eurozone Forecast Spring edition March 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain

More information

Capital Confidence Barometer

Capital Confidence Barometer Real Estate, Hospitality and Construction June 2014 ey.com/realestate 10th edition Capital Confidence Barometer Confidence high despite slow momentum Economic outlook Resilient confidence Access to capital

More information

IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE

IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE By Julien Ghesquieres, Jeffrey Kotzen, Tim Nolan, and Hady Farag This article is the second in the 6 BCG Value Creators series. In May 6, we released

More information

Is your portfolio fit for the future or fashioned on the past?

Is your portfolio fit for the future or fashioned on the past? Australasia Global Capital Confidence Barometer May 08 8th edition Australasia highlights ey.com/au/ccb Is your portfolio fit for the future or fashioned on the past? Businesses are reshaping for a better

More information

Enabling the prospects. EY s 2014 attractiveness survey India

Enabling the prospects. EY s 2014 attractiveness survey India Enabling the prospects EY s 2014 attractiveness survey India Methodology EY s 2014 India attractiveness survey is based on... 1. The real attractiveness of India to foreign investors based on based on

More information

M&A maturity. Assessing country risks and opportunities.

M&A maturity. Assessing country risks and opportunities. M&A maturity Assessing country risks and opportunities www.mandamaturity.com www.mandamaturity.com Assess M&A risks and opportunities in 175 countries around the world with the new Ernst & Young M&A maturity

More information

Corporate Transaction Trends

Corporate Transaction Trends No. of transactions Corporate Transaction Trends Transaction Advisory Services Transactions by Sweden s largest companies Deal activity amongst Swedish large corporates lower than global M&A market a quarterly

More information

CFO OUTLOOK 2018 MIDDLE MARKET

CFO OUTLOOK 2018 MIDDLE MARKET CFO OUTLOOK 2018 MIDDLE MARKET TABLE OF CONTENTS Summary and Key Findings...1 Growth in the Current Environment...2 Emerging Trends...6 An Increasingly Evolving Role...10 SUMMARY AND KEY FINDINGS We are

More information

Capital Confidence Barometer

Capital Confidence Barometer May 2015 ey.com/ccb 12th edition With consumer products and retail highlights Global Capital Confidence Barometer Innovation, complexity and disruption define the new M&A market Key M&A findings 56% of

More information

CEOs confidence rises for 2014

CEOs confidence rises for 2014 News release Date 21 January, 2014 Contact Jonathan Hicks, PwC Tel: 1-441-299-7182/1-441-505-6050 e-mail: jonathan.p.hicks@bm.pwc.com Pages 5 Marina Mello, PwC Tel: 1-441-299-7184/1-441-505-3127 e-mail:

More information

Benefits Planning in a Challenging Environment

Benefits Planning in a Challenging Environment March 2011 Benefits Planning in a Challenging Environment A report prepared by CFO Research Services in collaboration with Prudential Financial, Inc. March 2011 Benefits Planning in a Challenging Environment

More information

Global Investor Sentiment Survey

Global Investor Sentiment Survey 2014 Global Investor Sentiment Survey K E Y I N S I G H T S - G L O B A L Our results indicate that by many measures investors are optimistic about the year ahead. Following 2013, a year that saw the global

More information

Eurozone. EY Eurozone Forecast December 2014

Eurozone. EY Eurozone Forecast December 2014 Eurozone EY Eurozone Forecast December 2014 Outlook for Road to recovery remains strewn with obstacles Published in collaboration with Highlights GDP growth With the Finnish economy still struggling to

More information

JANUARY 2011 DLA PIPER 2011 HOSPITALITY OUTLOOK SURVEY

JANUARY 2011 DLA PIPER 2011 HOSPITALITY OUTLOOK SURVEY JANUARY 2011 DLA PIPER 2011 HOSPITALITY OUTLOOK SURVEY EXECUTIVE SUMMARY Buoyed by the rebound of the US economy and an increasing number of hotel assets that traded hands in 2010, the bears have reversed

More information

Explore the themes and thinking behind our decisions.

Explore the themes and thinking behind our decisions. ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.

More information

Global Investment Trends Survey May A study into global investment trends and saver intentions in 2015

Global Investment Trends Survey May A study into global investment trends and saver intentions in 2015 May 2015 A study into global investment trends and saver intentions in 2015 Global highlights Schroders at a glance Schroders at a glance At Schroders, asset management is our only business and our goals

More information

Manufacturing Barometer

Manufacturing Barometer www.pwc.com Manufacturing Barometer Business outlook report April 2013 Special topic: Fiscal policy uncertainties Contents 1 Quarterly highlights Page 1.1 Key indicators for the business outlook 5 1.1

More information

Manufacturing Barometer

Manufacturing Barometer www.pwc.com Manufacturing Barometer Business outlook report April 2014 Special topic: Energy costs Contents 1 Quarterly highlights Page 1.1 Key indicators for the business outlook 6 1.1 Manufacturing current

More information

Eurozone Ernst & Young Eurozone Forecast June 2013

Eurozone Ernst & Young Eurozone Forecast June 2013 Eurozone Ernst & Young Eurozone Forecast June 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Ernst & Young

More information

KBC INVESTMENT STRATEGY PRESENTATION. Defensive August 2017

KBC INVESTMENT STRATEGY PRESENTATION. Defensive August 2017 KBC INVESTMENT STRATEGY PRESENTATION August 2017 Investment climate Key rate trends and outlook 2,0 2,0 1,5 VS EMU 1,5 0,5 0,5 0,0 0,0-0,5-0,5 - - 07-2012 07-2013 07-2014 07-2015 07-2016 07-2017 07-2018

More information

CFOs have also brought forward their estimates for the timing of interest rate rises, with 96% expecting rates to be higher in a year s time.

CFOs have also brought forward their estimates for the timing of interest rate rises, with 96% expecting rates to be higher in a year s time. 2018 The Deloitte CFO Survey Transition deal boosts sentiment The first quarter survey of Chief Financial Officers shows slightly firmer business confidence and an easing of Brexit concerns. The announcement

More information

Let s talk: governance

Let s talk: governance EY Center for Board Matters Let s talk: governance June 2014 Issue 6 First-year conflict mineral reporting reveals insights and surprises First-year conflict mineral reporting reveals insights and surprises

More information

CEOs Less Optimistic about Global Economy for 2015

CEOs Less Optimistic about Global Economy for 2015 Press Release Date 22 January 2014 Contact Vu Thi Thu Nguyet Tel: (04) 3946 2246, Ext. 4690; Mobile: 0947 093 998 E-mail: vu.thi.thu.nguyet@vn.pwc.com Pages 6 CEOs Less Optimistic about Global Economy

More information

Eurozone. EY Eurozone Forecast March 2014

Eurozone. EY Eurozone Forecast March 2014 Eurozone EY Eurozone Forecast March 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany

More information

GLOBAL CONSUMER CONFIDENCE AT-A-GLANCE October 2017

GLOBAL CONSUMER CONFIDENCE AT-A-GLANCE October 2017 October 2017 Primary Index Jobs Index Investment Index Expectations Index 1 1 CONSUMER CONFIDENCE GLOBAL SNAPSHOT National Index Belgium Germany October 2017 47.3/+0.8 Canada 54.8/ +1.1 Great Britain 49.1/-0.6

More information

Eurozone. EY Eurozone Forecast June 2014

Eurozone. EY Eurozone Forecast June 2014 Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Finland

More information

Manufacturing Barometer

Manufacturing Barometer Special topic: Robotics systems Manufacturing Barometer Business outlook report April 2015 Contents 1 Quarterly highlights 1.1 Key indicators for the business outlook 7 1.2 Manufacturing current assessment

More information

Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009

Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com

More information

Eurozone. EY Eurozone Forecast September 2013

Eurozone. EY Eurozone Forecast September 2013 Eurozone EY Eurozone Forecast September 213 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Germany

More information

The Deloitte CFO Survey Political risk and corporate expansion

The Deloitte CFO Survey Political risk and corporate expansion The Deloitte CFO Survey Political risk and corporate expansion Political risk has eclipsed worries about the economy as a concern for the Chief Financial Officers of the UK s largest companies. CFOs rank

More information

Eurozone. EY Eurozone Forecast June 2014

Eurozone. EY Eurozone Forecast June 2014 Eurozone EY Eurozone Forecast June 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Slovakia Slovenia Spain Outlook for exits bailout,

More information

Reimagining customer relationships. Asia-Pacific

Reimagining customer relationships. Asia-Pacific Reimagining customer relationships Asia-Pacific 2 Executive summary Two years after EY s inaugural Global Consumer Insurance Survey, results from the 2014 survey confirm that the insurance industry is

More information

Friends Provident International Investor Attitudes Report

Friends Provident International Investor Attitudes Report contents next Friends Provident International Investor Attitudes Report Wave July 2011 2 Contents Introduction 3 Welcome Global reach, local insight Friends Investor Attitudes Index 6 Hong Kong 7 Findings

More information

SIP Aggressive Portfolio

SIP Aggressive Portfolio SIP LIFESTYLE PORTFOLIOS FACT SHEET (NOV 2015) SIP Aggressive Portfolio SIP Aggressive Portfolio is a unitized fund, which is designed to provide long term capital growth. It is designed for those who

More information

Gauging Governance Globally: 2015 Update

Gauging Governance Globally: 2015 Update Global Markets Strategy September 2, 2015 Focus Report Gauging Governance Globally: 2015 Update A Governance Update With some observers attributing recent volatility in EM equities in part to governance

More information

Weekly Economic Commentary

Weekly Economic Commentary LPL FINANCIAL RESEARCH Weekly Economic Commentary May 28, 2013 Gauging Global Growth in 2013: An Update John Canally, CFA Economist LPL Financial Highlights Our long-held forecast for real GDP growth for

More information

BACK TO THE FUTURE INVESTORS REFOCUS ON YIELD T BCG I S. By Jeff Kotzen, Tim Nolan, and Frank Plaschke

BACK TO THE FUTURE INVESTORS REFOCUS ON YIELD T BCG I S. By Jeff Kotzen, Tim Nolan, and Frank Plaschke T BCG I S BACK TO THE FUTURE INVESTORS REFOCUS ON YIELD By Jeff Kotzen, Tim Nolan, and Frank Plaschke This is the second in a series of online articles published in advance of The Boston Consulting Group

More information

Vietnam. HSBC Global Connections Report. October 2013

Vietnam. HSBC Global Connections Report. October 2013 HSBC Global Connections Report October 2013 Vietnam The pick-up in GDP growth will be modest this year, with weak domestic demand and exports still dampening industrial confidence. A stronger recovery

More information

Mizuho Economic Outlook & Analysis

Mizuho Economic Outlook & Analysis Mizuho Economic Outlook & Analysis October 28, 215 Impact of the global economic slowdown on corporate earnings Even though the impact on ordinary profits should be limited, watch out for a dampening of

More information

Capital Confidence Barometer

Capital Confidence Barometer April 2015 ey.com/ccb 12th edition US highlights Global Capital Confidence Barometer Innovation, complexity and disruption define the new M&A market Key M&A findings 56% of companies expect to pursue acquisitions

More information

Northern Trust Perspective

Northern Trust Perspective Northern Trust Perspective March 20, 2015 by Team of Northern Trust The long-telegraphed launch of quantitative easing by the European Central Bank (ECB) has added some accelerant to financial market trends

More information