The report was prepared on the basis of results of the research conducted by Euler Hermes and Grant Thornton among which 150 Chief Financial Officers in Polish companies – participants of the Polish nationwide cycle of congresses titled Chief Financial Officer of the Year – were qualified. The authors of the report checked how respondents perceive the perspectives for the economy and how they are going to manage enterprises in such conditions.
According to report titled Między optymizmem a niedowierzaniem: dyrektorzy finansowi o perspektywach dla polskiej gospodarki, most of the people who manage finances of the enterprises are looking optimistically at the future and they are valuating positively the perspectives of business development in the nearest future. Chief Financial Officers declare the change of security and will to develop supervised businesses by focusing on financing the development of products, services as well as entering new markets.
On the one hand, Chief Financial Officers believe that the worst is behind them and the economy will be gradually coming back to form. Therefore, they are talking enthusiastically about the development plans related to their companies and they are announcing increased investments, creating working places and probing possibilities of foreign expansion. On the other hand, they still remember that the reality may sometimes verify viciously this kind of optimism. Therefore, they still attach importance to cost discipline, increase employees remunerations more eagerly and they are afraid of overinvestment – comments Tomasz Wróblewski, Managing Partner in Grant Thornton.
52 per cent of Chief Financial Officers, who took part in the research, claim that economic perspectives are profitable for Poland and only 6 per cent are afraid of their deterioration. 67 per cent of respondents believe that their revenues will increase on the national market within the nearest year and 65 per cent expect an increase in export. Moreover, 73 per cent of chairmen will be planning new investments and 72 per cent of respondents are going to enter new markets. However, the great amount of Chief Financial Officers still do not resign from defensive actions and 70 per cent of them are planning a cost optimization within the following year. Furthermore, 72 per cent are going to freeze remunerations.
Polish Chief Financial Officers still attract a great importance to activities which will guarantee a continuance to their companies. However, a great part of respondents think seriously and bravely about developing their enterprises. In this responsible and perspective approach of Chief Financial Officers I am looking for some sources of a constant growth of our companies and the whole economy in the nearest future. We are observing positive rates on a current basis also in our own activity – the share of export transactions in turnovers of our clients is still increasing – thinks Rafał Hiszpański, Chairman of the Board in Euler Hermes Insurance Association.
The next cycle of Polish nationwide Chief Financial Officer Congresses will start in Spring of 2015. Then, the best Chief Financial Officers will be chosen from functioning companies in Poland for the tenth time. The competitive applications may be submitted from March till the half of May this year.
The full report in Polish language may be found below.Download PDF