CE CFO Survey 2021 - Deloitte
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CE CFO Survey 2021 Baltics
The inflation rate (for the Consumer Price Index) over the next 12 months
In the Euro area 1.8% Central Europe
Looking into the inflation rate for the countries*
In their country 2.7%
Consumer Price index, it seems that in
general Central Europe countries are
expecting a smaller inflation rate in the 0.9%
Estonia
Eurozone than in their countries. 1.1%
Looking more closely into the Baltics, it
seems that Estonia expects relatively
1.3% Latvia
small inflation rate, both in the
1.7%
Eurozone and in the country itself.
1.4%
Lithuania
2%
*Overall results of Albania, Bulgaria, Bosnia and Herzegovina, Croatia, the Czech Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Montenegro, North Macedonia, Poland, Romania, Serbia, Slovakia and
Slovenia.
**Please note that due to the limited number of responses from CFOs in Albania, Kosovo, Lithuania, North Macedonia, Slovakia and the Public Sector, data concerning those areas in this report need to be
interpreted with caution.
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2TOP 5 factors to pose a significant risk to business
over the next 12 months
60% Estonia
58% Latvia Reduction in Overall* 52%
Comparing Baltic results with the peers 30% Lithuania demand (domestic)
from Central Europe countries, it
15%
seems that peers are the most
36% Shortage of 33%
concerned about reduction in domestic 60% skilled professionals
and, then, foreign demand. Baltics are
45%
sharing the concern in reduction in
50% 42%
Economic
domestic demand with 60% of Estonian 50% outlook/growth
CFOs seeing it as a significant risk to
30%
business over the next 12 months. 40%
39% Reduction in
30% demand (foreign)
35%
*Overall results of Albania, Bulgaria, Bosnia and Herzegovina, Croatia, the Czech
19% 22%
22
Republic, Estonia, Hungary, Kosovo, Latvia, Lithuania, Montenegro, North Macedonia, Increasing
Poland, Romania, Serbia, Slovakia and Slovenia. 30% regulations
**Please note that due to the limited number of responses from CFOs in Albania, Kosovo,
Lithuania, North Macedonia, Slovakia and the Public Sector, data concerning those areas
inMember
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report need to be interpreted with caution.
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3Attractiveness of different sources of funding
Interestingly enough, the most
80%
attractive form of funding for the Baltic
CFOs is internal financing. Actually,
80% of Lithuanian CFOs find this type
58% of financing to be the most attractive.
Across all three countries, almost 40%
45% 45% of CFOs find bank borrowing as an
40% 40% 39% 40% equally attractive source of funding.
20% 21%
10%
5%
Internal financing Equity Bank borrowing Corporate debt
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.Is mental health openly talked about in your organization?
70%
COVID-19 pandemic has put an enormous
63%
stress on our mental health, hence, the
organizational openness about it is very 55%
important. In Estonia and Lithuania, more
than half of the respondents believe that 45%
their organizations are open about mental
37%
health. In comparison, 63% of CFOs in
30%
Latvia believe that mental health is not
talked about openly in their organizations.
Yes No
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.Over the next 12 months how do you expect levels 80%
of unemployment to change?
70%
Looking at the upcoming 12 months,
majority of the respondents expect an 47%
increase in the levels of unemployment.
The least optimistic about the employment
levels are Lithuanians and Estonians (70%
29%
and 80%, respectively). Latvian CFOs are a
24%
bit more optimistic than their peers from
20%
other Baltic countries with 47% of them
expecting an increase in unemployment.
10% 10% 10%
Decrease No change Increase
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.Based on the information you have so far, when do you expect your
company to return to a pre-crisis level of revenues generation?
60%
Looking at the pre-crisis level of
revenue generation, majority of the
47% CFOs in the Baltics say that they are
45%
already operating at or above pre-crisis
level. However, 30% of respondents in
30% 30% Estonia expect their companies to come
back to pre-crisis level at 2022 or later.
22%
15%
11%
Lithuania
10%
8% 8%
Estonia
Latvia
5% 5%
3%
0% 0% 0% 0%
Already at or Q1 2021 Q2 2021 Q3 2021 Q4 2021 2022 or later
above pre-
crisis level
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.What percentage of work in your organization will be done remotely over the next 12 months?
40%
33%
Looking at the CFOs expectations
30% 30%
for the upcoming 12 months the
wide majority expect that at least a 25% 25% 25%
quarter of the work within the
organization will be done remotely. 19% 20%
30% of CFOs in Estonia and
15%
Lithuania expect that the remote 14%
work will take a quarter to half of all 10%
8%
the work done, in Latvia 25% of
Lithuania
peers expect this. 5%
Estonia
Latvia
0%
5% or less 6 - 25% 26 - 50% 51 - 75% 76 - 95%
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.What would be the most valuable to your executive team within the next 12 months,
given the current pandemic?
6%
6%
Access to better technology
6%
to facilitate remote work
10%
We have asked CFOs their opinion on
what would be the most valuable for 0%
Alignment on how to view
their executive teams within next 12 remote work and lead remotely 29%
10%
months. Out of the given choices, 44%
of Estonian CFOs and 40% of
New business opportunities 25%
Lithuanian CFOs believe that an
created by the pandemic 23%
understanding of the change in 20%
customers’ needs and habits would be
the most appreciated by their executive 44%
Understanding of customers'
team. Interestingly, only 17% of Latvian needs and habits change 17%
40%
CFOs share this view.
Estonia 25%
Hybrid work Latvia 26%
Lithuania 20%
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.
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9Would CFOs expect bigger Government support in order to overcome Covid-19 effect?
50% 50%
45% The support from government is very important
42% to overcome effects of the pandemic, thus we
asked Baltic CFOs if they would expect bigger
35% government support for that? 50% of peers
30% from Latvia would expect a bigger support,
while 50% Lithuanian and 45% Estonian effects
would not expect a bigger support.
20% 20%
8%
Yes No Don’t have
negative effect
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.The most attractive forms of Government support
50% 50%
We have asked respondents which form of 43% 43%
the government support is the most
attractive. 43% and 50% of Estonian and
Lithuanian CFOs find Financing and
Reduction of payroll taxes the most 28% 28%
appealing form of support. However,
Latvian peers do not hold the same
17% 17%
sentiment for reduction of payroll taxes
14%
and would rather like to have 11%
Lithuania
postponement of tax payments. However,
Estonia
Latvia
they are sharing the view of financing as a
very good form of governmental aid with 0% 0% 0% 0% 0%
their peers from Estonia and Lithuania. Participation Financing Postponement Reduction of Liberalization of
in equity of tax payments payroll taxes COVID-19 related
regulations
*Please note that due to the limited number of responses from CFOs in Lithuania data concerning this area in this report need to be interpreted with caution.Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more. This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited („DTTL“), its global network of member firms or their related entities (collectively, the “Deloitte organization”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication. DTTL and each of its member firms, and their related entities, are legally separate and independent entities. © 2021. For information, contact Deloitte Baltics.
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